Weight Watchers changes its name, shifts focus
Oprah stake in Weight Watchers has doubled to nearly $92 million from $43 million.
Weight Watchers is not only trimming its name but it’s doing a complete makeover of the 55-year-old company.
The former weight loss go-to destination now wants to recast itself as a “technology experience company” known as “WW.”
The new name is short for “Wellness that Works” and it’s intended to appeal to people who want to lead an overall healthy lifestyle instead of just focusing on weight loss.
“We're putting our decades of knowledge and expertise in behavioral science to work for an even greater mission," Mindy Grossman, the company’s president and chief executive said.
Grossman said the rebrand includes a relaunch of its mobile app and a partnership with a meditation company called Headspace.
"We are becoming the world's partner in wellness. No matter what your goal is — to lose weight, eat healthier, move more, develop a positive mind-set, or all of the above — we will deliver science-based solutions that fit into people's lives.”
The move is only the latest effort the New York City-based company has been making since striking gold after its stock gained momentum when media mogul Oprah Winfrey took a 10 percent stake in the company in 2015.
Since Winfrey’s investment the company’s share price has risen from $6.79 per share to around $69 today. To top it off, its subscriber base is up 29 percent, year over year, to a record 4.6 million.
"From the moment I chose to invest in the company and join the Board, I have believed that the role WW can play in people's lives goes far beyond a number on the scale," Winfrey said in the statement.
"As Weight Watchers becomes WW, I believe we will continue to inspire people not only to eat well, but to move more, connect with others and continue to experience the joys of a healthy life."