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AP Photo/Rogelio V. Solis

Conventional wisdom is that the Amazon/Whole Foods deal should worry Instacart, which last year signed a five-year agreement that made Instacart the exclusive delivery service for Whole Foods' perishable items. After all, Amazon has a bit of experience with home delivery.

But Axios has since learned that Whole Foods does not have a contractual "out," as its agreement with Instacart includes neither a Whole Foods change of control provision nor the option for Whole Foods to pay some sort of termination fee. So let's briefly recalibrate Instacart's future fortunes:

  • Bull case: Instacart has spent the past few years warning grocers that Amazon is coming for them, and it's hard to imagine there are any more non-believers after Friday. That should help it sign up more new chains ― it recently expanded its reach into Publix, Wegmans and Ahold ― thus making Whole Foods less important to its own top line (where it currently represents just under 10% of all Instacart revenue). Plus, Instacart could use its Whole Foods contract to delay Amazon's own delivery expansion plans, and there is no indication that Whole Foods has any access to underlying Instacart IP.
  • Bear case: Amazon doesn't mind playing the long game. Remember, this is the same company that bought into something called HomeGrocer.com back in 1999. It's also possible that Amazon could pursue a so-called "efficient breach" of contract with Instacart, whereby it determines that the legal damages of violating the deal would be less than the eventual gains of delivering Whole Foods groceries on its own.

Go deeper

2 hours ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing a face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.