Six months after withdrawing its IPO application, cooler giant Yeti has submitted new paperwork with the Securities and Exchange Commission, seeking to raise $100 million 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 popular primarily among hunters and fishermen, but word spread quickly through other outdoor groups. Today, the tough coolers are ubiquitous in the outdoors, from rafts to campgrounds to truck flatbeds. The company has been trying to go public since 2016, when it first submitted an application to the SEC. But the company withdrew this past March, after the company’s 2017 net income plummeted to $15.4 million from $48.7 million in 2016—roughly a 68 percent drop. In an executive summary as part of the SEC filing, Yeti said 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’s that led to delays in orders, and overall downward trends in physical retail business.
To combat the decline and stimulate demand, Yeti cut ties with 1,100 “underperforming retailers,” putting more emphasis on digital marketing to grow its direct-to-consumer and online sales. The company also prioritized new product launches, including additions to its lines of soft coolers, waterproof duffels, and Rambler drinking vessels.
Yeti fans, pay attention: If the IPO goes as planned, you’ll soon be able to buy stock in your favorite cooler company.