Grove Collaborative

Source: Wikipedia, the free encyclopedia.

Grove Collaborative
Number of employees
500 to 600[1]
Websitewww.grove.co

Grove Collaborative is a benefit corporation headquartered in San Francisco. The company is an e-commerce retailer that sells natural household and personal care beauty products.

Grove Collaborative makes and sells its own environmentally friendly[2] home and personal care beauty products, as well as those of third-party companies.[3][4]

History

The company was founded in 2012 by CEO Stuart Landesberg under the name ePantry. In 2016, it was rebranded as Grove.[3]

In 2021, Grove Collaborative had pledged to be plastic-free by 2025.[5][6] It partnered with Plastic Bank and rePurpose Global to collect and recycle ocean-bound plastic to offset its plastic footprint.[5]

On April 18, 2021, Grove began a brick-and-mortar partnership with nationwide retailer Target Corporation, which carries some of its products.[7][5]

In December 2021, Grove Collaborative merged with a

Sir Richard Branson’s Virgin Group.[2] Unilever PLC’s CEO, Paul Polman has been named as a partner in the venture. Landesberg will continue to lead Grove. The merger includes taking the company public, which is valued at $1.5 billion. The combined company will be listed under “GROV” on the New York Stock Exchange.[3]

As of the end of 2021, Grove raised $436 million in capital.[4] In association with the December 2021 merger, $87 million would be raised in a private investment in public equity. The Virgin Group SPAC trust would provide an additional $348 million.[3][8]

In July 2022, retailers

plastic waste.[9]

Grove Collaborative officially went public June 17, 2022, on the New York Stock Exchange via its SPAC merger with Richard Branson’s Virgin Group Acquisition Corp.[10][11]

2022 Q1 revenue declined by 11% compared to Q1 2021.[11]

The company laid off 17% of its workforce not long after the Virgin SPAC merger to cut operating costs.[11]

Grove Collaborative was chosen by Fast Company as one of their top innovative companies for 2022.[10]

In April 2022, actress and entrepreneur Drew Barrymore became an investor in Grove Collaborative.[12] She is the company’s first global brand and sustainability advocate. Barrymore will also work with the product development team to help the company achieve its goal of being plastic-free by 2025.[13]

In February, former

Burts Bees executive John Replogle was appointed chairman of Grove Collaborative’s board of directors.[11]

In early 2022, Grove Collaborative named Sergio Cervantes as its new CFO. Cervantes spent 18 years with Unilever and four years with Gillette.[13]

In 2021, Grove Collaborative hired former Amazon executive Jennie Perry to serve as its chief marketing officer.[14] Grove has offices in San Francisco, Portland, Maine, and Durham, North Carolina.[1]

References

  1. ^ a b Ohnesorge, Lauren (26 October 2018). "Bay area startup taps Durham over Atlanta, Austin for engineering hub". Triangle Business Journal. Retrieved 23 January 2022.
  2. ^ a b Halon, Yale (8 December 2021). "Richard Branson talks $1.5B NY IPO deal with Grove Collaborative: 'It's going to change business'". Wall Street Journal. Retrieved 23 January 2022.
  3. ^ a b c d Chin, Kimberly (8 December 2021). "Richard Branson-Backed SPAC Takes Grove Collaborative Public". Fox Business. Retrieved 23 January 2022.
  4. ^ a b Anderson, Deonna (29 April 2021). "How e-commerce retailer Grove Collaborative will go 'plastic-free' by 2025". GreenBiz. Retrieved 23 January 2022.
  5. ^ a b c Raczka, Rachel Kim (19 April 2021). "Grove Collaborative's eco-friendly cleaning products are now at Target". Fast Company. Retrieved 23 January 2022.
  6. ^ O’Donnell, Grace (15 July 2021). "Recycling alone isn't enough to solve the plastic crisis, CEO explains". Yahoo Finance. Retrieved 23 January 2022.
  7. ^ Porter Jr., Gerald (13 April 2021). "Cleaning Startup Valued Above $1 Billion Inks Deal With Target". Bloomberg. Retrieved 23 January 2022.
  8. ^ "Grove Collaborative to go public via $1.5 bln deal with Branson-backed SPAC". Reuters. 2021-12-08. Retrieved 2022-02-17.
  9. ^ Roshitsh, Kaley (7 July 2022). "Eco-Friendly Home Essentials Grove Collaborative Takes on Kohl's, Meijer, Giant Eagle". Retail Touchpoints. Retrieved 13 July 2022.
  10. ^ a b Grothaus, Michael (17 June 2022). "Grove Collaborative stock starts trading on the NYSE today in a deal with Virgin Group's SPAC". Fast Company. Retrieved 11 July 2022.
  11. ^ a b c d Walk-Morris, Tatiana (8 July 2022). "Grove Collaborative strikes wholesale deal with Kohl's". Retail Dive. Retrieved 14 July 2022.
  12. ^ Swant, Marty (6 May 2022). "Drew Barrymore's First Grove Collaborative Campaign Takes An Optimistic Tone To Address Plastic's Dire Problem". Vogue. Retrieved 14 June 2022.
  13. ^ a b Blair, Adam (12 April 2022). "Drew Barrymore Joins Grove Collaborative as Sustainability Advocate". Retail Touchpoints. Retrieved 14 June 2022.
  14. ^ Hiebert, Paul (9 June 2021). "Grove Collaborative Names New CMO as It Looks to Drive Awareness". Adweek. Retrieved 13 July 2022.