Eco-friendly retailer Grove Collaborative (GROV) reported falling order numbers, users, and net revenue in its second-quarter earnings. Grove Collaborative's stock plummeted by over 90 percent since the summer of 2022. Currently, the company is undergoing an executive changeup with Co-Founder and CEO Stuart Landesberg stepping down from his post to become executive chairman, while Volition Capital Co-Founder and Managing Partner Larry Cheng is also joining Grove's board of directors.
Landesberg and Cheng joins Yahoo Finance Live to discuss Grove Collaborative's positive cash flow and revenue outlook, while examining the line of products that should appeal to the sustainability-focused consumer. The company is looking to shift away single-use plastics.
"Consumers are shifting toward sustainable projects, there's state and city-level legislation," Cheng says. "We've talked to executives from all of the major CPG conglomerates — sustainability is a top three priority for nearly all of them."
