Casper's CEO outlines the company's new route to profitability, as the original mattress disruptor makes wholesale deals with retailers like Macy's and Sam's Club
Still, Casper CEO Philip Krim believes expanding the company's retail presence is the best way forward for the company.
"Because we picked partners like Target, Costco, and Amazon that stayed open throughout the peak COVID time, we were able to grow business meaningfully in this period," Krim said. Seth Basham, an analyst who follows the company for Wedbush Securities, told Business Insider that expanding the company's retail presence, both through its own brick and mortar stores and through wholesale retail partnerships, can be costly scenarios. Brick and mortar stores add expenses in the form of rent and personnel to the company's bottom line, making each unit sold less profitable. And sales through retail partners are even less profitable according to Basham.
"Our pillow business is on fire," Krim said. "People are buying pillows and bedding at a rate much faster than pre-COVID."
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