Andrew Kitirattragarn, co-founder of snack brand Dang Foods, explains the sudden market collapse for energy bars during the onset of the COVID-19 pandemic.
0:00 / 0:06exact quote · 6.6s
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“I think the data was about 50% drop in bar category sales pre and post-COVID.”
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More from Andrew Kitirattragarn
Disclosure
Dang Foods lost up to $2 million launching a failed onion chip
“We had just gotten venture funded, and so for about four million dollars, and about one and a half to two of the million dollars went to the onion chips.”
Andrew KitirattragarnJan 24, 2022▶ 47:06Dang Foods: Vincent and Andrew Kitirattragarn
AssertionNot checkable as stated
Dang Foods' container costs surged from $5,000 to $22,000 in one month
“So with the container prices going up from five K to 22 K in one month, you can't increase your price on shelf by 400%.”
Andrew KitirattragarnNov 2, 2023▶ 7:22The art of letting go with Vincent and Andrew Kitirattragarn of Dang Foods
Disclosure
Dang Foods halted inventory orders in 2022 to pay off creditors
“What we decided to do is, with the board's permission, we stopped ordering inventory. Because we didn't see a path forward and that the supply chain at that time was not being alleviated. So we decided that we were going to sell off our assets and have this ti…”
Andrew KitirattragarnNov 2, 2023▶ 16:11The art of letting go with Vincent and Andrew Kitirattragarn of Dang Foods
AssertionNot checkable as stated
Dang Foods' average port times spiked from 50 to 100 days
“The average time in port also spiked during that time from 50 days to a hundred days, or seven weeks to 14 weeks.”
Andrew KitirattragarnNov 2, 2023▶ 16:43The art of letting go with Vincent and Andrew Kitirattragarn of Dang Foods
Disclosure
Vincent Kitirattragarn initially gave co-founder Andrew Kitirattragarn a 20 percent equity stake
“I'll give you. 20%. And you're gonna earn over three years. And then later that got modified even higher later, as I, I've been with the company longer and whatnot.”
Andrew KitirattragarnJan 24, 2022▶ 37:00Dang Foods: Vincent and Andrew Kitirattragarn
“I think when we first launched, I think we were looking at something like 20% margins and we're like, listen, we can do this because if this is going to get as big as Funyuns, like when we sell up to ten million and we get to scale to the next level, those mar…”
Andrew KitirattragarnJan 24, 2022▶ 46:15Dang Foods: Vincent and Andrew Kitirattragarn
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