Dive Brief:
- Following her investment in the brand, celebrity Drew Barrymore has teamed up with Grove Collaborative to launch a limited-edition cleaning and home collection, according to a Tuesday press release.
- Featuring two exclusive Palm Leaf Mist and Island Orchid scents, the new Fresh Horizons collection contains 15 products — including hand soap, laundry detergent sheets and candles — ranging in price from $5.49 to $14.99, per the release.
- Grove’s latest release is available for purchase on the company’s direct-to-consumer website, online at Target, and at select Target and Meijer stores across the country.
Dive Insight:
For Barrymore, the collaboration with Grove is all about inspiring consumers to embrace more sustainable options.
“I wanted to create a line of home accessories that were bright, modern and inspired by the beauty of the natural world,” Barrymore said in a statement. “Every piece was designed and crafted to be sustainable, beautiful and effective for the health of people and the planet. I hope the collection inspires others to take action and embark on their own sustainability journey – making it easier to use less plastic in their daily lives.”
When Barrymore invested in Grove last April, she also took on the role of global brand and sustainability advocate.
Since then, Grove has expanded its wholesale presence. The company started selling at Target in April 2021, and entered into a wholesale deal with Kohl’s in July of last year. Grove also entered CVS stores through a new partnership in September, doubling its retail presence, and expanded into Walmart and Amazon in February.
Grove started selling publicly on the New York Stock Exchange through a SPAC deal in June, but has had a bumpy journey since.
The company cut its long-term outlook by nearly half in June, and at the time noted that it cut 17% of its workforce in Q1. In December, Grove received a delisting notice from the NYSE, warning that it was not in compliance with the standard that its minimum share price be at least $1.00 over a 30-day trading period. The company was given six months to regain compliance, and its stock was trading at around 50 cents at the time of publication.
In early January, Grove announced it had refinanced its debt through a $72 million four-year term loan, which the company said will be used in its push toward profitability. At the time of publication, Grove was carrying a FRISK score of 1, a measure CreditRiskMonitor uses to determine bankruptcy risk. A score of 1 indicates the highest risk the firm tracks, with a 9.99% to 50% chance of filing for bankruptcy within the next 12 months.
Several other companies that started off online carry a similar risk, as of Monday. The RealReal, Blue Apron and Princess Polly owner AKA Brands all carry a FRISK score of 1, while Farfetch, ThredUp and Wayfair carry a lower risk score of 2.
