Yeti Holdings

Last updated

YETI Holdings, Inc.
Company type Public
ISIN US98585X1046
Founded2006;18 years ago (2006)
FoundersRyan and Roy Seiders
Headquarters
Austin, Texas
,
U.S.
ProductsCoolers, drinkware, gear
RevenueIncrease2.svg US$1.66 billion (2023)
Increase2.svgUS$169.9 million (2023)
Website yeti.com
Footnotes /references
[1]
A display of Yeti products at Academy Sports + Outdoors in Indianapolis, Indiana. Academy Sports + Outdoors - Sarah Stierch - May 2024 02.jpg
A display of Yeti products at Academy Sports + Outdoors in Indianapolis, Indiana.

YETI Holdings, Inc. is an American manufacturer, headquartered in Austin, Texas, [2] specializing in outdoor products, including ice chests, vacuum-insulated stainless-steel drinkware, soft coolers, and related accessories. [2] YETI is known for their cult following of outdoor enthusiasts and office workers alike.

Contents

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 had 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 designed for shallow-depth fishing off the Texas Gulf Coast. [3] The avid outdoorsmen became frustrated with the quality of available coolers, founding 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]

On February 23, 2017 YETI opened its first flagship store in Austin, TX. [11] Today, YETI has opened over 20 stores across the United States.

As of January 8, 2018, YETI still was a sponsor of the PBR [12] and the YETI "Built for the Wild" event. [13]

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. [14]

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 Hopper Two 20 Soft-Sided Cooler Bag (43141426871).jpg
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 Mug (49670546153).jpg
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

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References

  1. ↑ "YETI Holdings Inc". Market Watch . July 17, 2019. Retrieved July 17, 2019.
  2. 1 2 "Speaking of YETI". Angling Trade. July 30, 2015. Retrieved July 30, 2015.
  3. 1 2 3 4 Steffy, Loren (December 2016). "The Pot of Cold". Texas Monthly . Retrieved July 22, 2019.
  4. ↑ Saporito, Bill (February 2016). "How Two Brothers Turned a $300 Cooler Into a $450 Million Cult Brand". Inc. Retrieved November 18, 2016.
  5. ↑ Mayo, Keenan (October 24, 2013). "The Most Expensive, Bear-Proof, Thief-Baiting Way to Keep Your Beer Cold" . Bloomberg . Retrieved July 3, 2019.
  6. ↑ Jarzemsky, Matt (September 24, 2016). "Yeti: How a $67 Million Investment Became a $3.3 Billion Windfall" . The Wall Street Journal . Archived from the original on May 8, 2018. Retrieved May 8, 2018.
  7. ↑ Calnan, Christopher (June 22, 2012). "Funding details on Yeti Coolers acquisition disclosed". Austin Business Journal . Archived from the original on January 20, 2014. Retrieved May 8, 2018.
  8. ↑ "YETI Holdings (YETI) Files for $100M IPO". StreetInsider.com. July 1, 2016. Archived from the original on January 2, 2017. Retrieved May 3, 2018.
  9. 1 2 Gintzler, Ariella (March 27, 2018). "Yeti Coolers Withdraws Its IPO". Outside . Archived from the original on March 28, 2018. Retrieved May 3, 2018.
  10. ↑ Farrell, Maureen; Jarzemsky, Matt (October 26, 2016). "Yeti May Delay IPO and Bring In More Private Money" . The Wall Street Journal . Archived from the original on May 4, 2018. Retrieved May 3, 2018.
  11. ↑ "Inside Yeti's New and Unbelievably Cool(er) Flagship Store" . Retrieved April 24, 2024.
  12. ↑ Hine, Samuel (January 8, 2018). "The Biggest Belts, Hats, and Logos We Saw at MSG's Bull-Riding Rodeo". GQ . Retrieved July 3, 2019.
  13. ↑ "Professional Bull Riders ride into Gila River Arena". The Glendale Star. March 29, 2018. Retrieved July 3, 2019.
  14. ↑ Clifford, Tyler (October 25, 2018). "Yeti CEO shrugs off his IPO's drop and defends the high prices of his premium coolers". CNBC . Retrieved July 23, 2019.
  15. ↑ "YETI Recalls Rambler Travel Mugs with Stronghold Lid Due to Injury and Burn Hazards". U.S. Consumer Product Safety Commission. November 4, 2020. Archived from the original on November 28, 2020. Retrieved January 1, 2021.
  16. ↑ Rodriguez, Ashley (October 6, 2014). "How YETI Made a Cooler an Aspirational Brand". Ad Age . Retrieved July 5, 2019.
  17. ↑ Goggans, Ashton (July 2, 2016). "Yeti's Crazy Coolers". Surfer . Retrieved November 18, 2016.
  18. ↑ Mitka, Nate (April 4, 2017). "YETI Hopper 30: A Good Cooler Gets Better". gearjunkie.com. Archived from the original on April 30, 2019. Retrieved April 30, 2019.
  19. 1 2 Flanagan, Graham (February 13, 2019). "How popular brand YETI made their expensive coolers a status symbol in America". Business Insider . Retrieved July 17, 2019.
  20. ↑ "Problems With Yeti Coolers - Are They Worth The Money?". thecoolerbox.com. July 20, 2016. Retrieved November 10, 2019.
  21. ↑ "Yeti Cooler Review". thecoolerzone.com. June 16, 2019. Retrieved November 11, 2019.
  22. ↑ Michels, Patrick. "A Brief History of Yeti Coolers". Men's Journal . Retrieved November 18, 2016.
  23. ↑ Kurutz, Steven (September 28, 2017). "Can a $300 Cooler Unite America?". The New York Times . Retrieved July 5, 2019.
  24. ↑ Minaya, Ezequiel (July 1, 2016). "Yeti, maker of coolers and Rambler mug, files for IPO". The Wall Street Journal . Retrieved July 5, 2019.
  25. ↑ Trainer, David (October 25, 2018). "Will Yeti Holding's IPO Stay Cool Like Its Coolers?". Forbes . Retrieved July 5, 2019.
  26. ↑ Egensteiner, Will (February 14, 2019). "The Yeti Rambler Is the Best Mug Ever Made". Outside . Retrieved July 27, 2019.
  27. ↑ Bastone, Kelly (March 5, 2018). "Gear Review: The Yeti Hondo Base Camp Chair". Field & Stream . Retrieved July 27, 2019.

Further reading

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