Featured in LA Business Journal! - Milk and Eggs
Thank you to the Los Angeles Business Journal for featuring Milk and Eggs in their weekly newspaper! Milk and Eggs appeared in the "Natural Food Chain Pursues Organic Growth Plan" article.
"Another local food retailer is also working to bolster its business in the face of competition from Whole Foods, whose reach analysts expect to increase with the grocery retailer's announced acquisition by Amazon.com.
Milk and Eggs, which sells and delivers local produce and other items to about 40,000 customers in Los Angeles and Orange counties, recently moved its distribution warehouse from Irwindale, where the company is now headquartered, to downtown and is looking at expanding its service area to the East Coast.
Chief Executive Kenneth Wu, who started Milk and Eggs last year, said he welcomes the Whole Foods development.
"I think it's a really good sign," he said. "Essentially, America's largest e-commerce company is investing money (in grocery). The fact is, e-grocery is going to be the future."
Wu is also the founder of Airsplat, a Valencia e-commerce business that sells airsoft guns, which he sold in 2015.
Milk and Eggs, which as about 80 employees and assembles orders at its 12,000-square-foot refrigerated warehouse every night after vendors drop off their products during the day, said it is able to offer free delivery by cutting out the cost of running a store.
Wu projects sales of $5 million to $6 million over the next 12 months.
He invested $500,000 of his money in the business to prove the concept and sold 30 percent of it to China-based venture capital and private equity firm Morningside Ventures for $2.5 million last year, he said.
The company isn't yet profitable, but Wu said he didn't expect it to be for its first two years.
"We're not trying to make money," he said. "We're making sure we deliver an experience that consumers appreciate.""