Yeti went public today. Will be interesting to watch this stock.
https://finance.yahoo.com/news/yeti-ceo-people-buying-400-coolers-170523889.html
For starters, Yeti only has one retail store — in its home market of Austin, Texas — and minimal overseas presence. To hawk its pricey coolers and mugs – coolers go for as much as $400 and waterproof leather backpacks for $299 — the company relies on strong relationships with outdoor retailers such as REI, Dick’s Sporting Goods and its own website. The company also has a storefront on Amazon, which CEO Matt Reintjes tells Yahoo Finance has been a real win. To prevent from “cheapening” its high-end image, Yet doesn’t sell at Walmart and Target.
Meanwhile, competing outdoor products brands such as Igloo have tried to copy the look of Yeti’s trademark hard coolers to cash in on the luxury outdoorsy experience trend. Outdoor retailer Cabela’s has dropped its own line of expensive hard coolers under a private-label brand.
The company must also prove it can successfully expand into new product areas and make the brand all-season.
Investors need not worry, though, says Reintjes. The former Vista Outdoors CEO says Yeti’s design prowess is unrivaled. And it has already demonstrated success in new product lines like cupholders.
For the six months ended June 30, sales and adjusted operating profits gained 34% and 100%, respectively, from the prior year. The momentum this year, says Yeti, has come from retailers placing reorders due to strong consumer demand and traction in new products like drink-ware.
And in case you were wondering about what the word Yeti means: ice monster.