The plant-based meat company Impossible Foods announced its entry into grocery stores outside of the U.S. for the first time as it begins distributing its beef alternative in 200 locations in Asia.
"With our business now growing 100x — we have grown from 150 global grocery locations to over 15,000 now — it was clear that we needed to continue to roll out to home chefs in Asia," Chief Financial Officer David Lee told Cheddar.
Lee went on to tout, specifically, its expansion in Hong Kong and Singapore, as the company looks to provide its faux meat directly to consumers. Impossible Foods products had already been established in restaurants there.
"We've had great experiences in countries and city-states that set food trends globally," he said. "Asia's 40 percent of, we think, the global market for meat, and Hong Kong and Singapore [and] Macau, these are gateway locations that have some of the best chefs and culinary experiences."
While large regions, like mainland China, have not yet been included in this expansion, Lee was emphatic that the company had plans to enter "all major global markets beyond the ones we're in."
The CFO admitted that the coronavirus pandemic has been challenging for the business. But, in comparison to the traditional meat industry, he noted that Impossible Foods has been both lucky and prepared, noting that it "called a shelter-in-place before most," even prior to the one put in place in the Bay Area.
"Our heart goes out to all of the workers that are still shipping animals, chopping them up under tough labor conditions. You've seen the impact, COVID has had on a number of these slaughterhouses," Lee said. "The good news for us is we avoid many of those risks, but we still are very vigilant."
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
