WEBVTT - Businessweek Talks- Blue Apron’s CEO Linda Kozlowski

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Jason Kelly on Bloomberg Radio. All right, you are listening

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<v Speaker 1>to Bloomberg Business Week on this Tuesday Carol Masser along

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<v Speaker 1>with Jason Kelly. Now, back in the first week of May,

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<v Speaker 1>we caught up with the head of blue Apron to

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<v Speaker 1>hear how she and her team were managing through the

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<v Speaker 1>pandemic and how user growth had moved up as a

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<v Speaker 1>result of consumers being in lockdown and really uh spending

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<v Speaker 1>of course, so much more time at home due to

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<v Speaker 1>the virus. Let's get to another edition of Bloomberg Business

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<v Speaker 1>Week Talks. It will be highlighted in an upcoming issue

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<v Speaker 1>of Bloomberg Business Week magazine. Linda Kozlowski, president CEO at

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<v Speaker 1>New York based Blue Apron, back with us on the

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<v Speaker 1>phone from Garrison, New York. Linda, how are you and

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<v Speaker 1>how is your team? All Right, It's so great to

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<v Speaker 1>be here. I'm doing well and my team is doing well.

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<v Speaker 1>We're continuing to just put every bit of energy we

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<v Speaker 1>have into getting more boxes out to more people. And

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<v Speaker 1>so what has been especially since we last talked to you, Linda,

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<v Speaker 1>what's been sort of the biggest learning, like what what

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<v Speaker 1>have you sort of learned the most about your business

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<v Speaker 1>or your or your customer that you can point to.

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<v Speaker 1>So I think, you know, the biggest learning is as

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<v Speaker 1>things have evolved. You know, obviously when when COVID first hit,

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<v Speaker 1>it was uncertain, you know, when things were going to change,

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<v Speaker 1>how things were going to change, how people's behavior and

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<v Speaker 1>reactions would adjust as as things move forward, And what

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<v Speaker 1>we are seeing is we are seeing continued demand for

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<v Speaker 1>the products UM as as people sort of grapple with

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<v Speaker 1>the new reality and think about how much time they

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<v Speaker 1>want to spend at home versus how much time they

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<v Speaker 1>want to you know, want to be out even as

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<v Speaker 1>things open again. UM. There's a lot of new information

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<v Speaker 1>out in the in the world about about continuing to

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<v Speaker 1>be cautious and continuing to um to sort of stay

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<v Speaker 1>inside when possible, and and how to safely have contacts

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<v Speaker 1>with other people. But we are seeing sort of the

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<v Speaker 1>manifestation of the trend that we talked about in early May,

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<v Speaker 1>which is the fact that people are telling us that

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<v Speaker 1>no matter what happens, UM, they are starting to plan

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<v Speaker 1>on cooking at home more. UM. This is a habit

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<v Speaker 1>that they've really started to form um again, internal and

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<v Speaker 1>external researches all pointing pointing to the same thing that

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<v Speaker 1>no better. What happens as things start to ease up

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<v Speaker 1>and restaurants open, what have you, That people have gotten

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<v Speaker 1>a lot more confident in the kitchen and they plan

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<v Speaker 1>on continuing to cook at home and they want interesting

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<v Speaker 1>solutions to help them think about how to make that

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<v Speaker 1>time more connected to family and less focused on preparation

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<v Speaker 1>and planning. So we're continuing to see that trend. I

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<v Speaker 1>do wander landed to you know, when you think about

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<v Speaker 1>scenario planning, right, you think about those things that you

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<v Speaker 1>know out of the box that could happen in the

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<v Speaker 1>pandemic is certainly one of those things. But I do

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<v Speaker 1>think as you look down the road, I think you know,

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<v Speaker 1>when normal returns, you know, what are you doing though,

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<v Speaker 1>and are you thinking about, you know, managing and an

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<v Speaker 1>inevitable fall off in your business? Do you anticipate that? Well,

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<v Speaker 1>I think that's a little bit of what UM, what

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<v Speaker 1>I was referring to earlier. Um. You know, there's always

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<v Speaker 1>going to be ebbs and flows as people have different needs.

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<v Speaker 1>But what we're planning for is staying on the thing

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<v Speaker 1>strategy we were on before, So before we actually got

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<v Speaker 1>into the pandemic, we had a growth strategy that was

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<v Speaker 1>obviously not based on a pandemic. It was based on

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<v Speaker 1>product improvements, marketing improvements, and audience expansion, and we already

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<v Speaker 1>thought that come together into one UM And now we're

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<v Speaker 1>continuing to see that those products improvements, which we are

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<v Speaker 1>continuing to do as we sort of ease out of

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<v Speaker 1>the pandemic, UM are engaging people and and keeping them

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<v Speaker 1>involved with the product. So it's there will always be

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<v Speaker 1>ebbs and flows to the business, and again there's seasonality,

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<v Speaker 1>trends um when we return to whatever that new normal is.

