Grove Collaborative
{{Short description|American e-commerce company}}
{{Use American English|date=February 2022}}
{{Infobox company
| name = Grove Collaborative
| logo = Grovenamenavy.png
| type = Public
| traded_as = {{Unbulleted list
| {{NASDAQ|GROV}} (Class A){{cite web |title=Grove Collaborative Holdings Inc GROV |url=https://www.nyse.com/quote/XNYS:GROV |website=nyse.com/index |publisher=NYSE |access-date=15 August 2024}}
}}
| industry = E-commerce
| founded = {{Start date and age|2012}}
| founder = {{Unbulleted list}} Stuart Landesberg, Chris Clark & Jordan Savage
| hq_location_city = San Francisco
| hq_location_country = U.S.
| area_served = U.S.
| key_people = Jeff Yurcisin (chief executive officer)
| revenue = {{US$|259.3|link=yes}} million (2023)
| operating_income = {{US$|-35.3}} million (2023)
| net_income = {{US$|-43.2}} million (2023)
| assets = {{US$|150.7}} million (2023)
| equity = {{US$|8.1}} million (2023){{cite web |title=United States Securities and Exchange Commission Form 10-Q |url=https://investors.grove.co/sec-filings/all-sec-filings?form_type=10-Q&year=##document-885-0001628280-24-023259-2 |website=investors.grove.co |publisher=Grove Collaborative |access-date=15 August 2024}}
| products =
| parent =
| website = {{URL|www.grove.co}}
}}
Grove Collaborative is a benefit corporation headquartered in San Francisco, with an additional office in Portland, Maine.{{Cite news |last=Cordes |first=Renee |date=15 April 2019 |title=E-commerce startup Grove Collaborative plans second Portland office |url=https://www.mainebiz.biz/article/e-commerce-startup-grove-collaborative-plans-second-portland-office |access-date=23 May 2024 |work=Mainebiz}} 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.{{Cite news |last=Parmley |first=Suzette |date=2 April 2024 |title=Grove Collaborative refreshes core brand Grove Co. |url=https://www.retaildive.com/news/grove-collaborative-refreshes-core-brand-grove-co/712009/ |access-date=22 May 2024 |work=Retail Dive}}{{cite news |last=Halon |first=Yale |date=8 December 2021 |title=Richard Branson talks $1.5B NY IPO deal with Grove Collaborative: 'It's going to change business' |url=https://www.foxbusiness.com/media/richard-branson-grove-collaborative-ipo |access-date=23 January 2022 |work=Fox Business}}{{cite news |last=Chin |first=Kimberly |date=8 December 2021 |title=Richard Branson-Backed SPAC Takes Grove Collaborative Public |url=https://www.wsj.com/articles/richard-branson-backed-spac-takes-grove-collaborative-public-11638966335 |access-date=23 January 2022 |work=The Wall Street Journal}}{{cite news |url=https://www.greenbiz.com/article/how-e-commerce-retailer-grove-collaborative-will-go-plastic-free-2025 |title=How e-commerce retailer Grove Collaborative will go 'plastic-free' by 2025 |last=Anderson|first=Deonna |date=29 April 2021 |work=GreenBiz |access-date=23 January 2022}}
History
The company was founded in 2012 under the name ePantry by Stuart Landesberg, Chris Clark, and Jordan Savage.{{Cite news |last=Perez |first=Sarah |date=4 April 2024 |title=ePantry Launches An Online Grocery Offering Sustainable Goods, Automatically Shipped To Your Door |url=https://techcrunch.com/2014/04/04/epantry-launches-an-online-grocery-offering-sustainable-goods-automatically-shipped-to-your-door/ |access-date=22 May 2024 |work=TechCrunch}} In 2016, it was rebranded as Grove.
