In the age of convenience, shopping trips are becoming obsolete. As if click and collect, direct to your boot wasn’t convenient enough, many Aussies are now opting for meal kits, delivered directly to their front door.
The global meal kit industry experienced a serious boom during the height of the COVID-19 pandemic when people were reluctant to venture to the supermarket to gather supplies. That momentum has continued with companies adding more recipes, ramping up sustainability commitments and competitive pricing.
The niche is beginning to see consolidation with big players like Hello Fresh acquiring YouFoodz (ASX: YFZ) in July 2021 for a 57% discount on their IPO price, and Marley Spoon (ASX: MMM) acquiring Chefgood for $21 million in December 2021.
Western Australian based meal kit delivery company My Foodie Box (ASX: MBX) is broadening their offering by partnering with the distributors of the famous Thermomix.
Touted as the world’s smallest and smartest kitchen, replacing over 20 kitchen appliances in one, the Thermomix is a blender, juicer, dough maker, mixer, fermenter, egg boiler and rice cooker with functions that allow it to chop, steam, caramalise, brown, whip and mix ANYTHING.
I honestly wouldn’t be surprised if it started doing your taxes too.
The product is distributed by The Mix Australia who are significant shareholders in My Foodie Box, with 15% equity. The Mix and My Foodie Box are joining forces to create a ‘Thermomix Box’, specifically for Thermomix customers, combining meal kit delivery with on-screen cooking functionality of the appliance.
The joined approach will hopefully be mutually beneficial, facilitating increased uptake of both the meal kit delivery box and the appliance with the cross sell.
Initially planned for release in Western Australia, the joint venture will be available to those in other states as My Foodie Box expands later this year.
CEO and Executive Director of the meal kit company, Mai Hughes said: “We believe this partnership will combine the best of My Foodie Box’s delicious, local and eco-friendly meal kits with the convenience that Thermomix connected, all-in-one technology offers.”
Over half a million Thermomixes grace the countertops of Australian homes, with a historically very engaged customer base and community.
My Foodie Box logged $2.5 million in revenue for the half year ended 31 December 2021, a 56% increase on the prior corresponding quarter. The Company recently surpassed the milestone of 2,000 active subscribers.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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