Casper, the mattress company that cornered the market on podcast ads and got into a skirmish over online mattress reviews a few years back, is trying to pivot into “non-traditional categories” according to its attempt to go public, filed Friday and which you can now read in S-1 form. Casper refers to itself as a “pioneer of the Sleep Economy” that brings “the benefits of cutting-edge technology, data, and insights directly to consumers.”
However, it remains a mattress company.
One that has 1.4 million customers, and had net revenue of $358 million on a net loss of $92 million in 2018, but still mainly just sells mattresses and stuff that goes on mattresses.
The company has plans, though, according to the IPO:
Our offerings [...] are increasingly focused on non-traditional categories, including products that promote the ideal ambience for sleep, such as lighting, sound, scents, temperature, and humidity; sleep technology, such as tracking devices, medical machines, bedside clocks, and connected devices; sleep supplements, such as sprays, pills, and vitamins; and sleep services, such as digital apps, meditation, sleep programming, and counseling.
Regardless of where the company says it’s “increasingly focused,” Casper’s only tech product to date is its Glow bedside lamp.
Casper also has identified a niche it calls the “Sleep Arc,” which sounds...
like what people are already doing every night.
Casper CEO Philip Krim discusses potential IPO
There are many factors affecting sleep quality, including light, sound, temperature and humidity, mattress and bedding selection, as well as bedtime and wake-up rituals. Importantly, we believe that sleep consists of more than just the act of sleeping, and instead, includes the entire set of human behaviors that span from bedtime to wake-up and affect sleep quality—this is what we refer to as the Sleep Arc.
In the IPO, the company also notes that it’s different from its exceptionally similar competitors — like Purple, Tuft & Needle, et al — because of its “joyful” experience.
Casper would also very, very much like you to know that it wants to become the “Nike of sleep,” whatever that means.
Casper will list on the New York Stock Exchange under the disappointing ticker symbol CSPR.
Might we suggest “NAPS,” “DOZE,” “REST,” or even just “ZZZZ”?