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Weight Watchers International
Inc.
WTW 3.40%
takes a new name by refocusing its mission and range of products.
The New York-based company announced Monday that it's now calling WW. The brand shift comes as Weight Watchers seeks to help people lose weight and focus more on health and well-being. The company is also changing its legal name to WW International Inc., according to a spokesperson.
The company's shares rose 1.8% at mid-day to $ 71.04.
It is not uncommon for companies to change their name to highlight new business approaches or product offerings. Last December
Walmart
Inc.
WMT -0.67%
said that it would shorten its legal name to reflect the importance of e-commerce.
McGraw Hill Financial
announced in 2016, it would become S & P Global Inc., which has abandoned its traditional strengths in publishing. Kentucky Fried Chicken is now known as KFC.
In February, analysts at the company's chief executive, Mindy Grossmantold, said that "the world does not need another regime."
WW also said Monday it will launch new products to reflect the company's goal.
Customers who enroll in the WellnessWins program, for example, receive "rewards" for tracking meals, activities, weight and attending WW Wellness workshops that they can redeem for products. and services. The company will also create what it calls "Connect groups", each of which is built around a theme such as food, activities or "stages of life," according to WW. .
The change was approved by billionaire Oprah Winfrey, who joined the company's board in 2015 after taking a 10% stake in WW. Earlier this year, Mrs. Winfrey sold about a quarter of her assets.
"When Weight Watchers becomes WW, I think we will continue to inspire people not just to eat well, but to move more, to communicate with others, and to continue to live the joys of a healthy life," he said. Mrs. Winfrey.
In addition to taking the new name, WW adopts a new marketing slogan: "Wellness that works".
Write to Micah Maidenberg at [email protected]
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