Ocado signs partnership agreement with US giant Kroger
Ocado said it believed Kroger, which had sales of $122 billion (90 billion pounds) in its last fiscal year, was the grocer best-positioned to succeed in the USA sector.
USA retailer Kroger has signed a landmark deal with Ocado to use its technology for grocery deliveries, marking the British online grocer's first entry into the United States.
Ocado said its "transformative" entry into the USA market centred on sharing its technology with Kroger, which had annual sales of $122bn (£90.4bn) in 2017.
As part of the agreement, Kroger will be the British firm's exclusive partner in the USA and will pay undisclosed monthly exclusivity and consultancy fee to the company.
Currently, the two companies are looking for suitable locations to establish three automated warehouse facilities.
That figure could rise to 20 during the first three years of the partnership, it added.
Laith Khalaf, senior analyst at Hargreaves Lansdown, said that as one of the most shorted stocks in the United Kingdom - where investors bet that a firm's share price will fall - Ocado's deal with Kroger was a "poke in the eye" for the hedge funds who have bet against it.
Tim Steiner, Ocado's CEO, used the announcement to underline his belief "Ocado's unique, proprietary and industry-leading technology is set to transform the shopping experience of consumers around the world".
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According to Ocado, the partnership aims to allow Kroger to "redefine the grocery customer experience" in the USA by establishing a centralised, automated model of online retailing.
We see Ocado as an innovative, exciting and transformative partnership in pursuit of our Restock Kroger vision, to serve America through food inspiration and uplift.
The retailer's efforts to create a "seamless digital experience" for customers would speed up as a result, he added.
Ocado chief executive Tim Steiner said working with Kroger to transform the way in which USA customers bought groceries represented "a huge opportunity to redefine the grocery experience" for Kroger customers.
Ocado' s biggest deal to date, is the latest in a series of tie-ups by the online retailer.
Back in 2014, the company told Computing of its plans to push its platform into the cloud to make it easier to sell to other companies.
Even though Ocado remains the #13 most shorted stock, according to FCA disclosure rules, this is an improvement over its position in July 2016, when it was the most shorted stock with 21.37% of shares out on loan and 16% in November 2017, before the first deal came through and the company began proving the sceptics wrong.
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