YETI is an American outdoor manufacturer company based in Austin, Texas. Founded by brothers Roy Seiders and Ryan Seiders in 2006. Yeti produces products such as ice cases, stainless-steel bottles soft coolers, and related accessories. Let’s have a glance at the Company before going through Competitors of YeTi.
Overview Of Yeti
YETI Stands For “ Yet Everyone Touches It ”.
In 2006, Ryan Seiders started Waterloo Rods and sold it nine years later. Roy Seiders, an angler and hunter, began his career making custom boats that were designed for fishing in shallow depth areas on the Texas Gulf Coast. The desirous outdoorsmen became frustrated with the quality of the coolers available and founded YETI in response.
In June 2012, a two-thirds stake of the company was purchased by private equity firm Cortec Group for $67 million.
In July 2016, the company filed for an initial public offering with plans to list on the New York Stock Exchange under the “YETI” symbol. The company was seeking a valuation of $5 billion and hoped to raise $100 million, but retracted the IPO two years later, in March 2018, citing “market conditions”.
On October 25, 2018, YETI became a public company by an initial public offering of 16 million shares at $18 per share.
In September 2019, Yeti opened its first flagship store in Wicker Park, Chicago Today, multiple store locations have opened in Dallas, Denver, and multiple across Florida.
On November 4th, 2020, Yeti initiated a consumer product safety recall for over 240,000 Rambler mugs, manufactured in China, for what the U.S. Consumer Product Safety Commission described as “Injury and Burn Hazards”. The commission explained that the magnetic slider on the lid could malfunction and hot contents could spill. The product was sold at stores nationwide and through the company’s website during October that year.
Let us go through the top rivals of Yeti
Top 10 Competitors of YeTi
1. Igloo Products Corp
Igloo Products Corp is an American company that produces drink containers, ice chests, and other accessories. The company was founded in 1947 and is headquartered in Katy Waller County, Texas. It started as a metalworking shop for producing metal water coolers targeted at blue-collar workers. It then merged with the Production Tooling Company in the 1960s and was renamed Texas Tennessee Industries (TTI) before later rebranding back to Igloo. In 2014, Igloo became a subsidiary company of ACON Investments. As of 2019, Igloo had 1,200 employees and a revenue turnover of $512.43 million.
Igloo sees itself as the global leader as far as the production of coolers is concerned. It has over 500 products sold throughout the world. It has been in the industry for over 70 years and has developed a strong social media presence. Compared to YETI, Igloo is also cheaper. Yeti’s Panga backpack costs $299.99 while an insulated cooler backpack from Igloo goes for $79.99.
ORCA was founded in 2012 by Cliff Walker. The name is an acronym for Outdoor Recreation Company of America. Headquartered in Nashville, Tennessee, the company produces roto-molded coolers for outdoor adventures. It also sells drinkware, apparel, and other accessories such as baskets, cooler locks, cooler holders, and cleaning supplies. ORCA has partnered with colleges, MLB, NFL, NHL, and various sports teams for branded drinkware. As of 2019, ORCA had 120 employees and a revenue turnover of $50 million.
ORCA produces a variety of coolers, drinkware, and other outdoor accessories. It is one of the top competitors of YETI despite its revenue is only a fraction of that of the latter. The two companies are premium brands whose products are almost similar in features and pricing. But YETI is more expensive than ORCA. While YETI has manufacturing plants in China, ORCA is 100% American-made. MacNeill Pride Group acquired ORCA at the beginning of 2020 and the improved financial backing is expected to boost its revenue.
3. Bison Coolers
Bison Coolers was founded in 2011 by Dennis Denson and his son Jeremy to produce American-made coolers for outdoor adventures. The company is headquartered in Fort Worth, Texas. It produces and sells hard coolers, soft coolers, drinkware, and accessories that are customized to the buyer’s taste and preferences. As of 2019, Bison Coolers had 20 employees and a revenue turnover of $15.7 million.
Bison Coolers came into the market to fill a gap with America-made outdoor products. It is still a relatively new producer with a limited labor force. Its revenue in 2019 was only a fraction of that of YETI. YETI, as a premium brand, offers a wider variety of products and customization options compared to Bison Coolers.
