Six months after withdrawing its IPO听application, cooler giant Yeti has submitted new听 with the Securities and Exchange Commission, seeking to raise $100 million听in an initial public offering, the first step toward becoming a publicly traded company.
Known best for its rugged, rotomolded plastic coolers, Yeti was at first听popular听primarily among hunters and fishermen, but word spread quickly听through other outdoor groups. Today, the tough coolers are ubiquitous in the outdoors,听from rafts to campgrounds to truck flatbeds.听The company has been trying to go public since 2016, when it听first submitted an application听to the SEC. But the company withdrew听this past March, after听the company鈥檚 2017 net income plummeted听to $15.4 million from听$48.7 million in 2016鈥攔oughly a 68 percent drop. In an executive summary听as part of the , Yeti said听the drop in sales traced back to a cocktail of factors, including a slew of retailers that ordered too many coolers in 2016 and wound up with overstock (and fewer orders) in 2017, the prolonged merger of Bass Pro Shops and Cabela鈥檚 that led to delays in orders, and overall downward trends in physical听retail business.听
To combat the decline and stimulate听demand, Yeti听cut ties with 1,100 鈥渦nderperforming retailers,鈥 putting more emphasis on digital marketing to grow its听direct-to-consumer and online sales. The company also prioritized听new product launches, including additions to its lines of soft coolers, waterproof duffels, and Rambler drinking vessels.听
Yeti fans, pay attention: If the IPO goes as planned, you鈥檒l soon be able to buy stock in your favorite cooler company.