Miyoko’s Products Set to Return to Retail Shelves
Miyoko’s core products are set to make a comeback in select retailers across the United States this May, according to their new owner, Prosperity Organic Foods. The acquisition took place last November after Miyoko’s faced challenges and entered the Assignment for the Benefit of Creditors (ABC) process.
Retailers Excited to Welcome Back Miyoko’s
Retailers are expressing enthusiasm about reintroducing Miyoko’s products, which had previously been outpacing market performance. Prosperity CEO Scott Fischer shared insights with AgFunderNews, stating, “We are very satisfied with the number of our retail partners that are bringing the Miyoko’s products back. No accounts have declined our offerings; the discussion is mainly about timing.”
Fischer also mentioned an intent to introduce the Miyoko’s brand to additional accounts, leveraging Prosperity’s relationships through the Melt Organic brand. “With Melt Organic, we have seen success within the Ahold brands like Giant and Stop & Shop on the East Coast, and we look forward to expanding Miyoko’s into the Canadian market as well,” he stated.
Manufacturing Transition Underway
Prosperity has begun transferring production of Miyoko’s popular butters and cream cheeses to new facilities, many of which are already partners for Melt Organic’s plant-based butter production. “Our supply chain partnerships are in place, and we’re gearing up to re-establish distribution in the coming weeks,” Fischer reassured. “We want to ensure we uphold the quality and taste that customers know and love.”
While the return of Miyoko’s slices and mozzarella might follow, the immediate priority remains on reviving the core butters and spreads with familiar recipes and packaging, reinforced by an online and in-store support campaign.
Understanding the Brand’s Distinct Audiences
Fischer noted the ongoing collaboration with Miyoko’s former CEO Stuart Kronauge, as well as several ex-employees with fermentation expertise. “We aim to maintain the plant-based craftsmanship and fermentation methods that made the brand iconic,” he said. With both Miyoko’s and Melt Organic focusing on organic plant-based butters, it’s crucial to understand their different audience segments and production processes.
While Melt Organic blends coconut, high-oleic sunflower, and sustainable palm oil, Miyoko’s relies on a proprietary fermentation technique using cultures and either cashew milk or oat milk combined with coconut and high-oleic sunflower oil.
Challenges in Pricing and Market Stability
Fischer acknowledged recent fluctuations in plant oil prices, alongside easing butter costs, yet highlighted concerns about dairy pricing volatility due to external factors. He said, “Miyoko’s sales dipped as products left the market, but they were still growing during tough times.”
Miyoko’s Recent Turbulence
The company has faced a series of challenges in recent years since Miyoko Schinner founded it in 2014. After quickly gaining traction with artisanal cheese made from cultured cashews, it expanded into various plant-based products. Following more than $100 million raised from prominent backers, the brand garnered attention when Schinner was removed from her CEO position in early 2023, citing strategic disagreements with the board.
Eventually, conflicts escalated into a lawsuit over alleged intellectual property theft, which was resolved through mediation. Stuart Kronauge was appointed CEO in August 2023, expressing optimism about the brand’s potential.
Prosperity has now shifted operations to co-manufacturers, closing its Petaluma, California facility to enhance efficiency while facing a challenging financial climate. In a letter to shareholders, Kronauge mentioned that, despite sales reaching $40 million in 2021, revenues fell to $33 million in 2022.
Miyoko Schinner’s Standpoint
After losing ownership of her company, Schinner remarked, “While they now own the trademark ‘Miyoko’s,’ I am completely dissociated from the brand.” She emphasized her irrevocable removal from association or endorsement of the brand, which is reflected in the current representation on their website.
Further Reading
For more insights into the evolution of the brand and its recent developments, check the following articles:
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