In an era of struggling brick-and-mortar stores, Casper may be one of the exceptions to the retail ice age trend.
The mattress seller announced plans in early August to open 200 of its own stores within the next three years, a swift turnaround from its traditional online-only approach; and now CEO Philip Krim is plotting when -- and how -- to take the company public.
“We have said we want to be market ready by next year,” Krim said Tuesday during an interview with FOX Business’ Stuart Varney. “Obvious the markets are white hot, and we do have institutional capital as part of our capital base.”
Casper’s expansion plans contrast with struggles of other mattress makers, including Mattress Firm.
Krim said the company is building the necessary infrastructure, so that when they make the decision to go ahead with an initial public offering, they can do it successfully.
Casper launched in 2014, but opened its first permanent store in New York City this year. According to The Wall Street Journal, the new stores will include 18 “pop-up” locations, mostly targeting top-tier malls, which will become permanent.
In part, Krim said that although the company’s digital business continues to grow “very, very quickly,” he decided to venture beyond the Internet because customers wanted to test the mattresses before making a purchase.
“They want to try it, they want to touch and feel it,” he said. “It’s a highly considered purchase. It impacts your life. And a lot of people want that additional way to experience the product.”
It may also serve as a growth opportunity for Casper. Krim said stores will be selling sleep products beyond just mattresses, including sheets that help you stay cool at night, and a supportive neck-and-shoulder pillow.
“We are trying to be the world’s first sleep company to help improve how you sleep every night,” he said.