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<v Speaker 1>But we're more focused on the longer term growth potential

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<v Speaker 1>of some of the product improvements that we're putting in

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<v Speaker 1>around variety, flexibility, healthier options, and continuing to drive new

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<v Speaker 1>ways to create that variety in our business while also

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<v Speaker 1>managing the complexity and being able to ex spanned our

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<v Speaker 1>operations without having to put significant capital into that operations,

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<v Speaker 1>given we already have so much ability to do that. Now.

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<v Speaker 1>We we've made a lot of investments early on that

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<v Speaker 1>are now paying off in in automation and the and

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<v Speaker 1>the ability to UM to scale with labor essentially, So

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<v Speaker 1>Linda talk to us about sort of the supply chain

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<v Speaker 1>and the logistics side of this. Were there are things

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<v Speaker 1>that you had to sort of resolve along the way.

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<v Speaker 1>I mean, you've got folks obviously working physically, but you've

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<v Speaker 1>got other folks working remotely, You're dealing with different suppliers.

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<v Speaker 1>Talk to us about that process of maybe solving some

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<v Speaker 1>of those issues. Yes, so, I think the the initial

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<v Speaker 1>thing that we did was very similar to what a

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<v Speaker 1>lot of people did, which is how do you think

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<v Speaker 1>about making sure that you're developing a resilient supply chain

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<v Speaker 1>across across a lot of different areas at the same time.

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<v Speaker 1>Simplicity is key when faced with um rapidly changing environments.

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<v Speaker 1>So early on we did make some modifications to our

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<v Speaker 1>menu to some plify and streamlined suff of the recipe

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<v Speaker 1>availability to make it faster and easier to pack and

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<v Speaker 1>to manage logistics than Over time, we reintroduce that complexity

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<v Speaker 1>back in and then it can again continue to evolve

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<v Speaker 1>the product itself with new products offerings UM As we

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<v Speaker 1>were able to manage some of those ebbs and flows

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<v Speaker 1>and continue to bring labor into the facility so UM

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<v Speaker 1>a lot of people had to streamline their their menus

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<v Speaker 1>and and look at ways to to to avoid some

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<v Speaker 1>complexity early on, and we're really happy that we're able

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<v Speaker 1>to start bringing that complexity back in. We're already back

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<v Speaker 1>up to full service on our our family menu and

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<v Speaker 1>UM and very close to full variety on our two

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<v Speaker 1>person menu, and so we're going to continue to do

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<v Speaker 1>that along with introducing the new products and variety that

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<v Speaker 1>we have into play. On the supply chain side, that's

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<v Speaker 1>some scen area where we've had an advantage for quite

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<v Speaker 1>some time because we've worked so closely with the producers

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<v Speaker 1>and because UM we have really really high quality standards

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<v Speaker 1>for our ingredients. UM we've always had really great relationships

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<v Speaker 1>with our suppliers. We can consider it and move very

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<v Speaker 1>quickly depending on supply, and we also have the ability

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<v Speaker 1>to substitute and swap out if there's ever a challenge

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<v Speaker 1>because of the nature of how our recipes are built,

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<v Speaker 1>and so we're able to really flex that supply chain

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<v Speaker 1>to make sure that we don't have to sacrifice any

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<v Speaker 1>quality during this time where we continue to ramp volume.

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<v Speaker 1>Linda just got a minute. We're gonna do some news

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<v Speaker 1>and then come back and continue the conversation. But I

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<v Speaker 1>do want to just quickly get your thoughts on supply chains.

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<v Speaker 1>How have they been? Are they improving? Can you get

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<v Speaker 1>everything that you want in terms of the products that

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<v Speaker 1>you need to provide to customers. Yeah, we've had minimal

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<v Speaker 1>disruption in our supply chain, and I think part of

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<v Speaker 1>it is because of the quality that we're sourcing. UM.

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<v Speaker 1>We are able to access high quality ingredients, oftentimes resourcing

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<v Speaker 1>from the same places that restaurants with source from, and

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<v Speaker 1>so therefore we're able to get really high quality ingredients

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<v Speaker 1>and UM and hadmidable disruption. When we have had a disruption,

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<v Speaker 1>it's usually when it comes to a certain amount of

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<v Speaker 1>time UM, and so we can just swap recipes between

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<v Speaker 1>weeks to make sure that we're getting the freshest possible products.

