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2021-11-16
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Casper Created a Popular Brand, Not a Profitable Business<blockquote>卡斯帕创造了一个受欢迎的品牌,而不是一个有利可图的企业</blockquote>
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But it couldn’t solve the economics of its business model and turn a profit.</p><p><blockquote>Casper SleepInc.开始颠覆床垫行业,承诺宏伟愿景和快速增长,巧妙的在线营销切断了零售店。但它无法解决其商业模式的经济性并实现盈利。</blockquote></p><p> This week the mattress-in-a-box maker agreed to be taken private in a transaction that values Casper at less than $300 million, about half what it was worth whenit went public nearly two years ago. Casper had been valued at $1.1 billion in a private funding round in early 2019.</p><p><blockquote>本周,这家盒装床垫制造商同意在一项交易中私有化,Casper的估值不到3亿美元,约为近两年前上市时价值的一半。Casper在2019年初的一轮私人融资中估值为11亿美元。</blockquote></p><p> Casper was one of the first online brands to open its own fleet of stores and go public. Sales rose but it booked a net loss in every quarter since 2018, which includes two years before it went public and each period since its lackluster debut, according to data from S&P CapitalIQ</p><p><blockquote>Casper是首批开设自己的商店并上市的在线品牌之一。S&P CapitalIQ的数据显示,自2018年以来,该公司每个季度的销售额都出现净亏损,其中包括上市前两年以及上市以来的每个时期</blockquote></p><p> Its flop on Wall Street coincides with the recent successful debuts of other popular online brands. Eyeglass sellerWarby ParkerInc.went public in Septemberand sports a market value of about $6.5 billion. Footwear makerAllbirdsInc.went public this monthand is worth $3 billion.</p><p><blockquote>它在华尔街的失败恰逢其他受欢迎的在线品牌最近成功亮相。眼镜销售商Warby ParkerInc.于9月上市,市值约为65亿美元。鞋类制造商AllbirdsInc.本月上市,市值30亿美元。</blockquote></p><p> Casper is being bought by Durational Capital Management, a private equity firm that has previously invested in food companies such as Bojangles Inc. The deal is worth $6.90 a share, nearly double where Casper shares closed last week, but below the company’s$12 initial public offering price in February 2020.</p><p><blockquote>Casper正在被私募股权公司Durational Capital Management收购,该公司此前曾投资过Bojangles Inc.等食品公司。该交易价值每股6.90美元,几乎是Casper股价上周收盘价的两倍,但低于该公司2020年2月12美元的首次公开募股价格。</blockquote></p><p> After starting out in 2014 as an online seller, Casper opened dozens of its own stores and started selling its products in traditional chains likeTargetCorp., which had invested in the startup.</p><p><blockquote>在2014年开始做在线卖家后,Casper开了几十家自己的商店,并开始在投资这家初创公司的TargetCorp.等传统连锁店销售其产品。</blockquote></p><p> The marketplace was flooded by dozens of internet mattress sellers, such asPurple InnovationInc.and Nectar Sleep, driving up the competition for shoppers and the costs of online advertising to reach them. Purple recently reported that sales fell in its latest quarter, and it cut its revenue targets for the year, citing production troubles.</p><p><blockquote>市场上充斥着数十家互联网床垫销售商,例如Purple InnovationInc.和Nectar Sleep,加剧了对购物者的竞争以及接触他们的在线广告成本。Purple最近报告称,最近一个季度的销售额下降,并以生产问题为由下调了今年的收入目标。</blockquote></p><p> Meanwhile, incumbents including Serta Simmons Bedding LLC andTempur Sealy InternationalInc.started selling bed-in-a-box concepts, and online retailers includingAmazon.comInc.began making their own mattresses, undercutting the others on price.</p><p><blockquote>与此同时,包括舒达席梦思床上用品有限责任公司和泰普尔丝涟国际公司在内的现有企业开始销售盒中床概念,包括亚马逊公司在内的在线零售商开始生产自己的床垫,价格低于其他公司。</blockquote></p><p> Casper posted a net loss of $80 million for the first nine months of this year, compared with a loss of $75 million in the same period last year. The wider loss came as its costs of goods jumped 38% from a year ago compared with a 26% jump in revenue.</p><p><blockquote>Casper今年前9个月净亏损8000万美元,去年同期亏损7500万美元。更广泛的亏损是因为其商品成本较去年同期增长了38%,而收入则增长了26%。</blockquote></p><p> The company said quarterly revenue for its direct-to-consumer business, which includes its roughly 70 stores, was down from the third quarter of 2019, as the company pulled back on advertising. “Frankly, that is really, really surprising because the mattress industry has seen record demand over the last 18 months,” said Peter Keith, senior analyst at Piper Sandler & Co.