Mars Petcare may invest US$1 billion during the next three years to hire 300 more tech workers and enhance its digital presence, Fortune reported. Part of that investment includes increased use of artificial intelligence.
Mars representatives told Fortune that 70% of that US$1 billion was earmarked for hiring, upskilling, and bringing in third parties to increase the online orientation of the company’s pet food brands. Much of the remainder of the investment is planned for generative AI, data management, e-commerce and other emerging technologies.
Mars also plans to use the funds to expand its electric vehicle fleet. Mars plans to put 300 electric trucks on the road in Europe by 2025. Mars sources the vehicles in a partnership with Swedish startup Einride.
With the US$1 billion, Mars aims to double digital sales by 2030 from today’s level.
Along with the investment, Mars also restructured its leadership. Chief information officers in the pet division no report to division presidents, as opposed to chief financial officers. The shift is meant to encourage the adoption of new technologies rather than the previous approach of prioritizing cost savings when managing IT operations.
About Mars Petcare
According to Petfood Industry’s top companies database, Mars Petcare’s annual revenue in 2023 reached US$20 billion. However, this figure was an estimate, since the company is privately owned. Mars Petcare is one of the top two pet food companies on Earth. Its nearly 50 pet food brands include several billion-dollar brands.
The company is increasingly looking to diversify its revenue streams. Mars Petcare also owns the BluePearl chain of emergency and specialty veterinary care clinics Banfield and VCA animal hospitals.
