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☆ Minnesota Timberwolves sale to Alex Rodriguez and Marc Lore falls apart
▼ + stars: | 2024-03-28 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

Co-owners Alex Rodriguez, right, and Marc Lore of the Minnesota Timberwolves during a game against the Los Angeles Lakers at Target Center Minneapolis, Minnesota, on Dec. 30, 2023. The National Basketball Association's Minnesota Timberwolves and the Women's National Basketball Association's Lynx are no longer for sale after a deal with former baseball great Alex Rodriguez and businessman Marc Lore fell apart, the teams' owner Glen Taylor said Thursday. In a statement to CNBC, Lore and Rodriguez said they are disappointed with Taylor's comments. However, those circumstances did not occur," Taylor's statement said. Some reports suggest that the relationship among Taylor, Lore and Rodriguez became strained since the original deal was made.

Persons: Alex Rodriguez, Marc Lore, Glen Taylor, Rodriguez, Marc, Alex, Taylor, Lore, Taylor's, Glen, Axios Organizations: Minnesota Timberwolves, Los Angeles Lakers, Target Center, Basketball Association's Minnesota Timberwolves, Women's, Basketball, Timberwolves, Lynx, CNBC, NBA, Carlyle Group, Western Conference Locations: Target Center Minneapolis , Minnesota

☆ Wonder CEO Marc Lore on $700M capital raise: The big vision is 'a super app for mealtime'
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWonder CEO Marc Lore on $700M capital raise: The big vision is 'a super app for mealtime'Marc Lore, Wonder founder and CEO, joins 'Squawk Box' to discuss the startup's $700 million funding round, the 'fast-fine' food category, how Wonder plans to disrupt fast food & delivery, growth outlook, and more.

Persons: Marc Lore

☆ Why Walmart's quick success in generative AI search should have Google worried
▼ + stars: | 2024-03-10 | by ( Michelle Castillo | ) www.cnbc.com time to read: +4 min

During a call with analysts after its February earnings, Walmart CEO Doug McMillon talked about the gen AI search capabilities in its app. As a technology company, Walmart has to experiment a lot, and in the case of adding generative AI search capabilities, there's a very low cost for failure, she said. AI and search, shopping business model shiftsIt's not only Walmart investing in this type of search in the retail sector. Amazon's AI shopping assistant Rufus lets people have a conversation with the platform about what they need rather than just looking for direct items. "Google is anxious is about search in general, and the question this raises is will it be a death by a thousand cuts for Google Search?"

Persons: Doug McMillon, McMillon, Marc Lore, Sucharita Kodali, Kodali, Sergey Brin, Brin, Rufus, Jacob Bourne, Bourne, it's Organizations: Google, Walmart, Amazon, Insider Intelligence, Ikea, Lowe's

Fran Horowitz, Abercrombie & Fitch CEO: The future of retail is small, efficient, omni stores, and they're located where the customer tells us. I get really, really excited about what this means in the operations of the business, using predictive analytics to help us forecast demand. They're worldwide, a zillion stores, and their operations and execution, aside from their merchandising, I think they're always on top of the game. I think you're going to see an interaction with someone in a setting that doesn't look like retail, but looks like a fantastic experience. Nicholas of Sam's Club: Another retail standard that is really going to be important beyond the customer is energy.

