Petco Appeals to 'Pet Parents' With All-Natural Pet Food Initiatives
*By Carlo Versano*
Petco will phase out dog and cat food containing artificial ingredients and preservatives entirely by May 2019, the company announced Tuesday.
Petco CEO Ron Coughlin told Cheddar Tuesday that the decision to move to a wholly natural-ingredient line was part of a corporate strategy to become a full-service "partner to pet parents." It also reflects broader consumer trends toward healthier, organic foods ー that now includes the diets of their pets.
"All the trends that happened in farm-to-table are happening in pet food," Coughlin said. Some Petco stores will even start piloting "human-grade" food cooked in-store ー made-to-order meals for dogs.
Coughlin admitted that revenues at the privately-owned Petco could get dinged in the short run as it terminates relationships with suppliers who won't follow it to the "nutrition high ground." It's also facing headwinds from tariffs that are forcing the company to rethink aspects of its supply chain, he said.
For all the health consciousness, the move to go all-natural is very much a way for Petco to Amazon-proof ($AMZN) its business model. Coughlin said some stores will soon have on-site veterinarians, along with its roster of groomers, to create what Coughlin called "360 degree care for pets" and a one-stop shop for pet owners.
"We want to make sure we're doing the right thing for pets," he said.
For full interview [click here](https://cheddar.com/videos/petco-ceo-were-banning-artificial-ingredients).
Stocks closed at session highs on the last trading day of the month, but the major indexes still ended up posting their worst months since the start of the pandemic. The S&P 500 and the Nasdaq both had their worst months since March 2020. Nancy Daoud, Private Wealth Advisor at Ameriprise Financial Services, joins Closing Bell to discuss today's close, her market predictions for the year, how the Federal Reserve's monetary policy will impact stocks, and more.
Rene Ritchie, independent tech analyst and co-founder of the Nebula Podcast, joins Cheddar News' Closing Bell, where he breaks down what investors will be looking for from Mark Zuckerberg this week and how the tech giants stack up when it comes to augmented reality and virtual reality products going forward.
According to multiple reports, President Biden's upcoming executive order for the crypto marke would assign some government entities to study cryptocurrencies, stablecoins and NFT's with the goal of developing a workable regulatory framework. Douglas Borthwick, Chief Business Officer at INX, joins Cheddar News' Closing Bell, where he elaborates on what role the Biden administration would play under this order.
Nutritional supplement beverage company Athletic Greens has achieved unicorn status. The company announced a new $115 million funding round, bringing its valuation to $1.2 billion. The company's flagship product AG1 combines 75 different vitamins, minerals, and other nutrients into one daily serving. Athletic Greens says it is poised to reach the millions of consumers who are currently driving the health and wellness market's exponential growth. Athletic Greens founder and CEO Chris Ashenden joins Cheddar News' Closing Bell to discuss.
Is Spotify a platform for content creators, or is it a media company? The streaming giant may have to find an answer sooner rather than later amid a controversy involving its most popular podcast host, Joe Rogan. Rogan has hosted guests who have made false claims about COVID-19 vaccines, and in turn, some musicians like Neil Young and Joni Mitchell have removed their discographies from Spotify in protest. Rogan says he welcomes content advisories, and will balance out his guests going forward, but is it enough? And is Spotify liable in any way? John Freeman, Vice President of CFRA Research, joins Closing Bell to discuss Rogan's response to the controversy, whether Spotify should be considered a media company with responsibility for its content, and more.
Michael Mitchell, senior director of brand at Mailchimp, joins Cheddar News to discuss the launch of Bloom Season and what every BIPOC entrepreneur needs to know to succeed.
