Company:Yeti Holdings

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Short description: American manufacturing company
YETI Holdings, Inc.
TypePublic
ISINUS98585X1046
Founded2006; 18 years ago (2006)
FoundersRyan and Roy Seiders
Headquarters
Austin, Texas
,
U.S.
ProductsCoolers, drinkware, gear
RevenueIncrease US$1.41 billion (2021)
Increase US$212.6 million (2021)
Websiteyeti.com
Footnotes / references
[1]

YETI is an American manufacturer specializing in outdoor products such as ice chests, vacuum-insulated stainless-steel drinkware, soft coolers, and related accessories.[2] They are based in Austin, Texas .[2]

History

YETI was founded by Roy and Ryan Seiders in 2006. The brothers grew up in Driftwood, Texas, and spent a large portion of their childhood outdoors. Their father Roger Seiders was an entrepreneur that designed a fishing rod epoxy.[3] Ryan graduated from Texas A&M University in 1996 and Roy graduated from Texas Tech University in 2000.[4]

In 2006, Ryan started Waterloo Rods[3] and sold the company nine years later.[5] Roy, an angler and hunter, began his career making custom boats that were designed for fishing in shallow depth areas on the Texas Gulf Coast.[3] The avid outdoorsmen became frustrated with the quality of the coolers available and founded YETI in response.

In June 2012, a two-thirds stake of the company was purchased by private equity firm Cortec Group for $67 million.[6][7]

In July 2016, the company filed with the Security and Exchange Commission for an initial public offering with plans to list on the New York Stock Exchange under the "YETI" symbol.[8] The company was seeking a valuation of $5 billion and hoped to raise $100 million, but retracted the IPO two years later, in March 2018, citing "market conditions".[9][10]

As of January 8, 2018, Yeti still was a sponsor of the PBR[11] and the YETI "Built for the Wild" event.[12]

On October 25, 2018, YETI became a public company via an initial public offering of 16 million shares at a price of $18 per share.[13]

In September 2019, Yeti opened its first flagship store in Wicker Park, Chicago.[14] Today, multiple store locations have opened in Dallas, Denver, and across Florida.

On November 4, 2020, Yeti initiated a consumer product safety recall for over 240,000 Rambler mugs, manufactured in China, for what the U.S. Consumer Product Safety Commission described as "Injury and Burn Hazards". The commission explained that the magnetic slider on the lid could malfunction and hot contents could spill. The product was sold at stores nationwide and through the company's website during October that year.[15]

Products

The company targets niche markets of high-end hunting and fishing enthusiasts, outdoorsmen, beach goers, and water enthusiasts.[16] YETI sponsored professional outdoors-men and hunting and fishing shows.[citation needed]

Products range in price substantially, some upwards of $500.[citation needed]

Coolers

Yeti Hopper bag

YETI's "Tundra" series of coolers ranges from 20 quarts to 350 quarts. The Tundra line can be locked with two padlocks, making it certified bear-resistant according to the Interagency Grizzly Bear Committee.[17]

YETI also makes soft-sided coolers called the "Hopper" series.[18] The "Hopper" series coolers are designed to be lightweight and more transportable than standard YETI coolers.

YETI is known for its expensive coolers. Their most expensive one is 82 gallons and sells for $1,300. YETI has many other products besides the coolers but this is what they are best known for. The idea of these coolers was founded by the Seiders brothers: two outdoorsmen who felt there were not any coolers that could keep their catch, kills, and beverages cold for a longer period of time. The brothers teamed up with a factory in the Philippines to create an "indestructible cooler", with superior ice retention.[19][20][21]

Other products

Yeti Rambler Mug (14 oz)

YETI also sells drinkware, bags, and miscellaneous outdoor gear. YETI sells drinkware products under the "Rambler" line ranging from 10 ounces to one gallon in size.[22] The company also makes an ice bucket called the "YETI Tank".[23]

Sales

YETI sells their products to various retailers such as Academy Sports and Outdoors, Bass Pro Shops,[3] and other retailers including Amazon Marketplace, West Marine, Cabela's, REI, Dicks Sporting Goods, and North 40 Outfitters. [citation needed]

YETI's sales increased from $147.7 million in 2015 to $468.9 million in 2016.[9] YETI's earnings in 2015 were $14.2 million and in 2016 were $72.2 million.[24] YETI's DTC sales accounted for "30% of revenue in 2017".[25]

Accolades

Outside magazine calls Yeti's Rambler "the best mug ever made".[26] Field & Stream stated that the release of Yeti's Base Camp Chair officially declared the company's "dedication to a comfy derrière".[27] Business Insider calls them "a status symbol in the United States".[19]