Persons: Christina Locopo, Fran Horowitz, Abercrombie, Patrick MacLeod, WWD, Michelle Gass, Levi Strauss, they're, Jens Grede, Geoffroy van Raemdonck, Neiman Marcus, there'll, Trina, Patrick T, Fallon, Chris Nicholas, Kara Trent, Levi's Gass, Tom Ward, Erin Black, CNBC Abercrombie's Horowitz, Marc Lore, Mickey Drexler, TikTok, Adam Jeffery, Dave Kimbell, It's, Scott Mlyn, CNBC Neiman's van, you've, Yael Cosset, —, Ulta's, Arturo Holmes, Trent, That's, we've, Kroger's, Abercrombie's Horowitz, I've, Dia Dipasupil, Neiman's van, who's, Lulu, Drexler, Armour's, Dior, Louis Vuitton, Hermes, Armour Levi's Gass, Emma Grede, Kardashian, Kim, Geoffroy van Raemdonck Patrick Mckleod, Nicholas of Organizations: CNBC, Abercrombie, Fitch, Abercrombie & Fitch Co, Penske Media, Getty, Milken Institute Global Conference, AFP, Sam's, Technology, Walmart U.S, Walmart, New York Times, Navy, WWD, Young, Nike, TJX, Zara, Armour's Trent, Americas, Nicholas of Sam's, Sam's Club Locations: they're, Beverly Hills , California, New York City, America, New York, U.S, Skims, Inditex, Kara, Walmart's

☆ Mojo, a sports-betting startup from Marc Lore and A-Rod that raised $100 million, is cutting 20% of its staff
▼ + stars: | 2023-11-30 | by ( Ashley Rodriguez | Margaret Fleming | ) www.businessinsider.com time to read: +1 min

The sports-betting company Mojo is laying off 20% of its staff. The A-Rod and Marc Lore-founded startup had previously announced $100 million in funding. Four people close to the company said Mojo is making a strategic shift toward its B2B business. Mojo, a sports-betting startup whose cofounders include MLB legend Alex Rodriguez and Jet.com cofounder Marc Lore, is laying off 20% of its staff, the company confirmed to Business Insider. A spokesperson for Mojo said the company was not selling its B2C business, but declined to comment on whether there was a strategy shift.

Persons: Marc Lore, Mojo, Alex Rodriguez Organizations: Mojo, Business

☆ Food-delivery startup Wonder Group gets $100 million investment from Nestle
▼ + stars: | 2023-11-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

It's also developed high-tech kitchen equipment to speed up and simplify cooking. Prior to Wonder, Lore founded and sold e-commerce startup Jet.com to Walmart for $3.3 billion in 2016. Food-delivery company Wonder Group has gotten a cash infusion from Nestle , as the startup looks to sell high-tech kitchen equipment and prepared ingredients to businesses such as hotels, hospitals and sports arenas. Some of those companies may also want Wonder's kitchen equipment, Lore said. The partnership will start with Nestle making pizza and pasta tailored for Wonder's kitchen equipment, along with selling the kitchen equipment to clients.

Persons: Bobby Flay, José, It's, Lore, Marc Lore, Melissa Henshaw, that's, Wonder, Andrés, Michael Symon, Uber, DoorDash Organizations: Walmart, Amazon, Nestle, CNBC, Kroger, Foods Locations: New Jersey, New York, New York , New Jersey, Connecticut

☆ Blue Apron to be acquired by Wonder Group for $103 million, capping tumultuous post-IPO ride
▼ + stars: | 2023-09-29 | by ( Drew Richardson | ) www.cnbc.com time to read: +1 min

In this article APRN Follow your favorite stocks CREATE FREE ACCOUNTScott Eisen | Getty Images News | Getty ImagesMeal kit business Blue Apron announced Friday it has agreed to sell itself to food and restaurant company Wonder Group, founded by entrepreneur Marc Lore, for $103 million. The deal, at $13 per share, represents a significant premium from Blue Apron's per-share price at Thursday's close of $5.49. The sale caps years of ups and downs for Blue Apron, once a leader in at-home meal deliveries. In recent months, the company has transitioned to become a more asset-light business, selling its operational infrastructure to California-based meal provider FreshRealm for $50 million and laying off significant swaths of its workforce. "The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future," Blue Apron CEO Linda Findley said in a statement Friday.

