Grove Collaborative Holdings, Inc. (NYSE: GROV) is engaged as a sustainable consumer packaged goods company. The company has developed over 150 eco-friendly consumer products across household cleaning, laundry, beauty, pets and more. Shares of the sustainable consumer brand are rallying 35% through early trading on Tuesday, September 27, 2022. Over the past three months, Grove Collaborative has seen average daily volume of 1.12 million shares. However, volume of 1.34 million shares or dollar volume of around $5.6 million, has already exchanged hands through early trading.
Shares of Grove Collaborative are gaining after the company announced its retail expansion into thousands of new stores after landing a distribution deal with a drugstore retailer. The company’s flagship home care brand, Grove Co., will now have its zero plastic waste cleaner concentrates, dish soaps, and dishwasher pods available in an additional 2,200 stores as a result.
Since 2021, Grove has more than doubled is retail footprint. The company continues to find success with its first major retail partnership with Target Corporation (NYSE: TGT). Last year, Grove was ranked the number one launch in the Hand, Dish, and Cleaners category with Target. In addition, the sustainable consumer brand has just recently expanded into 700 Kohl’s, Meijer and Giant Eagle locations.
“By growing our distribution, we’re making it easier for consumers to shop for planet-friendly, high-performing products that do not rely on plastic packaging,” said Stuart Landesberg, co-founder and CEO of Grove Collaborative. “Across the country, as consumers continue to see environmental crises manifest, consumers want zero plastic and sustainable products everywhere. Our latest retail expansion is a testament to our ongoing growth as an omni-channel company, and it is an important milestone for Grove as we continue on our path to transform the consumer products industry into a positive force for human and environmental good.”
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/
The post Grove Collaborative (NYSE: GROV) Expands Retail Distribution Footprint Into 2,200 Additional Stores appeared first on Spotlight Growth.