Earlier this week, stock in WW — the company formerly known as Weight Watchers — fell more than 30% after the company announced disappointing results and an even more disappointing forecast.
Now, to turn things around, the company is looking to the only person who can turn its fortune around: Oprah.
But carbs are an endangered species in this market
Three years ago, Oprah famously declared “I love bread!” in a commercial for Weight Watchers. But since then, the American diet has shifted away from carbs with gluten-free options, with diets like paleo and keto commanding larger audiences.
In an effort to win back customers, Weight Watchers rebranded itself as WW several months ago, positioning itself as a lifestyle company and not just a specific diet.
But so far, the bet hasn’t paid off: WW’s quarterly sales came in at $330m, lower than the expected $347m, and the company revised its 2019 forecast from $1.66B in revenue to $1.4B.
Oprah personally lost $58m when the stock took its most recent nosedive. Oprah’s 8% stake in the company, which was once worth around $500m, has lost 80% of its value since its peak.
Now, WW hopes that Oprah — a highly visible public personality and hypewoman who has helped champion the brand in past promotions — can help get the company back on track after its failed rebrand.