Persons: Scott Eisen, Marc Lore, Linda Findley Organizations: Getty, Wonder Group Locations: Thursday's, California

☆ Blue Apron stock surges 130% on news it is being sold
▼ + stars: | 2023-09-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Blue Apron shares soared more than 130% Friday after the once-hot meal kit delivery service announced it was being acquired. Wonder Group, a food delivery startup led by former Walmart and Jet executive Marc Lore, is buying Blue Apron in a deal that gives shareholders $13 per share, valuing Blue Apron at $103 million — a far cry from its $2 billion valuation just six years ago. Since Blue Apron went public in 2017, its fortunes have dwindled with a number of problems, including layoffs, failing to grow its customer base and competition from larger companies, such as Amazon and Kroger. The Blue Apron (APRN) name will continue to be used following the close of the transaction. In June, Blue Apron sold its assets, such as its fulfillment centers, to fellow meal company FreshRealm, giving it a $50 million cash infusion.

Persons: Marc Lore, Wonder Organizations: New, New York CNN, Wonder, Walmart, Jet, Kroger Locations: New York, “

☆ Amazon has lost market share for the Prime Day shopping holiday it invented. Walmart is setting itself up for a bigger slice of those sales.
▼ + stars: | 2023-07-10 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

Walmart once again is looking to compete directly with Amazon's Prime Day. In previous years, the company held "Rollbacks and More" events in July to compete with Prime Day, and last year Walmart launched a summer savings event called Walmart+ Weekend which took place just before Amazon Prime Day. Walmart is holding a summer savings event called 'Walmart Plus Week' between July 10 and 13, around the same time as Amazon's Prime Day. "Amazon's Prime Day market share will continue to slip, dropping from 62.0% in 2018 to an expected 59.6% in 2023," the report said. Roots of Walmart-Amazon Prime Day rivalryThe yearly battle over customers between Walmart and Amazon's Prime Day could date as far back as 2015.

Persons: Andrew Lipsman, Lipsman, Marc Lore, Jason Del Rey Organizations: Walmart, Amazon's, Service, Amazon, Intelligence, Insider Intelligence, Target, Jet, Target Circle Locations: Wall, Silicon, Amazon

☆ Bonobos co-founder Andy Dunn returns as brand advisor after Walmart sale
▼ + stars: | 2023-06-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Bonobos co-founder Andy Dunn is returning to the retailer as brand advisor as the company looks to get back to its roots after it was sold by Walmart earlier this year, Bonobos and new parent company WHP Global announced Friday. WHP Global and Express Inc., which runs the Express brand, bought Bonobos from Walmart in a $75 million deal that was announced in April and closed last month. Walmart originally bought Bonobos in 2017 for $310 million while it was working to grow its online presence under former e-commerce president Marc Lore. Under WHP Global, Bonobos can expand internationally, he said. While Walmart sold Bonobos for a significant discount compared to what it paid, the acquisition wasn't necessarily a losing one for Walmart.

Persons: Bonobos, Andy Dunn, Dunn, Yehuda Shmidman, John Hutchison, Tim Baxter, Marc Lore, Shmidman, WHP, I've, That's Organizations: Walmart, WHP Global, Express Inc, WHP, CNBC, Walmart U.S Locations: U.S, Dubai, Hong Kong, he'll

☆ Walmart gobbled up and spit out e-commerce brands like Bonobos and Moosejaw. Here's what happened to the retailer's jilted exes.
▼ + stars: | 2023-06-03 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart has sold three digital companies — Moosejaw, Bonobos, and Eloquii — this year. In the past few months, Walmart announced it was selling outdoor recreation apparel and gear company Moosejaw, upscale e-commerce apparel company Bonobos, and plus-size clothing company Eloquii. Under Lore, despite big revenue growth, the Walmart e-commerce division incurred major losses, sometimes annually upwards of $1 billion. Here's a look at each of the companies Walmart has offloaded this year. Bonobos, founded in 2007, attracts young, urban customers with its slim-fitting pants, shirts, jackets, and suits.

