Chewy is an online retailer of pet food and other pet-related products owned by PetSmart and based in Dania Beach, Florida. In addition to its headquarters in Florida, Chewy also maintains fulfillment centers in Texas, Nevada, Pennsylvania, Florida and Indiana.
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Description
It was founded under the name "Mr. Chewy" in September 2011 by Ryan Cohen and Michael Day. The company hired former employees and executives from Amazon, PetSmart, Whole Foods Market, and Wayfair.
In March 2012, the company estimated a total yearly revenue of $26 million, despite losing money in its first half year.
By 2016 it had received $236 million in venture capital financing over 5 rounds from Volition Capital, Mark Vadon, T. Rowe Price, New Horizons Fund, BlackRock, Allen & Co, Verlinvest and Greenspring Associates.
By 2017, the company had revenue of approximately $2 billion and 51% of online pet food and litter sales in the US. It spent heavily on customer acquisition and retention; in 2017 Forbes reported that its profitability was unclear, and quoted an unnamed competitor who that its customer acquisition costs might be as high as $200 per customer and who said: "The bottom line is that Chewy is incredibly predatory, and they're willing to lose money to grow their volume."
Acquisition
Chewy was acquired by PetSmart in May 2017 for $3.35 billion, which at the time was the largest ever acquisition of an e-commerce business. In March 2018, Cohen stepped down as Chewy's CEO, and Sumit Singh was named the company's new CEO.
Maps Chewy (company)
References
External links
- Official website
Source of article : Wikipedia
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