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Meal delivery kit provider Blue Apron Holdings Inc (NYSE:APRN) struck an agreement with retail giant Walmart Inc (NYSE:WMT) to sell its products online.
What Happened
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Blue Apron's meal kits will be available for purchase in selection regions as of Monday on Walmart's Jet.com platform, the companies said in a press release. The partnership comes at a time when Jet.com is focusing on its recently launched City Grocery offering, which will now include a rotating selection of Blue Apron meals.
Jet.com consumers in most of New York City can order and receive a Blue Apron meal, along with everyday essentials and other merchandise, in the same day or the following day.
Why It's Important
Shares of Blue Apron rose higher by more than 15 percent Monday, but are still down from its IPO price near $5 per share. Blue April CEO Brad Dickerson said in the press release the partnership represents a new channel expansion and part of a strategy to broaden access to consumers.
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Jet.com President Simon Belsham said the partnership is considered a "crucial part" of its strategy to offer valuable services that integrate into people's daily lives.
What's Next
Some of the initial food options available to Jet.com consumers to purchase include: steak with a side of pasta, beef and couscous, popcorn chicken with rice, and Italian farro bowl with vegetables.
Blue Apron traded around $1.30 per share at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.