Persons: Marc Lore, —, Lore, Doug McMillon, Eoin Comerford, Bebeto Matthews, Ben Tobin Organizations: Walmart, Service, Privacy, Lore's, Dick's Sporting Goods, Moosejaw Walmart, Bonobos Walmart, Bonobos, Bebeto Matthews Walmart, WHP Global, Express, FullBeauty Brands Locations: Arkansas, Bentonville , Arkansas, Michigan, Walmart's, New York

☆ Where Walmart's jilted exes are now: what happened to the e-commerce brands it gobbled up and spit out like Bonobos and Moosejaw
▼ + stars: | 2023-04-28 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart has sold three digital companies — Moosejaw, Bonobos, and Eloquii — this year. In the past couple of months, Walmart announced it was selling outdoor recreation apparel and gear company Moosejaw, upscale e-commerce apparel company Bonobos, and plus-size clothing company Eloquii. Under Lore, despite big revenue growth, the Walmart e-commerce division incurred major losses, sometimes annually upwards of $1 billion. Recently, Walmart's e-commerce goals have shifted. Here's a look at each of the companies Walmart has offloaded this year.

☆ Walmart sells plus-size clothing brand Eloquii, offloading its third digital brand this year
▼ + stars: | 2023-04-21 | by ( Courtney Reagan | ) www.cnbc.com time to read: +3 min

Walmart is selling online apparel brand Eloquii to FullBeauty Brands, marking the retailer's third divestiture of a direct-to-consumer brand this year. The retailer bought Eloquii in 2018 for a reported $100 million, one of numerous digital apparel brands with niche and loyal consumer bases. Fogarty plans for Eloquii to be an anchor in what he calls FullBeauty Brands' "digital mall." After acquiring Eloquii, Walmart created a new brand of inclusive-sized apparel, which the retailer will continue to sell after the divestiture. Walmart's online sales now make up 13% of total annual sales, as of its most recent fiscal year-end, up from 5% in 2019.

☆ Walmart sells Bonobos to WHP Global and Express in $75 million deal
▼ + stars: | 2023-04-13 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Walmart has sold menswear brand Bonobos to brand management firm WHP Global and Express in a $75 million deal announced Thursday. WHP, which took a 60% stake in Express in December, will acquire the Bonobos brand for $50 million, the company said in a news release. In a statement, a Walmart spokesperson said the company decided "it's the right time to sell Bonobos" after nearly six years. Last February, Bonobos launched Bonobos Fielder – a more affordable riff on the original brand that sold athleisure on its website, Walmart.com and select Walmart stores. Bonobos CEO John Hutchinson will become brand president of Bonobos and report to Baxter after the deal closes.

☆ Dick's Sporting Goods to buy e-commerce outdoor retailer Moosejaw from Walmart
▼ + stars: | 2023-02-22 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Dick's Sporting Goods has agreed to buy outdoor retailer Moosejaw from Walmart in a bid to take share in the multibillion-dollar outdoor market. Walmart purchased Moosejaw for $51 million in February 2017 under then-e-commerce President Marc Lore. The acquisition, a rare move for Dick's, could help the retailer grow its presence in the outdoor market and develop its e-commerce footprint after its 2021 launch of Public Lands, which has a stronger brick-and-mortar focus. Dick's wants to turn those outdoor lovers into customers and sees huge opportunity in the market overall, which isn't crowded and is estimated to be worth about $40 billion. While Moosejaw operates about a dozen brick-and-mortar locations in the Midwest and near the Great Lakes, it's primarily an e-commerce company that's been around since 1992.

☆ Marc Lore co-founded Jet.com and ran e-commerce at Walmart. Now he's out to prove he can make the delivery of 'fast fine' restaurant food work in NYC.
▼ + stars: | 2023-02-14 | by ( Nancy Luna | ) www.businessinsider.com time to read: +6 min

Instead of using kitchen vans, Wonder is preparing chef-driven meals from a storefront. Lore, who cofounded the e-commerce site Jet.com and sold it to Walmart, had plans to expand Wonder to a fleet of 1,000 kitchen vans. Storefronts can offer consumers up to 30 food brands for delivery from one location, while the van model was limited to two menus per van. ClusterTruck, a Midwest ghost kitchen that controls everything from the food recipes to delivery, is another model similar to Wonder. Still, Lore sees the value of marketing Wonder's food brands on delivery apps.

