Tuesday, 17 October, 2017

Blue Apron shares drop after Amazon files for meal-kit trademark

Blue Apron's Stock Is Getting Crushed Amid Reports Of Amazon Meal Kit Trademark Amazon files meal-kits trademark, treading on Blue Apron's turf
Jeannie Matthews | 18 July, 2017, 00:37

While the market was quick to send shares of Blue Apron lower Monday morning, tech companies file a plethora of trademark applications that don't always lead to actual services.

Since going public last month, things have not gone particularly well for Blue Apron thanks to the specter of Amazon and its $13.7 billion acquisition bid for Whole Foods.

Other slogans like "We prep. You be the chef", according to a filing with the U.S. Patent and Trademark Office. Food kits would compose of meat, poultry, fish, seafood, fruits, and vegetables ready to be prepared and cooked for any meal.

After The Sunday Times uncovered a new Amazon trademark that signals the company's interest in its own meal-kit service, Blue Apron shares sunk more than 11 percent on Monday. However, since the IPO, Blue Apron's stock has plummeted, in mid-day trading on July 17, 2017, the stock traded at $6.51. Now it may expand into meal kits.

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Amazon already offers meal-kits from third-party vendors, such as Tyson Foods' (TSN - Free Report) Tyson Tastemakers and Sequential Brands Group Inc.'s (SQBG - Free Report) Martha Stewart brand, Marley Spoon.

Blue Apron's shares are down another 10% today, continuing a streak of mistrust and misfortune on the public markets since making its debut.

John Mackey, CEO of Whole Foods Market, is a member of The Motley Fool's board of directors. While tech companies routinely file trademark applications and don't act on them, Amazon's move indicates it may directly compete with Blue Apron in the future. "The application also mentions "...frozen, prepared and packaged meals and food kits consisting primarily of grains, rice noodles, pasta or bakery products..." But the industry still remains small, with only about 5 percent of US households using the kits, according to market research firm The NPD Group. Over the past year, Amazon also has announced two experimental store concepts in Seattle: Amazon Go, a cashier-less convenience store still in development, and AmazonFresh Pickup, grocery pickup locations.

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