Amazon's Next Target: Blue Apron
Amazon is coming for the meal prep industry. The e-commerce titan, which has a pending acquisition of Whole Foods, filed a trademark for a service described as: "We do the prep. You be the chef," according to a filing uncovered by The Sunday Times.
Less than a month after the company's initial public offering, Blue Apron is suffering its all-time intraday low on news of Amazon's impending competition.
Blue Apron's shares went as low as $6.51, a 35% drop since the IPO.
Blue Apron's public value has struggled to meet its private valuation. The company has posted steeper net losses each year since 2014, according to regulatory filings.
"Increased competition presents an ongoing threat to the success of our business," Blue Apron warned in its S-1 filing on June 28. Soon Blue Apron will be dealing with the biggest competitor of them all.