Saved by sari
How Yeti Survived a Pandemic—and Private Equity
Yeti’s improbable comeback reveals just how bizarre the state of our seemingly irrational and unpredictable economy is right now.
Cheryl Wischhover • How Yeti Survived a Pandemic—and Private Equity
Nothing about what Yeti sells should have poised it well for a pandemic-induced recession: Its signature product is a $300 luxury cooler, and its most profitable one is a portable insulated cup often used by commuters on the way to the office.
Cheryl Wischhover • How Yeti Survived a Pandemic—and Private Equity
Then, in March, Covid-19 hit. As shelter-in-place orders tore throughout the country, Yeti closed its new fleet of stores. Many of its primary wholesalers, including Dick’s Sporting Goods, laid off staff. In a matter of weeks, Yeti’s sales plummeted by 25%, and its share price tumbled almost 60% from February when it was about $38.
Cheryl Wischhover • How Yeti Survived a Pandemic—and Private Equity
Yeti has become a cooler the way Dyson is a vacuum or Canada Goose is a warm coat.
Cheryl Wischhover • How Yeti Survived a Pandemic—and Private Equity
Yeti, the Austin, Texas-based brand known for catapulting a lowly, utilitarian product — the portable cooler — into a full-blown premium brand. Today a basic plastic Coleman cooler at Target costs $25; a similarly sized Yeti is $300.