Chewy (sometimes referred to as Chewy.com) is an online retailer of pet food and other pet-related products owned by PetSmart and is based in Dania Beach, Florida. The company offers around 30,000 items for dogs and cats. In addition to its headquarters in Florida, Chewy also maintains fulfillment centers in Texas, Nevada, Pennsylvania, Florida and Indiana. It was founded in 2011 and has received $236 million in venture capital financing over 5 rounds from Volition Capital, Mark Vadon, T. Rowe Price, New Horizons Fund, BlackRock, Allen & Co, Verlinvest and Greenspring Associates.
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History
Chewy was founded as Mr. Chewy in September 2011 by Ryan Cohen (former CEO) and Michael Day (former CTO). In March 2012, the company estimated a total yearly revenue of $26 million, despite losing money in its first half year. Between 2012 and 2014, traffic to the website increased by 500%. Because most orders originated on the east coast of the United States, the company's warehouse was located in Pennsylvania. In August 2013, Chewy's headquarters moved to Dania Beach, Florida. In 2014, Chewy received an undisclosed amount of funding from Boston-based growth equity firm, Volition Capital. In July 2014, Chewy purchased a former Toys "R" Us warehouse and distribution center near Sparks, Nevada. The company hired former employees and executives from Amazon, PetSmart, Whole Foods Market, and Wayfair. On February 1, 2017, the company announced an expanded, five-year $90M secured senior credit facility from Wells Fargo Capital Finance. In November 2017, Chewy's customer service department moved to Hollywood, Florida. By 2017, the company had revenue of approximately $2 billion and 51% of online pet food and litter sales in the US.
Chewy was acquired by PetSmart in April 2017 for $3.35 billion, which is the largest ever acquisition of an e-commerce business. On May 31, 2017, PetSmart announced that it had completed the acquisition of Chewy. Allen & Company served as advisors for the deal. Upon closing, Chewy would continue to be led by CEO Ryan Cohen and operate largely as an independent subsidiary of PetSmart, focusing on its current business strategy, while PetSmart would execute its strategic initiatives across the combined company. On March 15, 2018, Cohen stepped down as Chewy's CEO, and Sumit Singh was named the company's new CEO.
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Products and operation
Chewy offers over 30,000 pet products, largely for dogs and cats. Its primary product is pet food, and it offers a range of options from gourmet to discount food. Other products include leashes, grooming tools, toys and strollers. Delivery for purchases over $49 is free. Customers can also opt for scheduled food deliveries. Orders can be placed online or by phone. At one time, a portion of all purchases was donated to no-kill animal shelters.
The company also employs artists and writers who are given the task of composing hand-written postcards for all new purchases. Artists also paint detailed images of customers' pets at random. Customers who submit photographs of their pets to customer service, or through Facebook or other social media, have a chance for their pet to receive a special gift.
References
External links
- Official website
Source of article : Wikipedia
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