4. Grizzly Coolers
Grizzly Coolers is an American outdoor company that manufactures rotomolded coolers, insulated drinkware, and more. All Grizzly coolers are IGBC Bear Resistant and made in the USA.
The company makes both hard-sided and soft-sided coolers that compete with Yeti’s coolers. Grizzly’s enormous G400 model can hold over 500 cans and keep ice for up to 10 days.
The G400 retails for $999.99, which is expensive than Yeti’s coolers. But Grizzly Coolers also offers other models like G100 and G165 that cost around $500.
Hershey’s chocolate is available across the United States, and in over 60 countries worldwide. They have three large distribution centers, with modern technology and labor management systems. In addition, Hershey is a member of the World Cocoa Foundation. It is also associated with the Hersheypark Stadium and the Giant Center.
OtterBox manufactures outdoor products such as hard and soft coolers, dry bags, and drinkware. It also produces tough electronics accessories like water-resistant phone cases. OtterBox employs over 550 people and attained $101.2 million in revenue in FY2020.
Even though OtterBox is primarily a phone case manufacturer, its outdoor products are ranked on the same level as Yeti’s coolers. In a test conducted by Men’s Journal, OtterBox Venture 45 Cooler outperformed Yeti’s Tundra 45 Cooler. Its Venture 25 Cooler is one of a handful of coolers that have been certified by the Interagency Grizzly Bear Committee to be bear-resistant.
6. Taiga Coolers
Veteran Owned When you need a cooler for base camp, a day trip, or a week-long extreme mountain excursion, Taiga has what you need. Our lifetime warranty coolers are durable and offer you the only true custom cooler options in the market. Choose your own colors, size, and add your own images to make your cooler yours. The Terra line of coolers is the only cooler on the market using plant-based plastics for sustainability and environmental responsibility.
7. RTIC Coolers
RTIC Coolers produces rotomolded coolers and was founded by a pair of brothers out of Texas just like Yeti. Both RTIC and Yeti were founded to manufacture unrivaled outdoor-ready gear and adventure coolers.
However, RTIC offers its products at a much lower price point than Yeti thanks to its direct-to-customer model.
For example, RTIC’s Ultra-Light Cooler is 52 quarts in size but 30% lighter and 57% cheaper than Yeti’s 52 quarts coolers. From coolers to drinkware, bags, foam-insulated kits, water bottles, and lunch boxes, all RTIC’s products are cheaper than Yeti’s.
Yeti adopted a direct-to-consumer model in 2020, which will undercut RTIC’s competitive edge. RTIC has been in the industry for five years, but it is giving YETI a run for its money.
8. Pelican Products
Pelican manufactures and retails rugged carrying cases, coolers, drinkware, flashlights, bags, and many more outdoor products. Its tough cases are used by adventures, travelers, and international TV crews to store sensitive tech gadgets, camera equipment, and more.
Pelican also manufactures some of the best ice coolers in the market. The company’s 20QT Elite Cooler has thick insulation that keeps ice for up to 10 days. But the insulation makes its coolers bulkier and heavier than Yeti. Its experience and variety of products make it a top Yeti competitor.
9. Cabel’s Inc
Cabela’s Inc. is a specialty manufacturer and retailer of outdoor recreation products. In 2017, Cabela’s merged with Bass Pro Shops under the Great American Outdoors Group.
The group has expanded its portfolio by acquiring White River Marine Group and several nature-based resorts. In 2020, Bass Pro Shops and Cabela’s operate 169 stores and serves more than 500 million outdoor enthusiasts via online sales channels.
Its mail-order catalogs are shipped to 50 US states and 120 countries. In December 2020, the Great American Outdoors Group acquired Sportsman’s Warehouse for $18.00 per share. Cabela’s can now leverage over 8,000 Sportsman’s Warehouse associates and 112 stores, which increases its competitive edge over Yeti.
10. K2 Coolers
K2 is a small cooler company that specializes only in hard-sided coolers. Its Summit series offers durable coolers of different sizes that can handle the rigors of outdoor use.
Both K2 Coolers and Yeti Coolers share a lot in common. Their premium coolers are targeted at the higher-end market. K2 Coolers are ranked among the toughest coolers on the market and are cheaper than Yeti’s coolers.