Photograph courtesy of Sweetgreen.
The owners of Sweetgreen had just graduated from Georgetown University when they started selling salads at a small store near campus in 2007. Nearly a decade and a half later, their business started selling. ‘is expanded and has 140 sites across the country and has more than 5,000 employees. And today, Sweetgreen goes public on the New York Stock Exchange with a market valuation of over $ 5.5 billion.
Sweetgreen pioneered a technology-driven, lifestyle-driven, sustainability-touted business model that an entire generation of fast-casual restaurants attempted to emulate. His $ 14 salads have become a cultural signifier for millennial yupsters.
Yet Sweetgreen’s road to success has not been smooth and controversial. The company was accused of appropriate hip hop culture while opening up locations in predominantly rich white enclaves. Thishas removed its cashless policy a few years ago, following criticism that this practice discriminates against low-income customers and others who do not have access to banks or credit cards
A few months ago, CEO Jonathan Neman was criticized for a post on LinkedIn in which he said “no vaccine or mask will save us” from Covid, blamed the severity of the pandemic on obese and overweight people , and suggested the solution was healthier. to eat. After the public reaction, Neman apologized, saying that “salads alone will not solve this problem”.
Meanwhile, according to Fortune and Axes, Sweetgreen’s IPO documents revealed that the company was not really profitable, even when it repeatedly claimed so. But as it arrived on the stock exchange today, Sweetgreen raised $ 364 million on its IPO, selling 13 million shares.
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