</p><p><blockquote>该公司表示,由于该公司缩减了广告投放,其直接面向消费者业务(包括约70家门店)的季度收入较2019年第三季度有所下降。Piper Sandler&Co.高级分析师Peter Keith表示:“坦率地说,这真的非常令人惊讶,因为床垫行业在过去18个月里的需求创下了历史新高。”</blockquote></p><p> Mr. Keith said the company suffered from too much overhead, and fumbled the rollout of its retail strategy. “They wanted to pull back on advertising while they executed their wholesale distribution strategy,” he said. “But cutting back on advertising negatively impacted their [direct to consumer] sales.”</p><p><blockquote>基思先生表示,该公司遭受了太多的管理费用,并且未能推出其零售战略。“他们希望在执行批发分销策略的同时减少广告,”他说。“但减少广告对他们的[直接面向消费者]销售产生了负面影响。”</blockquote></p><p> Casper said its board had explored a range of strategic options over several months and determined that the deal with Durational was superior because it “offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth.”</p><p><blockquote>Casper表示,其董事会在几个月的时间里探索了一系列战略选择,并确定与Durational的交易是优越的,因为它“为股东提供了立竿见影的巨大价值,并确保业务拥有支持持续增长所需的财务灵活性”。</blockquote></p><p> On Monday, Casper said co-founder Philip Krim was stepping aside as chief executive, a role he has held since the company’s earliest days. The entrepreneur and his colleagues started the online brand inspired by the success of Warby Parker.</p><p><blockquote>周一,卡斯珀表示,联合创始人菲利普·克里姆(Philip Krim)将辞去首席执行官一职,他自公司成立以来一直担任这一职务。这位企业家和他的同事受到Warby Parker成功的启发,创立了这个在线品牌。</blockquote></p><p> Casper helped prove that consumers would buy big-ticket items sight unseen. But it alsoran into the limits of ecommerce. “There’s still a lot of the population that will never buy a mattress without laying on it first,” Mr. Krim said in a 2018 interview.</p><p><blockquote>卡斯珀帮助证明了消费者会在看不见的情况下购买高价商品。但它也进入了电子商务的极限。克里姆在2018年的一次采访中表示:“仍然有很多人在没有先铺好床垫的情况下永远不会购买床垫。”</blockquote></p><p> Casper responded to increasing online advertising costs withplans to open its own stores. As competition grew stiff among mattress startups, Casper intended to move from a brand known for its mattresses-in-a-box to a place to buy all types of sleep products.</p><p><blockquote>Casper计划开设自己的商店来应对不断增加的在线广告成本。随着床垫初创公司之间的竞争越来越激烈,Casper打算从一个以盒装床垫闻名的品牌转变为一个购买所有类型睡眠产品的地方。</blockquote></p><p> The takeover by Durational must be approved by Casper shareholders. Casper said executives, directors and other investors who collectively own or control around 28% of the stock have agreed to vote in favor of the transaction.</p><p><blockquote>Durational的收购必须得到Casper股东的批准。Casper表示,合计拥有或控制约28%股票的高管、董事和其他投资者已同意投票赞成该交易。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Casper Created a Popular Brand, Not a Profitable Business<blockquote>卡斯帕创造了一个受欢迎的品牌,而不是一个有利可图的企业</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCasper Created a Popular Brand, Not a Profitable Business<blockquote>卡斯帕创造了一个受欢迎的品牌,而不是一个有利可图的企业</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-16 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Casper SleepInc.set out to upend the mattress industry, promising a big vision and rapid growth, with slick online marketing that cut out retail stores. But it couldn’t solve the economics of its business model and turn a profit.</p><p><blockquote>Casper SleepInc.开始颠覆床垫行业,承诺宏伟愿景和快速增长,巧妙的在线营销切断了零售店。但它无法解决其商业模式的经济性并实现盈利。</blockquote></p><p> This week the mattress-in-a-box maker agreed to be taken private in a transaction that values Casper at less than $300 million, about half what it was worth whenit went public nearly two years ago. Casper had been valued at $1.1 billion in a private funding round in early 2019.</p><p><blockquote>本周,这家盒装床垫制造商同意在一项交易中私有化,Casper的估值不到3亿美元,约为近两年前上市时价值的一半。Casper在2019年初的一轮私人融资中估值为11亿美元。</blockquote></p><p> Casper was one of the first online brands to open its own fleet of stores and go public. Sales rose but it booked a net loss in every quarter since 2018, which includes two years before it went public and each period since its lackluster debut, according to data from S&P CapitalIQ</p><p><blockquote>Casper是首批开设自己的商店并上市的在线品牌之一。