Grove Collaborative

Last updated

Grove Collaborative
Company typePublic
IndustryE-commerce
Founded2012;12 years ago (2012)
FounderStuart Landesberg, Chris Clark & Jordan Savage
Headquarters
San Francisco
,
U.S.
Area served
U.S.
Key people
Jeff Yurcisin (chief executive officer)
Revenue US$259.3 million (2023)
US$−35.3 million (2023)
US$−43.2 million (2023)
Total assets US$150.7 million (2023)
Total equity US$8.1 million (2023) [2]
Number of employees
408 [3]
Website www.grove.co

Grove Collaborative is a benefit corporation headquartered in San Francisco, with an additional office in Portland, Maine. [4] The company makes and sells its own environmentally friendly home and personal care products under its Grove Co. brand, as well as products from other companies. [5] [6] [7] [8]

History

The company was founded in 2012 under the name ePantry by Stuart Landesberg, Chris Clark, and Jordan Savage. [9] In 2016, it was rebranded as Grove. [7]

In 2020, Grove Collaborative pledged to be plastic-free by 2025. [10] [11] [12] It partnered with Plastic Bank and rePurpose Global to collect and recycle ocean-bound plastic to offset its plastic footprint. [10] The company also hired former Amazon executive Jennie Perry to serve as its chief marketing officer. [13]

In April 2021, Grove began a brick-and-mortar partnership with nationwide retailer Target Corporation, which carries some of its products. [14] [10]

At the end of 2021, Grove raised $436 million in capital. [8] In association with the December 2021 merger, $87 million was raised in a private investment in public equity. The Virgin Group SPAC trust provided an additional $348 million. [7] [15]

In December 2021, Grove Collaborative merged with a special-purpose acquisition company backed by Sir Richard Branson’s Virgin Group. [6] Unilever PLC’s CEO, Paul Polman, was named as a partner in the venture and CEO Landesberg continued to lead Grove. The merger included taking the company public in June 2022, with a valuation of $1.5 billion. The combined company is listed under “GROV” on the New York Stock Exchange. [7] [16] [17] The company laid off 17% of its workforce soon after the Virgin SPAC merger, to cut operating costs. [17]

In early 2022, Grove Collaborative named Sergio Cervantes as its new CFO, after he spent 18 years with Unilever and four years with Gillette. [18] In February 2022, former Burt's Bees executive John Replogle was appointed chairman of Grove Collaborative’s board of directors. [17]

In April 2022, actress and entrepreneur Drew Barrymore became an investor in Grove Collaborative. [19] She is the company’s first global brand and sustainability advocate. [18]

In July 2022, retailers Kohl’s, Meijer and Giant Eagle began carrying products from Grove Co.’s cleaning line. [20] However, Q1 2022 revenue declined by 11% compared to Q1 2021. [17] Grove Collaborative was chosen by Fast Company as one of the most innovative companies in 2022. [16]

In August 2023, Jeff Yurcisin became the new Chief Executive Officer of Grove Collaborative. Landesberg transitioned from CEO to Executive Chairman of the Board of Directors, with Replogle becoming Lead Independent Director of the board. [21] [22]

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References

  1. ↑ "Grove Collaborative Holdings Inc GROV". nyse.com/index. NYSE. Retrieved 15 August 2024.
  2. ↑ "United States Securities and Exchange Commission Form 10-Q". investors.grove.co. Grove Collaborative. Retrieved 15 August 2024.
  3. ↑ Klearman, Sarah (21 March 2024). "With eye on profitability, San Francisco ecommerce retailer sheds 80% of downtown headquarters". San Francisco Business Times. Retrieved 23 May 2024.
  4. ↑ Cordes, Renee (15 April 2019). "E-commerce startup Grove Collaborative plans second Portland office". Mainebiz. Retrieved 23 May 2024.
  5. ↑ Parmley, Suzette (2 April 2024). "Grove Collaborative refreshes core brand Grove Co". Retail Dive. Retrieved 22 May 2024.
  6. 1 2 Halon, Yale (8 December 2021). "Richard Branson talks $1.5B NY IPO deal with Grove Collaborative: 'It's going to change business'". Fox Business . Retrieved 23 January 2022.
  7. 1 2 3 4 Chin, Kimberly (8 December 2021). "Richard Branson-Backed SPAC Takes Grove Collaborative Public". The Wall Street Journal . Retrieved 23 January 2022.
  8. 1 2 Anderson, Deonna (29 April 2021). "How e-commerce retailer Grove Collaborative will go 'plastic-free' by 2025". GreenBiz. Retrieved 23 January 2022.
  9. ↑ Perez, Sarah (4 April 2024). "ePantry Launches An Online Grocery Offering Sustainable Goods, Automatically Shipped To Your Door". TechCrunch . Retrieved 22 May 2024.
  10. 1 2 3 Raczka, Rachel Kim (19 April 2021). "Grove Collaborative's eco-friendly cleaning products are now at Target". Fast Company . Retrieved 23 January 2022.
  11. ↑ O’Donnell, Grace (15 July 2021). "Recycling alone isn't enough to solve the plastic crisis, CEO explains". Yahoo! Finance . Retrieved 23 January 2022.
  12. ↑ Anderson, Deonna (29 April 2021). "How e-commerce retailer Grove Collaborative will go 'plastic-free' by 2025". GreenBiz. Retrieved 23 May 2024.
  13. ↑ Hiebert, Paul (9 June 2021). "Grove Collaborative Names New CMO as It Looks to Drive Awareness". Adweek. Retrieved 13 July 2022.
  14. ↑ Porter Jr., Gerald (13 April 2021). "Cleaning Startup Valued Above $1 Billion Inks Deal With Target". Bloomberg. Retrieved 23 January 2022.
  15. ↑ "Grove Collaborative to go public via $1.5 bln deal with Branson-backed SPAC". Reuters. 2021-12-08. Retrieved 2022-02-17.
  16. 1 2 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.
  17. 1 2 3 4 Walk-Morris, Tatiana (8 July 2022). "Grove Collaborative strikes wholesale deal with Kohl's". Retail Dive. Retrieved 14 July 2022.
  18. 1 2 Blair, Adam (12 April 2022). "Drew Barrymore Joins Grove Collaborative as Sustainability Advocate". Retail Touchpoints. Retrieved 14 June 2022.
  19. ↑ 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.
  20. ↑ Roshitsh, Kaley (7 July 2022). "Eco-Friendly Home Essentials Grove Collaborative Takes on Kohl's, Meijer, Giant Eagle". Retail Touchpoints. Retrieved 13 July 2022.
  21. ↑ Esposito, Alicia (17 August 2023). "Grove Collaborative Names Zulily and Shopbop Alum New CEO". Retail Touchpoints. Retrieved 22 May 2024.
  22. ↑ Parra, Daniella. "Grove Collaborative Announces New CEO, Maintains 2023 Revenue Guidance". ExecEdge. Retrieved 23 May 2024.
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