As such, Blue Apron trimmed its IPO range to $10 to $11 a share, down from $15 to $17. TheStreet.com is reporting that Amazon filed a trademark application earlier this month for a rival meal-kit business.
In a July 6 trademark application, Amazon subsidiary Amazon Technologies Inc. revealed it's planning "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or and [sic] vegetables.ready for cooking and assembly as a meal", as well as primarily grain-based offerings. "You be the chef." - leaves little question about the market that the e-tail juggernaut is gunning for here.
Why Amazon would decide to twist the knife in Blue Apron now is unclear.
We've got to hand it to Blue Apron though, for it alone has expanded our understanding of the "Shitshow". The filing has the word mark "We do the prep". It has disrupted dozens of industries. If Amazon wants to make a dent in the do-it-yourself gourmet niche, it will price its way into the pole position.
And that was before this morning, before Jeff Bezos decided that merely tripping Blue Apron coming out of the gate wasn't enough, especially when he can cut the company's legs out from under it. The novelty of step-by-step recipes and packaged ingredients have made it a cult fave with well-to-do foodies. Just last week, the stock closed at a new low after an analyst slapped Blue Apron with a $2 price target, citing difficulty with the business ever becoming profitable. Once the Whole Foods deal goes through, it'll have a strong grocery backbone to plant a stake. Blue Apron filed its IPO shortly after Amazon bought Whole Foods, and since then its stock has fallen 30 percent month-to-date. Amazon's moves here are certainly something all of the upstarts in this market will continue watching closely.