☆ Food Delivery Startup Wonder Scraps Food Truck Strategy
▼ + stars: | 2023-01-10 | by ( Sarah Nassauer | ) www.wsj.com time to read: 1 min

Marc Lore, founder and chief executive of Wonder Group, said customer experience would be heightened under the new plan. Food-delivery startup Wonder Group is laying off staff and scrapping its plans to roll out a nationwide fleet of food trucks, shifting to a more conventional and less expensive restaurant delivery model. The shift is a significant change for the four-year-old startup, which currently cooks food with a fleet of around 500 food trucks that deliver to households in the New Jersey and New York suburbs. The company has raised $900 million in venture capital and was valued at around $3.5 billion last year.

☆ Pitch Decks That Advertising Tech Startups Used to Raise Millions
▼ + stars: | 2023-01-10 | by ( Business Insider | ) www.businessinsider.com time to read: +19 min

Check out these pitch decks that they've used to sell their vision and raise millions from private equity and VC investors. Blocking ad fraudAdtech startup Lunio, announced a $15 million Series A funding round in September 2022. In May 2022, the software-as-a-service startup raised a $30 million Series B round, led by Insight Partners. Marketing in the metaverseAnima, an augmented-reality startup, raised a $3 million funding round from investors in Janury. He raised $50 million in Series D after closing a $34 million Series C last year, bringing its total raised to $100 million.

☆ Read the 11-page pitch deck a sports-betting startup that has raised $100 million used to get the NFL Players Association to invest
▼ + stars: | 2022-11-11 | by ( Ashley Rodriguez | Colin Salao | ) www.businessinsider.com time to read: +3 min

Mojo is an app that lets users bet on an NFL player's performance like it's a stock. See the pitch deck that helped get the NFL Players Association to invest. It also announced in September an additional $25 million in equity and venture debt, with big-name investors including the NFL Players Association. MojoMojo isn't the first startup to bring elements of the stock market to gambling, as the US market grows. "Mojo's sports stock market is really the first of its kind, and we're incredibly excited to join as an investor," Steve Scebelo, president of NFL Players, Inc., said in a statement.

☆ Burger King's owner just opened a delivery-focused food hall where customers can order from Popeyes, Firehouse Subs, and other chains. The company is one of many expanding the ghost kitchen model to r
▼ + stars: | 2022-11-08 | by ( Nancy Luna | ) www.businessinsider.com time to read: +13 min

Burger King's owner recently opened its first ghost kitchen, or digital food hall, in Miami. And recently, the parent of Burger King, Restaurant Brands International, opened its first ghost kitchen in Miami. Wonder is part ghost kitchen, part food delivery van, part meal-kit provider. These ghost kitchens on wheels, outfitted with cooking equipment and chefs, can be hailed through an app. The company, which ended its partnership with Miami-based Reef Technology this year, is not labeling the facility as a ghost kitchen.

☆ Burger King's owner opened its first ghost kitchen in Miami. Meet 7 innovative ghost-kitchen startups expanding the multibillion-dollar segment beyond the models developed by CloudKitchens and Reef Te
▼ + stars: | 2022-06-27 | by ( Nancy Luna | ) www.businessinsider.com time to read: +13 min

Burger King's owner recently opened its first ghost kitchen, or digital food hall, in Miami. Meet 7 nontraditional ghost kitchen startups. And, recently, the parent of Burger King, Restaurant Brands International, opened its first ghost kitchen in Miami. These ghost kitchens on wheels, outfitted with cooking equipment and chefs, can be hailed through an app. The company, which ended its partnership with Miami-based Reef Technology this year, is not labeling the facility as a ghost kitchen.

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