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Why Australian supermarket chain Woolworths invested in PetStock

At the end of last week, supermarket giant Woolworths made a play at the pet world: dropping $586 million on PetStock owner Petspiration. The move will see Woolworths acquire 55 per cent of the business, and deepen its investment into the pet industry – having already launched its own online-only pet business Pet Culture in 2021.  Woolworths’ managing director and CEO Brad Banducci told investors the category is “highly complementary” to its existing food and everyday needs busi