Chewy’s sales have surged in recent years, topping $3.5 billion in 2018, as more people buy pet food and supplies online. PetSmart is moving forward with a plan to take public its fast-growing online pet business, Chewy, just two short years after acquiring the company.
The planned IPO comes just two years after PetSmart spent over $3 billion to acquire the e-commerce company. The move was billed as a way for PetSmart to establish a robust online presence that supplemented its sprawling brick-and-mortar footprint of 1,600 stores. The online-only pet business quickly and quietly gained traction and today is responsible for selling 45% of the dog and cat food that is purchased online, which puts it on par with Amazon, according to market research firm 1010data.et food and supplies bought online accounted for 14% of total sales in 2017, but that is In 2018, the company recorded a loss of $268 million on sales of $3.5 billion.
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Source: Forbes - 🏆 394. / 53 Read more »