Prominent Canadian exec joins Casper’s board
NEW YORK – Bed-in-a-box powerhouse Casper has named a prominent Canadian business executive to its board of directors after announcing it has raised close to US$100 million in new funding, which will be used to fuel the company’s growth as it expands its retail footprint across North America.
According to the company, this latest round raised funds from existing investors such as Target, the U.S. retail giant as well as new investors such as Dani Reiss, chairman and chief executive officer of the Toronto-based apparel specialist Canada Goose and Gordon Segal, the founder and former chairman of home furnishing giant Crate & Barrel.
“We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe,” Philip Krim, Casper co-founder and CEO, said. “Today’s financing accelerates Casper’s vision to become the world’s largest end-to-end sleep company. Our growth will continue to be catalyzed by state-of-the-art sleep products, best-in-class customer experiences, and world-class leadership.”
Reiss was also named an independent director as was Karen Katz, the former CEO and current board member of Neiman Marcus Group, operators of the U.S. department store chain.
Casper described Katz as a renowned leader in the retail industry with diverse experience leading brick-and-mortar and digital growth.
“Casper has revolutionised the process of buying a mattress by making the shopping experience easy, transparent, and enjoyable. It has transcended the industry as a next-generation, channel-agnostic business synonymous with better sleep. Casper is uniquely positioned to become one of the most influential health and wellness brands in the world today,” she said in joining the board.
The company recently announced it will roll-out as many as 200 brick-and-mortar stores over the next few years, although it hasn’t indicated whether those plans include Canada. To date, about 20 brick-and-mortar stores are open in the U.S. They’ve also broadened their product offerings and have started selling pillows, sheets, quilts, bedroom furniture and dog beds. North of the border and in addition to operating its Casper.ca web site, it has entered into partnerships with several Canadian retailers including Indigo Books & Music, Hudson’s Bay and EQ3.
Reuters, the U.S. news service, recently reported Casper is looking at going public and is interviewing investment firms to lead an initial public offering. It also wants to grow in Europe and Asia. “Geographic expansion is definitely part of our strategy,” Krim told the CNN web site. “We think what’s made us successful here will make us successful in Japan and China.”
Casper also said its revenue for 2018 topped US$400 million, although once again it didn’t say how much was generated in Canada. And now that this latest round of fund raising is complete, the company said its value now tops US$1.1 billion.