Yeti (American company)

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
YETI Holdings, Inc.
Public
Traded as
Founded2006; 13 years ago (2006)
FoundersRyan and Roy Seiders
Headquarters,
U.S.
ProductsCoolers, drinkware, gear
RevenueIncrease US$778.83 million (2018)
Increase US$57.76 million (2018)
Websiteyeti.com
Footnotes / references
[1]

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

History[edit]

Roy and his older brother Ryan Seiders grew up in Driftwood, Texas, and spent their entire childhood outdoors. With their father (Roger Seiders) being an entrepreneur that designed a fishing rod epoxy, the brothers would get to see up close how to be successful with your own business.[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] (Waterloo being the original name for Austin, Texas) 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] after graduating from Texas Tech.[6]The avid outdoorsmen became frustrated with the quality of the coolers available and founded YETI that same year to invent their own high-end cooler in response..

In June 2012, two-thirds stake of the company was purchased by private equity firm Cortec Group for $67 million.[7][8]

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.[9] 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".[10][11]

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

In April 2018, the National Rifle Association, via its National Rifle Association Institute for Legislative Action, announced that YETI refused to be a vendor.[14] The NRA then dropped YETI as its official supplier of coolers. This led to a backlash from NRA members, leading some to destroy YETI products they had already purchased. In response to the NRA's comment, Yeti contacted The Washington Post and said that the NRA's comment was "inaccurate" and that neither the NRA nor the NRA's Foundation was targeted, and other organizations were also included in the removal of a “group of outdated discounting programs”.[15]

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.[16]

Products[edit]

The company targets niche markets of high-end hunting and fishing enthusiasts, outdoors-men, beach goers, and water enthusiasts.[17] YETI sponsored professional outdoors-men and hunting and fishing shows.[citation needed]

Products range in price substantially, some upwards of $500.

Coolers[edit]

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.[18]

YETI also makes soft-sided coolers called the "Hopper" series.[19] The "Hopper" series coolers are designed to be lightweight and more transportable than standard YETI coolers.

YETI is known for its expensive coolers. They have an 82-gallon cooler that is their most expensive one, that 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.[20][21][22]

Other products[edit]

YETI sells drink-ware products under the "Rambler" line ranging from 10 ounces to one gallon in size.[23] The company also makes an ice bucket called the "YETI Tank".[24]

Sales[edit]

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

YETI's sales increased from $147.7 million in 2015 to $468.9 million in 2016.[10] YETI’s earnings in 2015 were $14.2 million and in 2016 were $72.2 million.[25] YETI's top customer (Amazon) accounting for "30% of revenue in 2017".[26]

Accolades[edit]

Outside magazine calls Yeti's rambler "the Best mug ever made".[27] Field & Stream stated that the release of Yeti's Base Camp Chair officially declared the company's "dedication to a comfy derrière".[28] Business Insider calls them "a status symbol in the United States".[20]

See also[edit]

References[edit]

  1. ^ "YETI Holdings Inc". Market Watch. July 17, 2019. Retrieved July 17, 2019.
  2. ^ "Speaking of YETI". Angling Trade. July 30, 2015. Retrieved July 30, 2015.
  3. ^ a b c d 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. ^ East, Andy (August 29, 2013). "Playing it Cool: The Founders of Yeti Coolers". ATX Man. Retrieved July 3, 2019.
  7. ^ 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.
  8. ^ 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.
  9. ^ "YETI Holdings (YETI) Files for $100M IPO". StreetInsider.com. July 1, 2016. Archived from the original on January 2, 2018. Retrieved May 3, 2018.
  10. ^ a b Gintzler, Ariella (March 27, 2018). "Yeti Coolers Withdraws Its IPO". Outside. Archived from the original on March 28, 2018. Retrieved May 3, 2018.
  11. ^ 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 3, 2018. Retrieved May 3, 2018.
  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. ^ Hammer, Marion P (April 21, 2018). "NRA-ILA - Florida Alert: YETI Drops NRA Foundation". NRA-ILA. Retrieved July 3, 2019.
  15. ^ Flynn, Meagan (April 24, 2018). "NRA supporters are blowing up Yeti coolers. Yeti says it's all a big mistake". The Washington Post. Retrieved July 3, 2019.
  16. ^ 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.
  17. ^ Rodriguez, Ashley (October 6, 2014). "How YETI Made a Cooler an Aspirational Brand". Ad Age. Retrieved July 5, 2019.
  18. ^ Goggans, Ashton (July 2, 2016). "Yeti's Crazy Coolers". Surfer. Retrieved November 18, 2016.
  19. ^ Mitka, Nate (April 4, 2017). "YETI Hopper 30: A Good Cooler Gets Better". gearjunkie.com. Retrieved April 30, 2019.
  20. ^ a b Flanagan, Graham (February 13, 2019). "How popular brand YETI made their expensive coolers a status symbol in America". Business Insider. Retrieved July 17, 2019.
  21. ^ "Problems With Yeti Coolers - Are They Worth The Money?". thecoolerbox.com. 2016-07-20. Retrieved 2019-11-10.
  22. ^ "Yeti Cooler Review". thecoolerzone.com. 2019-06-16. Retrieved 2019-11-11.
  23. ^ Michels, Patrick. "A Brief History of Yeti Coolers". Men's Journal. Retrieved November 18, 2016.
  24. ^ Kurutz, Steven (September 28, 2017). "Can a $300 Cooler Unite America?". New York Times. Retrieved July 5, 2019.
  25. ^ Minaya, Ezequiel (July 1, 2016). "Yeti, maker of coolers and Rambler mug, files for IPO". The Wall Street Journal. Retrieved July 5, 2019.
  26. ^ Trainer, David (October 25, 2018). "Will Yeti Holding's IPO Stay Cool Like Its Coolers?". Forbes. Retrieved July 5, 2019.
  27. ^ Egensteiner, Will (February 14, 2019). "The Yeti Rambler Is the Best Mug Ever Made". Outside. Retrieved July 27, 2019.
  28. ^ Bastone, Kelly (March 5, 2018). "Gear Review: The Yeti Hondo Base Camp Chair". Field & Stream. Retrieved July 27, 2019.

Further reading[edit]