Amazon filed a trademark application on the phrase: "We do the prep, you be the chef". "You be the chef" - makes it sound an bad lot like 5-year-old Blue Apron, and similar meal-kit delivery services. But Amazon indicated plans to enter the market in a trademark application with the U.S. Patent & Trademark Office, dated July 6 and first revealed on Monday by TheStreet.
"Look, you just have to hope that you don't wake up in the morning and see Amazon has chose to get in your business", Cramer said on "Squawk on the Street".
Blue Apron delivers boxes of pre-portioned ingredients and instructions to cook meals at home. When you combine that with slowing revenue growth, dismal customer retention rates, contracting margins, and rising expenses, Blue Apron becomes a high-risk stock for investors' money. Shares closed Friday at $7.36, or 26.4% below the IPO price.
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Part of the problem has been the price, but with Amazon coming on the scene, that could change.
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Blue Apron isn't the only company in this market, but it was establishing itself as the top brand. Revenue soared 133% to $759.4 million for Blue Apron previous year. Once the Whole Foods deal goes through, it'll have a strong grocery backbone to plant a stake. News of the trademark application was earlier reported by the Times of London.
In early Monday trades, Blue Apron shares plunged as low as $6.51, off more than 11 percent from Friday's close and almost 33 percent below their June 29 IPO price of $10 on the New York Stock Exchange.
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Whole Foods spokeswoman Brooke Buchanan declined to comment. The Motley Fool has a disclosure policy.