How Did The Grove (GROV) Stock Rise 20% Today?


According to the last check Tuesday, Grove Collaborative Holdings Inc. (NYSE: GROV) has advanced 20.61% to $3.57 following an expansion move. GROV closed the previous session at $2.96, moving between $2.8012 and $3.08.

GROV has made what move?

In today’s announcement, Grove (GROV) announced the opening of its first drugstore retailer for Grove Co., its flagship home care brand. With its commitment to becoming 100% plastic-free by 2025, GROV has expanded its product offerings to 2,200 additional stores, including zero plastic waste cleaner concentrates, dish soaps, and dishwasher detergent packs, as the company continues to drive omnichannel growth.

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Since early 2021, GROV has more than doubled its retail door count after expanding into Kohl’s, Meijer, and Giant Eagle and following the success of its first major retail partnership with Target. In order to help more consumers adopt a sustainable lifestyle, GROV has expanded its retail footprint across the country with high-performing and plastic-free products. This expansion is the latest milestone in GROV’s ongoing journey.

Through the expansion of GROV’s distribution, consumers will be able to purchase eco-friendly, high-performance products that aren’t packaged in plastic more easily. The latest expansion by GROV as an omnichannel company demonstrates how consumers continue to see environmental crises manifest. Consumers want zero plastic and sustainable products everywhere.

Continuing on its path of transforming the consumer products industry into a positive force for human and environmental well-being, Grove has reached another milestone. Retail, which accounts for 90% of purchases in the categories where Grove competes, is a critical component of Grove’s omnichannel strategy, which is key to the company’s long-term opportunities.

Grove Co. has seen success with Target, where it was the number one launch in the Hand, Dish, and Cleaners category in 2021, and it doubled its product assortment on as well as in Target stores. More than 700 doors were added by Grove Co. this year across Kohl’s, Giant Eagle, and Meijer.

What has GROV accomplished so far?

Grove (GROV) was launched in 2016 as an alternative to conventional household products for millions of US households. Despite the fact that more than 28 billion pounds of plastic packaging are created every year in the US, less than 9% of that plastic is recycled. As part of its innovation strategy, GROV works with retailers and industry leaders to design products that use sustainable packaging and safer ingredients, and deliver superior performance.


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