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  • Current:Home > Exhibition > 2020

    Inside Casper: Millions in marketing initiatives – and losses

    Time:2020-01-13 13:42:08    Share:

    Casper says its brand is “an immeasurably valuable asset,” and it is now providing a detailed look at what it has spent to build that asset – more than $400 million in marketing initiatives since 2016.

    The company has grown rapidly, reporting a 45.5% compound annual growth rate from 2016 to 2018, but also recording net losses.

    For 2018, Casper had net revenues of almost $360 million and a net loss of about $92 million, the company reports in its paperwork for an initial public offering. That paperwork provides the first detailed look at the company’s financial picture.

    Casper reports net revenues of $357.9 million in 2018, $250.9 million in 2017 and $169.1 million in 2016, giving it a 45.5% compound annual growth rate. It says for the nine months ended Sept. 30, 2019 it had net revenues of $312.3 million.

    The company also confirms what has long been rumored in the bedding industry: that it has been losing money. Casper says it had a net loss in 2018 of $92.1 million and had a net loss of $73.4 million in 2017.

    Casper provided hundreds of numbers that summarize its performance over the years. Here are some of the highlights:

    It recorded a 50.7% gross margin for the three months ended Sept. 30, 2019.

    It said that historically it has generated about $3 of revenue, net of promotions, for every $1 spent on marketing.

    It said it has 31% aided brand awareness among the U.S. general population, and said its investment in marketing initiatives from 2016 to Sept. 30, 2019 was $422.8 million.

    It said it had a 20% repeat customer rate for the first nine months of 2019.

    It said it has 1.4 million “happy customers” since it was founded.

    Casper also provides its thoughts on why it has been successful: “We believe great brands win over the long-term and have the ability to change the culture around them,” the company said. “We have endeavored to build a brand that is genuine, trustworthy, and approachable, as well as fun and playful.”

    And it said it views the Casper brand “as an immeasurably valuable asset that we are utilizing to help capture a large share of the sleep economy.”

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