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<v Speaker 1>But we are seeing you know, we've seen prices increase

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<v Speaker 1>in in the grocery source supply chain, but we've been

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<v Speaker 1>able to manage our prices very very closely so that

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<v Speaker 1>we can, UM, we can make sure that we're still

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<v Speaker 1>delivering great value to the consumer and haven't had to

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<v Speaker 1>adjust any of that pricing at all. So Linda, I

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<v Speaker 1>have to ask you, what have you learned about management

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<v Speaker 1>and stress and sort of an organization at the core

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<v Speaker 1>of our sort of human experience, and that all of

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<v Speaker 1>this because you provide something that is fundamental to all

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<v Speaker 1>of us. Not to be too silly about it, but

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<v Speaker 1>you're literally delivering food to people. It's it's actually true.

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<v Speaker 1>I mean I I talked about the fact that what

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<v Speaker 1>we're doing is really one of the most intimate part

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<v Speaker 1>of starts of people's lives because it's it's what you

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<v Speaker 1>put in your body, it's what you feed your family.

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<v Speaker 1>And it's part of the reason that we do feel

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<v Speaker 1>so much pressure to to make sure that we're providing

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<v Speaker 1>the highest quality ingredients and the best recipes because again,

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<v Speaker 1>we're thinking about this product beyond the pandemic and um

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<v Speaker 1>and it's really about, you know, removing stress and and

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<v Speaker 1>creating incredible connecting moments. And so there's a huge amount

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<v Speaker 1>of pressure even outside of this, But for me, it's

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<v Speaker 1>it's really focused on a few things when it comes

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<v Speaker 1>to leadership during this particular time. One is um to

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<v Speaker 1>recognize the fact that I consider myself extremely lucky that

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<v Speaker 1>I work and and run you know, a product that

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<v Speaker 1>is so critical to people's lives and so important to

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<v Speaker 1>people's lives of of being able to stay motivated and

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<v Speaker 1>and and stay focused on everything you need to do.

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<v Speaker 1>And then I think the other aspect of it is

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<v Speaker 1>our number one priorities has got to be safety at

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<v Speaker 1>all times, the safety of our customers and the safety

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<v Speaker 1>of our employees UM as we sort of have frontline

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<v Speaker 1>UM workers who are really UM putting themselves at risk

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<v Speaker 1>every day to try to come in and make sure

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<v Speaker 1>that that we're moving the business forward. And so we

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<v Speaker 1>take those safety standards incredibly incredibly UM seriously, and even

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<v Speaker 1>prior to the pandemic, we we already had some you know,

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<v Speaker 1>incredibly high food safety standards and and heighten those even more.

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<v Speaker 1>So number one priority is really making sure that everybody

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<v Speaker 1>is safe. And then I think the bigger part about

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<v Speaker 1>it is is really focusing the team on that mission

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<v Speaker 1>of how do we make sure that we get food

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<v Speaker 1>to people during this critical time, but something that isn't

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<v Speaker 1>just going to be sustenance, something that they're actually really

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<v Speaker 1>going to enjoy, something that's going to increase the connection

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<v Speaker 1>of their family and UM, something that is going to

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<v Speaker 1>add sort of a sense of accomplishment to their life.

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<v Speaker 1>If there's somebody maybe who has like cooked before, or

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<v Speaker 1>a sense of variety to their life, for somebody who

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<v Speaker 1>you know, maybe as an expert cook and just wants

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<v Speaker 1>to make sure that they shake up the routine. So

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<v Speaker 1>I think staying focused on that mission during such a

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<v Speaker 1>stressful time is really the most important. Yeah, totally. And

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<v Speaker 1>I do wonder if you think about idea, you have

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<v Speaker 1>to think about kind of the next stress on your business?

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<v Speaker 1>And do you guys do? And I guess I always

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<v Speaker 1>think about, you know, the big gorilla that's out there.