In 2021 the company hired former Amazon executive Jennie Perry to serve as its chief marketing officer.{{cite news |last=Hiebert |first=Paul |date=9 June 2021 |title=Grove Collaborative Names New CMO as It Looks to Drive Awareness |url=https://www.retaildive.com/news/grove-collaborative-kohls-meijer-giant-eagle/626834/ |access-date=13 July 2022 |work=Adweek}}
In April 2021, Grove began a brick-and-mortar partnership with nationwide retailer Target Corporation, which carries some of its products.{{cite news |url=https://www.bloomberg.com/news/articles/2021-04-13/grove-collaborative-products-to-be-sold-at-target-tgt-ahead-of-potential-ipo |title=Cleaning Startup Valued Above $1 Billion Inks Deal With Target |last=Porter Jr.|first=Gerald |date=13 April 2021 |work=Bloomberg |access-date=23 January 2022}}{{cite news |last=Raczka |first=Rachel Kim |date=19 April 2021 |title=Grove Collaborative's eco-friendly cleaning products are now at Target |url=https://www.fastcompany.com/90624287/grove-collaboratives-eco-friendly-cleaning-products-are-now-at-target |access-date=23 January 2022 |work=Fast Company}}
At the end of 2021, Grove raised $436 million in capital. 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.{{Cite news |date=2021-12-08 |title=Grove Collaborative to go public via $1.5 bln deal with Branson-backed SPAC |url=https://www.reuters.com/markets/us/grove-collaborative-go-public-via-15-bln-deal-with-branson-backed-spac-2021-12-08/ |access-date=2022-02-17 |work=Reuters |language=en}}
In December 2021, Grove Collaborative merged with a special-purpose acquisition company backed by Sir Richard Branson’s Virgin Group. 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.{{cite news |last=Grothaus |first=Michael |date=17 June 2022 |title=Grove Collaborative stock starts trading on the NYSE today in a deal with Virgin Group’s SPAC |url=https://www.fastcompany.com/90762328/grove-collaborative-goes-public-stock-begins-trading-on-nyse-today-as-the-certified-b-corp-debuts-in-spac-deal |access-date=11 July 2022 |work=Fast Company}}{{cite news |last=Walk-Morris |first=Tatiana |date=8 July 2022 |title=Grove Collaborative strikes wholesale deal with Kohl’s |url=https://www.retaildive.com/news/grove-collaborative-kohls-meijer-giant-eagle/626834/ |access-date=14 July 2022 |work=Retail Dive}} The company laid off 17% of its workforce soon after the Virgin SPAC merger, to cut operating costs.
In early 2022, Grove Collaborative named Sergio Cervantes as its new CFO, after he spent 18 years with Unilever and four years with Gillette.{{cite news |last=Blair |first=Adam |date=12 April 2022 |title=Drew Barrymore Joins Grove Collaborative as Sustainability Advocate |url=https://www.retailtouchpoints.com/features/news-briefs/drew-barrymore-joins-grove-collaborative-as-sustainability-advocate |access-date=14 June 2022 |work=Retail Touchpoints}} In February 2022, former Burt's Bees executive John Replogle was appointed chairman of Grove Collaborative’s board of directors.
In April 2022, actress and entrepreneur Drew Barrymore became an investor in Grove Collaborative.{{cite news |last=Swant |first=Marty |date=6 May 2022 |title=Drew Barrymore’s First Grove Collaborative Campaign Takes An Optimistic Tone To Address Plastic’s Dire Problem |url=https://www.forbes.com/sites/martyswant/2022/05/06/drew-barrymores-first-grove-collaborative-campaign-takes-an-optimistic-tone-to-address-plastics-dire-problem/?sh=40e2f3210256 |access-date=14 June 2022 |work=Vogue}} She is the company’s first global brand and sustainability advocate.
In July 2022, retailers Kohl’s, Meijer and Giant Eagle began carrying products from Grove Co.’s cleaning line.{{cite news |url=https://wwd.com/sustainability/business/grove-collaborative-bamboo-toilet-paper-spac-b-corp-target-kohls-meijer-giant-eagle-1235247330/ |title=Eco-Friendly Home Essentials Grove Collaborative Takes on Kohl’s, Meijer, Giant Eagle |last=Roshitsh |first=Kaley |date=7 July 2022 |work=Retail Touchpoints |access-date=13 July 2022}} However, Q1 2022 revenue declined by 11% compared to Q1 2021. Grove Collaborative was chosen by Fast Company as one of the most innovative companies in 2022.
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.{{Cite news |last=Esposito |first=Alicia |date=17 August 2023 |title=Grove Collaborative Names Zulily and Shopbop Alum New CEO |url=https://www.retailtouchpoints.com/topics/digital-commerce/grove-collaborative-ceo-change |access-date=22 May 2024 |work=Retail Touchpoints}}{{Cite news |last=Parra |first=Daniella |title=Grove Collaborative Announces New CEO, Maintains 2023 Revenue Guidance |url=https://executives-edge.com/grove-collaborative-announces-new-ceo-maintains-2023-revenue-guidance/ |access-date=23 May 2024 |work=ExecEdge}}