Enjoy is bringing the store through the door with tech support for Apple products, among other ... [+]
Michael OnealEnjoy Technology, which provides last mile delivery service by trained experts, has agreed to merge with Marquee Raine Acquisition Corp., a technology, media and telecommunications acquisition company, to accelerate Enjoy’s rapid growth and power its vision to be a disruptive channel for retail.
Following an SEC filing this summer, Enjoy will emerge as a public company with its common stock listed on the Nasdaq stock exchange under the symbol, ENJY.
The coronavirus pandemic threatened to upend Enjoy, whose tech experts set up, activate and teach consumers how to use products from brands such as AT&T T and Apple.
“Customers didn’t want us to come into their homes, but they still wanted help,” said Enjoy CEO Ron Johnson, adding that after shutting down for two weeks at the start of the pandemic, Enjoy decided to bring the service outdoors and began setting up shop in back yards, porches and front stoops.
“In every one of our mobile shops [a.k.a. company cars,] we brought furniture, worked with masks and maintained six-foot distances,” Johnson said. “We’re starting to go through the door again. Eventually, we’ll get back to 90%.”
Marquee Raine is sponsored by an affiliate of The Raine Group and affiliates of Marquee Sports Holdings, a successful sports, media, entertainment and hospitality company led by the Ricketts family. Upon the closing of the transaction, the combined company will operate as Enjoy Technology, Inc.
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“We’ve been working for seven years to figure out how to bring the entire retail shopping experience through the door,” Johnson said. “Commerce has been moving to the home. With the acceleration of e-commerce last year, 25 percent of all commerce took place in the home.
“I look at it as a choice, do I want to shop from home or go to a store,” Johnson said. “We’re making a choice and will opt for convenience. Commerce at home has been happening for quite a while now.”
Johnson said homes are being used for multiple purposes today, including working, thanks to the health crisis. Citing Airbnb, which turns your home into a hotel, and Peleton, which transforms the home into an exercise studio, Johnson said, “All we’re doing is building off this movement of experiences at home. Staying at an Airbnb is an experience, and shopping at home is an experience.”
Enjoy has relationships with AT&T in the U.S., British Telecom Group in the United Kingdom, Rogers Communications in Canada, and Apple in select U.S. cities. Enjoy's mobile stores have a track record of delivering industry-leading customer satisfaction with a lifetime rate of 88, and generating incremental revenue opportunities during Enjoy's mobile retail experiences.
“Apple AAPL came to us and asked us to run mobile stores for them,” Johnson said. “Last year, we started serving Apple customers. We deliver computers and watches, iPads and iPhones for Apple. Most people think Apple stores are the gold standard for retail. A chance to deliver Apple experiences to the home is a big one.
“Through our business model, we have local inventories. We can now do through the door better than Fedex FDX and UPS, which is a new business for us,” Johnson said, noting that Enjoy has secured an additional $80 million in capital through private placement at $10 per share. Johnson said the cash infusion will be used for expansion.
“Rogers in Canada wants us to serve smaller towns,” Johnson said. “We’re working on new countries. We have a good balance sheet. This lets us really expand quickly. Our product is an experience delivered by employees. Our employees are incredibly well-trained.”
Johnson said Enjoy serves 50% of the combined zip codes in the U.S., Canada and the U.K. In the New York area, Enjoy serves Long Island, Staten Island, the Jersey Shore, Westchester, and Greenwich, Conn. Enjoy will return to Manhattan this summer after pausing during the pandemic.
“Everything I’ve done has taken time,” said Johnson, whose career includes bringing design partners such as Michael Graves to Target TGT , reimagining Apple’s retail stores and a disastrous run as CEO of J.C. Penney. “We have clear visibility to profitability, then we’ll march to other countries and other categories. We’re using the capital to grow with new experiences.”
The Link LonkApril 29, 2021 at 11:15PM
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Enjoy Technology Sets Expansion Course With SPAC Merger, Plans To Become A Public Company - Forbes
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