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Dive Brief:
- Model and TV personality Chrissy Teigen and husband and musical artist John Legend on Wednesday launched premium pet brand Kismet. It is the couple’s first joint business venture, according to the press release.
- The brand offers two dry food recipes and two dog treat flavors. The food, treats and merchandise are available now on the company website where consumers can find “media tailored to today’s modern pet parent,” per the company. The food and treats range in price from $17.99 to $89.99.
- Every order will benefit the company’s philanthropy Kismet Cares and its beneficiaries: Project Street Vet and Paws for Life, according to the company.
Dive Insight:
Through the launch of Kismet, Teigen and Legend are leaning into the growing pet category.
The couple is pitching Kismet as fresh and nutritious, but also convenient and affordable for a premium pet brand. Tiegen and Legend partnered with board-certified veterinary nutritionists and other formula experts to create the brand’s recipes, according to the press release.
“Dogs have always been a big part of our lives. We were pet parents before welcoming our children into the world, and we know what that special bond with a dog feels like. In a word, it's Kismet," the couple said in the press release. "Dogs are silly, playful, and messy — and we wanted a brand that represents all of that.”
Mathé Young Mosny has been tapped to serve as CEO, while Dr. Kwane Stewart, who won the 2023 CNN Hero of the Year award and founder of Project Street Vet, is Kismet’s chief veterinary officer.
“As a brand, we want to bring people together with a shared love of dogs who are ready for something fresh in this category,” Mosny said in a statement.
The global pet care market size reached $246.7 billion in revenue in 2023 and is projected to grow to $259.4 billion this year and $427.8 billion by 2032, according to Fortune Business Insights. The report said pet owners’ increasing concern for the diet and health and welfare of their pets is contributing to the increase.
Pet ownership increased during the pandemic as workers retreated to remote work and the isolation of the lockdowns encouraged many to own pets. Since the pandemic, the pet care market has continued to make strides and add segments, covering virtually all aspects of a pet’s care. The dry food segment is the largest in the pet care space, accounting for about 31.2% of the market share in 2020, according to Allied Market Research, driven by demand for its nutritional value.
In August 2021, Target launched its private label Kindfull with more than 50 products, including cat and dog food, treats and toppers. Later that same year, Petco opened a flagship dedicated to its Reddy private label in New York’s SoHo neighborgood.
And in its 4Q earnings report in March, online pet retailer Chewy reported fourth-quarter net sales increased 4.2% year over year to $2.83 billion.
Last month, Bark announced it hired two pet industry veterans to bolster its omnichannel efforts, including Michael Black as its chief revenue officer and general manager of consumables. The appointments came after the company reported a Q3 net revenue decline of about 7% year over year to $125.1 million.
via https://www.aiupnow.com
Suzette Parmley, Khareem Sudlow
