Published: Mon, July 17, 2017
Markets | By Noel Gibbs

Blue Apron Shares Sink After Amazon Files Meal Kit Trademark

Blue Apron Shares Sink After Amazon Files Meal Kit Trademark

Important to note, now carries meal kits by other third parties, including Tyson Foods ' Tyson Tastemakers and Martha Stewart's Marley Spoon.

In early Monday trades, Blue Apron shares plunged as low as $6.51, off more than 11 percent from Friday's close and almost 33 percent below their June 29 IPO price of $10 on the New York Stock Exchange.

Blue Apron provides recipes and premeasured ingredients that are boxed and delivered to customers for a home meal, with a monthly wine-delivery option.

Amazon already poses a major threat to the grocery industry, with plans to acquire supermarket chain Whole Foods.

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The internet retailer has registered a trademark in the U.S. for a new service called "We do the prep. You be the chef".

In a July 6 trademark application, Amazon subsidiary Amazon Technologies Inc. revealed it's planning "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or and [sic] vegetables.ready for cooking and assembly as a meal", as well as primarily grain-based offerings. The trademark application was made precisely a week after Blue Apron's market debut.

Blue Apron holds the title as the largest meal-kit provider in the US, followed by German-based HelloFresh.

Part of the problem has been the price, but with Amazon coming on the scene, that could change.

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On Monday morning, Blue Apron's stock was falling more than 7 percent, dropping below the $7 mark. Throw in a well-established logistics and delivery systems and Amazon is poised to be a real meal-kits player. Today, Blue Apron stocks hit an intraday low of $6.51 a share, down almost 10 percent.

It may be some time before we see Amazon-branded meal kits online, but the competition is already feeling the heat.

"Amazon will sell anybody anything they want to buy", Bittman said.

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