Kraft Heinz Is Partnering With Momofuku to Stay Relevant
Kraft Heinz Co., struggling with sliding sales and a falling stock price, is partnering with celebrity chef David Chang to generate some buzz.
The ketchup maker will use its expertise in food production and distribution to help Chang take his Momofuku Ssam sauce national for the first time. The condiment, which has been served across the chef’s restaurant group since Momofuku Noodle Bar opened in Manhattan in 2004, will be available on Amazon.com in the original flavor and new spicy and smoky versions.
Until now, Ssam sauce has had a limited presence in retail stores, including a handful of Whole Foods Markets in New York City.
The move fits in with Kraft Heinz’s strategy of seeking growth via new products and platforms. Amazon has become increasingly important in the food world in the aftermath of its takeover of Whole Foods, and packaged food companies are trying to figure out how to harness e-commerce for grocery shoppers.
Kraft Heinz recently announced the creation of an upstart brand incubator known as Springboard last month, which will invest across four categories: natural and organic; specialty and craft items; health and performance; and “experiential” brands.
Springboard follows the venture funds created by a number of Kraft’s food-industry competitors, as up-and-coming brands have increasingly taken market share from established players in recent years.
Read more at Bloomberg: https://www.bloomberg.com/news/articles/2018-04-18/kraft-heinz-embraces-momofuku-sauce-in-quest-for-foodie-cachet