See also

References

  1. ↑ "YETI Holdings Inc.". Market Watch. July 17, 2019. https://www.marketwatch.com/investing/stock/yeti/financials. 
  2. ↑ 2.0 2.1 "Speaking of YETI". Angling Trade. July 30, 2015. https://www.anglingtrade.com/2015/07/30/speaking-of-yeti/. 
  3. ↑ 3.0 3.1 3.2 3.3 Steffy, Loren (December 2016). "The Pot of Cold". Texas Monthly. https://www.texasmonthly.com/articles/the-rise-of-yeti-coolers/. 
  4. ↑ Saporito, Bill (February 2016). "How Two Brothers Turned a $300 Cooler Into a $450 Million Cult Brand". Inc.. http://www.inc.com/magazine/201602/bill-saporito/yeti-coolers-founders-roy-ryan-seiders.html. 
  5. ↑ Mayo, Keenan (October 24, 2013). "The Most Expensive, Bear-Proof, Thief-Baiting Way to Keep Your Beer Cold". Bloomberg News. https://www.bloomberg.com/bw/articles/2013-10-17/yetis-1-300-cooler-repels-bears-attracts-thieves. 
  6. ↑ Jarzemsky, Matt (September 24, 2016). "Yeti: How a $67 Million Investment Became a $3.3 Billion Windfall". The Wall Street Journal. https://www.wsj.com/articles/yeti-how-a-67-million-investment-became-a-3-3-billion-windfall-1474714801. 
  7. ↑ Calnan, Christopher (June 22, 2012). "Funding details on Yeti Coolers acquisition disclosed". Austin Business Journal. https://www.bizjournals.com/austin/blog/abje_news/2012/06/funding-details-on-yeti-coolers.html. 
  8. ↑ "YETI Holdings (YETI) Files for $100M IPO". StreetInsider.com. July 1, 2016. https://www.streetinsider.com/IPOs/YETI+Holdings+%28YETI%29+Files+for+%24100M+IPO/11796342.html. 
  9. ↑ 9.0 9.1 Gintzler, Ariella (March 27, 2018). "Yeti Coolers Withdraws Its IPO". Outside. https://www.outsideonline.com/2293031/yeti-coolers-withdraws-its-ipo. 
  10. ↑ Farrell, Maureen; Jarzemsky, Matt (October 26, 2016). "Yeti May Delay IPO and Bring In More Private Money". The Wall Street Journal. https://www.wsj.com/articles/yeti-considering-funding-options-that-could-delay-ipo-1477497411. 
  11. ↑ Hine, Samuel (January 8, 2018). "The Biggest Belts, Hats, and Logos We Saw at MSG's Bull-Riding Rodeo". GQ. https://www.gq.com/story/pbr-buck-off-madison-square-garden-mister-mort-style. 
  12. ↑ "Professional Bull Riders ride into Gila River Arena". The Glendale Star. March 29, 2018. http://www.glendalestar.com/sports/article_f501e1a2-313c-11e8-b0a7-2bcd7de9f3e2.html. 
  13. ↑ Clifford, Tyler (October 25, 2018). "Yeti CEO shrugs off his IPO's drop and defends the high prices of his premium coolers". CNBC. https://www.cnbc.com/2018/10/25/yeti-ceo-shrugs-off-7-percent-drop-at-ipo-open-and-defends-cooler-prices.html. 
  14. ↑ "Here's What the Yeti Store That Replaced Double Door In Wicker Park Looks Like (PHOTOS)". Block Club Chicago. https://blockclubchicago.org/2019/09/28/heres-what-the-yeti-store-that-replaced-double-door-in-wicker-park-looks-like-photos/. 
  15. ↑ "YETI Recalls Rambler Travel Mugs with Stronghold Lid Due to Injury and Burn Hazards". Nov 4, 2020. https://www.cpsc.gov/Recalls/2021/YETI-Recalls-Rambler-Travel-Mugs-with-Stronghold-Lid-Due-to-Injury-and-Burn-Hazards#. 
  16. ↑ Rodriguez, Ashley (October 6, 2014). "How YETI Made a Cooler an Aspirational Brand". Ad Age. http://adage.com/article/cmo-strategy/high-priced-yeti-coolers-aspirational-brand/295243/. 
  17. ↑ Goggans, Ashton (July 2, 2016). "Yeti's Crazy Coolers". Surfer. http://www.surfermag.com/blogs/surfer-approved/surfer-approved-yeti-coolers/#1b87UybeXFLkLGpu. 
  18. ↑ Mitka, Nate (April 4, 2017). "YETI Hopper 30: A Good Cooler Gets Better". gearjunkie.com. https://gearjunkie.com/yeti-hopper-30-review. 
  19. ↑ 19.0 19.1 Flanagan, Graham (February 13, 2019). "How popular brand YETI made their expensive coolers a status symbol in America". Business Insider. https://www.businessinsider.com/yeti-coolers-so-expensive-brand-marketing-outdoors-2019-1. 
  20. ↑ "Problems With Yeti Coolers - Are They Worth The Money?". 2016-07-20. https://thecoolerbox.com/problems-yeti-coolers/. 
  21. ↑ "Yeti Cooler Review". 2019-06-16. https://www.thecoolerzone.com/yeti-cooler-review/. 
  22. ↑ Michels, Patrick. "A Brief History of Yeti Coolers". Men's Journal. http://www.mensjournal.com/gear/articles/a-brief-history-of-yeti-coolers-w439180. 
  23. ↑ Kurutz, Steven (September 28, 2017). "Can a $300 Cooler Unite America?". The New York Times. https://www.nytimes.com/2017/09/28/style/love-the-yeti-cooler.html. 
  24. ↑ Minaya, Ezequiel (July 1, 2016). "Yeti, maker of coolers and Rambler mug, files for IPO". The Wall Street Journal. https://www.marketwatch.com/story/yeti-maker-of-coolers-and-rambler-mug-files-for-ipo-2016-07-01. 
  25. ↑ Trainer, David (October 25, 2018). "Will Yeti Holding's IPO Stay Cool Like Its Coolers?". Forbes. https://www.forbes.com/sites/greatspeculations/2018/10/25/will-yeti-holdings-ipo-stay-cool-like-its-coolers/#66d898212e7f. 
  26. ↑ Egensteiner, Will (February 14, 2019). "The Yeti Rambler Is the Best Mug Ever Made". Outside. https://www.outsideonline.com/2390012/yeti-rambler-mug. 
  27. ↑ Bastone, Kelly (March 5, 2018). "Gear Review: The Yeti Hondo Base Camp Chair". Field & Stream. https://www.fieldandstream.com/gear-review-yeti-hondo-base-camp-chair/. 

Further reading

External links



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