Blue Apron Shares Surge on New Partnership with Jet.com

Published on: 29 Oct, 2018

Blue Apron Holding, Inc. (NYSE: APRN) on Monday announced a partnership with Jet.com to offer an assortment of its meal kits for purchase on Jet’s online and mobile platforms. The announcement sent Blue Apron’s shares up more than 20% in the early trading on Monday.

According to a statement, the offering will start Monday with millions of households across most of New York City, as well as Jersey City and Hoboken, able to purchase four different meal kits through same-day or next-day delivery via Jet’s City Grocery offering.

“Teaming up with Jet enables us to dynamically serve the lifestyle of metropolitan consumers, who will now be able to conveniently fill up their online shopping carts with high quality Blue Apron meals that can be cooked in 30 minutes or less while shopping for other everyday needs,” said Brad Dickerson, Blue Apron CEO. “This exciting launch is another step forward in our channel expansion strategy and reflects the strength of the capabilities we are developing to readily support a variety of opportunities to broaden our access to consumers.”

Blue Apron shares jumped 20% to USD 1.37 per share in the early trading on Monday. However, the stock still lost 66% of its value this year.

“We are thrilled to be the first e-commerce retailer to offer the Blue Apron on-demand kits as part of the newly launched Jet City Grocery experience,” said Simon Belsham, Jet President. “The Blue Apron on-demand kits give our urban customers a convenient and enjoyable way to prepare home-cooked meals for their family. A crucial part of Jet’s strategy is to provide valuable services that seamlessly integrate into people’s daily lives, and Blue Apron is a great example of this.”

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Marco Zhou

Email: Marco@financialinsiders.com

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