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<v Speaker 1>I feel like for almost you know, many many industries

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<v Speaker 1>or many you know, businesses, and that is Amazon and

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<v Speaker 1>you know, as they decide or work on leveraging whole foods, Linda,

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<v Speaker 1>you know and probably look at a model like yours,

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<v Speaker 1>and especially how you're doing in the pandemic, you know,

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<v Speaker 1>what do you think about? Um? And you know for Amazon,

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<v Speaker 1>you know what would happen to you? Guys? How do

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<v Speaker 1>you build a strategy kind of with that potential eventuality

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<v Speaker 1>in mind? Well, to be honest, I think that that's

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<v Speaker 1>that's to me, the biggest area of discipline is really

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<v Speaker 1>being focused on how do we continue to build the

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<v Speaker 1>business and add value for our customers and not get

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<v Speaker 1>distracted by um by what could go wrong or what

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<v Speaker 1>could be UM, what could sort of intervene. Because the

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<v Speaker 1>way that we look at it is we are really

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<v Speaker 1>were the experts in bringing incredibly delicious, UM incredibly like

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<v Speaker 1>beautifully sort of creative and sourced meals to your home,

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<v Speaker 1>teaching you how to cook them, are helping you cook

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<v Speaker 1>them if you already know how to cook, and creating

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<v Speaker 1>that moment with your family, and that is really what

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<v Speaker 1>we focus on. That is all we do. And so

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<v Speaker 1>I'm just a big believer that when it comes to

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<v Speaker 1>certain moments in your life, that including the importance of

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<v Speaker 1>food and what you put in your body and what

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<v Speaker 1>you're serving your family, that that area of focus and

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<v Speaker 1>that area of expertise is something that people are craving

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<v Speaker 1>and people are looking for. And UM, when I think

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<v Speaker 1>about the competitive future, I think that there's a huge

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<v Speaker 1>amount of opportunity to innovate on how we actually develop

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<v Speaker 1>products to serve you in the home and help you

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<v Speaker 1>make meal time less stressful, help you, um add variety

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<v Speaker 1>to your day. And so I'm less focused on big

0:11:48.520 --> 0:11:51.680
<v Speaker 1>players that might focus on multiple things and um, and

0:11:51.760 --> 0:11:53.800
<v Speaker 1>whether they're going to come into the space and more on,

0:11:54.080 --> 0:11:56.920
<v Speaker 1>how can we actually make the best products, because this

0:11:56.960 --> 0:11:59.120
<v Speaker 1>is all we do, and we're experts at it, and

0:11:59.160 --> 0:12:02.320
<v Speaker 1>we're very very very good at being able to scale

0:12:02.360 --> 0:12:05.000
<v Speaker 1>that when it comes to our production facilities, when it

0:12:05.000 --> 0:12:07.880
<v Speaker 1>comes to our equipment, when it comes to our culinary authority,

0:12:07.960 --> 0:12:11.440
<v Speaker 1>and really create restaurant quality experiences on an individual basis

0:12:11.520 --> 0:12:13.679
<v Speaker 1>in every person's home. So just go, I think that's

0:12:13.720 --> 0:12:16.120
<v Speaker 1>focus and that that Yeah, that's that's really the most

0:12:16.120 --> 0:12:18.079
<v Speaker 1>important to me. So just like fifty seconds, so it

0:12:18.080 --> 0:12:20.080
<v Speaker 1>sounds like you're not looking over your shoulder at Amazon.

0:12:20.160 --> 0:12:24.360
<v Speaker 1>Is that safe to say? I'm not looking over my

0:12:24.400 --> 0:12:26.520
<v Speaker 1>shoulder at all. I think it's more important that the

0:12:26.559 --> 0:12:29.280
<v Speaker 1>customer wants me looking forward and figuring out how to

0:12:29.440 --> 0:12:33.080
<v Speaker 1>develop better and better products. And again, you know, as

0:12:33.120 --> 0:12:35.800
<v Speaker 1>we see demand increased, folks from new customers coming in

0:12:35.920 --> 0:12:38.360
<v Speaker 1>as well as from existing customers who are buying more

0:12:38.400 --> 0:12:40.640
<v Speaker 1>and more of the product, they're seeing the value in

0:12:40.720 --> 0:12:44.280
<v Speaker 1>the product and they're seeing that that quality comes through. Well, Linda,

0:12:44.280 --> 0:12:46.080
<v Speaker 1>I gotta say, we know you're busy, and we really

0:12:46.120 --> 0:12:49.280
<v Speaker 1>do appreciate um you carving out again a nice tunk

0:12:49.280 --> 0:12:50.600
<v Speaker 1>of time for us to just catch up on what

0:12:50.640 --> 0:12:53.040
<v Speaker 1>you're up to and the business. Linda Koslowski, she is

0:12:53.080 --> 0:12:56.280
<v Speaker 1>president and CEO of Blue Apron, joining us on the

0:12:56.320 --> 0:12:58.080
<v Speaker 1>phone in New York,