25 May
Trendswatch | New Business Insight From The Past Week
We’ve seen pubs, restaurants and cinemas open up indoors, cryptocurrency chaos and not forgetting the much-anticipated arrival of the FRIENDS trailer…
In terms of the trends of the week, today I will be discussing Back market, Music festivals and CBD-infused drinks…
Back Market
Back Market is a French premier refurbished marketplace dedicated to electronics. The company announced that it closed $276 million in funding.
Back Market was founded in 2014 in France and was one of the first refurbished electronics marketplaces in Europe. Since then, it has become one of the main players in France and Germany. The company intends to continue bolstering its position in these countries and throughout Europe.
Back Market is leading the charge for the refurbished market, a space that is growing and defined by building a brand that is focused on high quality, consistency and strong after-sale services.
With its additional funding, the brand is excited to continue disrupting the industry by democratising the access to quality refurbished electronics and strengthening the circular economy.
Music Festivals
What’s summer without festivals – and oh how we missed them last year! Last year, Covid-19 wiped out the UK’s summer festival season. Only a handful of shows were able to take place, and most of them were in car parks or socially-distanced green field sites.
However, this year, organisers are a little more optimistic. Unfortunately, Glastonbury already had to cancel, but some smaller scale festivals are set to go ahead, such as Bloodstock, Creamfields and Latitude.
Last week we saw the Co-op has renewed its music festival sponsorship deal with Live Nation UK for a further five years. The contract extension will see the retailer remain as the official supermarket sponsor of Download Festival, Latitude Festival, Reading & Leeds Festivals, Creamfields Festival and the Isle of Wight Festival until 2026.
CBD infused drinks
Move over hard seltzer as Canned CBD drinks are predicted to be the drink of the summer! London-based CBD startup Trip has secured a £3.54M cash injection to grow in the US – and has been selected to join Sainsbury’s Future Brands initiative.
The brand raised the funds from a selection of investors including the likes of Depop CEO Maria Raga. The brand has also been selected to join Sainsbury’s Future Brands incubator programme, becoming the first CBD brand to do so.
Through the programme, its single RTD cans and a new multipack format would launch into 400 stores, Trip said. The brand’s recent partnership with Deliveroo, which allows consumers to order Trip products, has also expanded to 15 sites across the UK and is set to launch across Europe later this quarter.
Head back next week for further insights! 🙂