Yeti (American company)
|Traded as||NYSE: YETI|
|Founders||Ryan and Roy Seiders|
|Products||Coolers, drinkware, gear|
Brothers Ryan and Roy Seiders grew up in Driftwood, Texas, and spent their entire childhood outdoors. Their father was an entrepreneur who designed and built fishing rods. Ryan graduated from Texas A&M University in 1996 and Roy graduated from Texas Tech University in 2000.
Roy, an angler and hunter, began his career making custom boats for fishing the Texas Gulf Coast after graduating from Texas Tech. In 2006, Ryan sold Waterloo Rods, the company he had owned and operated for nine years. 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 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. 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".
In April 2018, the National Rifle Association, via its National Rifle Association Institute for Legislative Action, announced that YETI had cut ties with the NRA Foundation, a 501(c)(3) foundation established in 1990 to "defend and foster the Second Amendment rights of all law-abiding Americans". 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. YETI released a statement in response claiming the company was "eliminating a group of outdated discounting programs" and had "offer[ed] [the NRA] an alternative customization program broadly available to consumers and organizations, including the NRA Foundation".
The company targets niche markets of high-end hunting and fishing enthusiasts. YETI sponsored professional outdoorsmen and hunting and fishing shows. YETI is also a primary sponsor of PBR bull riding.
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.
YETI also makes soft-sided coolers called the "Hopper" series.
YETI sells their products in over 6,000 retailers such as West Marine, Bass Pro, Cabelas, REI, and Dicks Sporting Goods. YETI’s earnings in 2015 were $14.2 million and in 2016 were $72.2 million. YETI's sales increased from $147.7 million in 2015 to $468.9 million in 2016.
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- Minaya, E. (2016). Yeti, maker of coolers and Rambler mug, files for IPO. Retrieved October 18, 2016