New York (CNN Business) Casper is leading the bed-in-the-box revolution. But competition is starting to creep up.
The company’s sales topped $400 million last year, while the traditional retailer Mattress Firm went bankrupt. Casper’s success has drawn competition from other startups, including Purple and Tuft & Needle. Mass-market retailers, including Walmart (WMT) and Amazon (AMZN), are getting into the online mattress business, too.
So far, Casper CEO Philip Krim isn’t sweating the competition.
Krim told CNN Business last August that the company plans to open 200 brick-and-mortar stores in the next three years so customers can test the beds before they buy one. In another interview with CNN Business last month, he added that the company wants to expand internationally and add more products to its lineup, including a “glow light” bedside lamp.
Krim’s goal: to become synonymous with the sleep business in the way Nike (NKE) is for sneakers and athletic apparel.
Casper founders wanted to modernize mattress shopping
Casper is mulling a public offering, according to Reuters. The IPO market is a hot one right now for unicorns, or companies with a private market valuation of at least $1 billion. The ride-sharing company Lyft (LYFT) just made its public debut. Uber and Pinterest are soon to follow.
Casper, meanwhile, is valued at $1.1 billion. The company recently raised $100 million from investors, including the private equity firm Institutional Venture Partners, venture capital company Norwest, Target (TGT) and Canada Goose (GOOS) CEO Dani Reiss.
Krim will discuss Casper, the sleep market and the appetite for IPOs with CNN International anchor Julia Chatterley on the Markets Now live show Wednesday at 12:45 pm ET.
Chatterley will also be joined by Liz Ann Sonders, Charles Schwab’s chief investment strategist, to talk about the broader market.
“Markets Now” streams live from the New York Stock Exchange every Wednesday at 12:45 pm ET. Hosted by CNN’s business correspondents, the 15-minute program features incisive commentary from experts.
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