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Highlights:
- Grove Collaborative (NYSE:GROV) produces over 150 eco-friendly household products.
- The company went public in 2021 via a SPAC merger with Virgin Group Acquisition Corp. II (NYSE:VGII).
- It announced increased presence with its entry into Kohl’s, Giant Eagle, and Meijer.
Shares of Grove Collaborative Holdings, Inc. (NYSE:GROV) rallied on Thursday after announcing its increased presence at more than 700 physical locations through its collaborations with Kohl’s, Giant Eagle, Meijer, and Target.
On Thursday, the environment-conscious consumer products company announced the expansion of its leading homecare brand Grove Co., pushing its stock price higher by 73.50% to US$6.94 at 12:21 pm ET.
The company launched its homecare brand at Target stores in 2021 and has more than doubled its product ranges by including room spray concentrates, scents, reusable dishcloths, etc.
It has expanded its presence now through partnerships with Kohl’s, Giant Eagle and Meijer, with a curated product line.
The company plans to boost its brand visibility by promoting zero plastic products. Its partner organizations are also sustainability conscious. Kohl’s has implemented sustainable sourcing policies and waste management as part of its climate action. At the same time, Giant Eagle targets eliminating single-use plastics usage from its operations by 2025, and Meijer focuses on reducing carbon emissions and landfill and food waste.
The San Francisco, California-based company produces more than 150 eco-friendly products for household cleaning, laundry, beauty, baby, pet care, etc. It aims to provide sustainable alternatives to household products to reduce environmental pollution.
Financials:
Grove’s current market capitalization is US$968 million. Its stock touched the highest price of US$12.50 and the lowest price of US$3.75 in one year and closed at US$4.0 on July 6, 2022.
The company, which went public in 2021 via a SPAC business combination with Virgin Group Acquisition Corp. II (NYSE:VGII), posted net revenue of US$90.5 million for the fiscal first quarter ended March 31, 2022, an 11% decline YoY compared to US$102.2 million a year ago.
It booked a net loss of US$47.4 million and US$37.9 million for the March quarters of 2022 and 2021, respectively.
Bottom line:
In a press release, Stuart Landesberg, co-founder and CEO of Grove Collaborative, said that the company intends to introduce sustainable, plastic-free home essentials to more stores as part of efforts to bring a positive change for environmental good.