S&P CapitalIQ的数据显示,自2018年以来,该公司每个季度的销售额都出现净亏损,其中包括上市前两年以及上市以来的每个时期</blockquote></p><p> Its flop on Wall Street coincides with the recent successful debuts of other popular online brands. Eyeglass sellerWarby ParkerInc.went public in Septemberand sports a market value of about $6.5 billion. Footwear makerAllbirdsInc.went public this monthand is worth $3 billion.</p><p><blockquote>它在华尔街的失败恰逢其他受欢迎的在线品牌最近成功亮相。眼镜销售商Warby ParkerInc.于9月上市,市值约为65亿美元。鞋类制造商AllbirdsInc.本月上市,市值30亿美元。</blockquote></p><p> Casper is being bought by Durational Capital Management, a private equity firm that has previously invested in food companies such as Bojangles Inc. The deal is worth $6.90 a share, nearly double where Casper shares closed last week, but below the company’s$12 initial public offering price in February 2020.</p><p><blockquote>Casper正在被私募股权公司Durational Capital Management收购,该公司此前曾投资过Bojangles Inc.等食品公司。该交易价值每股6.90美元,几乎是Casper股价上周收盘价的两倍,但低于该公司2020年2月12美元的首次公开募股价格。</blockquote></p><p> After starting out in 2014 as an online seller, Casper opened dozens of its own stores and started selling its products in traditional chains likeTargetCorp., which had invested in the startup.</p><p><blockquote>在2014年开始做在线卖家后,Casper开了几十家自己的商店,并开始在投资这家初创公司的TargetCorp.等传统连锁店销售其产品。</blockquote></p><p> The marketplace was flooded by dozens of internet mattress sellers, such asPurple InnovationInc.and Nectar Sleep, driving up the competition for shoppers and the costs of online advertising to reach them. Purple recently reported that sales fell in its latest quarter, and it cut its revenue targets for the year, citing production troubles.</p><p><blockquote>市场上充斥着数十家互联网床垫销售商,例如Purple InnovationInc.和Nectar Sleep,加剧了对购物者的竞争以及接触他们的在线广告成本。Purple最近报告称,最近一个季度的销售额下降,并以生产问题为由下调了今年的收入目标。</blockquote></p><p> Meanwhile, incumbents including Serta Simmons Bedding LLC andTempur Sealy InternationalInc.started selling bed-in-a-box concepts, and online retailers includingAmazon.comInc.began making their own mattresses, undercutting the others on price.</p><p><blockquote>与此同时,包括舒达席梦思床上用品有限责任公司和泰普尔丝涟国际公司在内的现有企业开始销售盒中床概念,包括亚马逊公司在内的在线零售商开始生产自己的床垫,价格低于其他公司。</blockquote></p><p> Casper posted a net loss of $80 million for the first nine months of this year, compared with a loss of $75 million in the same period last year. The wider loss came as its costs of goods jumped 38% from a year ago compared with a 26% jump in revenue.</p><p><blockquote>Casper今年前9个月净亏损8000万美元,去年同期亏损7500万美元。更广泛的亏损是因为其商品成本较去年同期增长了38%,而收入则增长了26%。</blockquote></p><p> The company said quarterly revenue for its direct-to-consumer business, which includes its roughly 70 stores, was down from the third quarter of 2019, as the company pulled back on advertising. “Frankly, that is really, really surprising because the mattress industry has seen record demand over the last 18 months,” said Peter Keith, senior analyst at Piper Sandler & Co.</p><p><blockquote>该公司表示,由于该公司缩减了广告投放,其直接面向消费者业务(包括约70家门店)的季度收入较2019年第三季度有所下降。Piper Sandler&Co.高级分析师Peter Keith表示:“坦率地说,这真的非常令人惊讶,因为床垫行业在过去18个月里的需求创下了历史新高。”</blockquote></p><p> Mr. Keith said the company suffered from too much overhead, and fumbled the rollout of its retail strategy. “They wanted to pull back on advertising while they executed their wholesale distribution strategy,” he said. “But cutting back on advertising negatively impacted their [direct to consumer] sales.”</p><p><blockquote>基思先生表示,该公司遭受了太多的管理费用,并且未能推出其零售战略。“他们希望在执行批发分销策略的同时减少广告,”他说。“但减少广告对他们的[直接面向消费者]销售产生了负面影响。”</blockquote></p><p> Casper said its board had explored a range of strategic options over several months and determined that the deal with Durational was superior because it “offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth.”</p><p><blockquote>Casper表示,其董事会在几个月的时间里探索了一系列战略选择,并确定与Durational的交易是优越的,因为它“为股东提供了立竿见影的巨大价值,并确保业务拥有支持持续增长所需的财务灵活性”。</blockquote></p><p> On Monday, Casper said co-founder Philip Krim was stepping aside as chief executive, a role he has held since the company’s earliest days. The entrepreneur and his colleagues started the online brand inspired by the success of Warby Parker.</p><p><blockquote>周一,卡斯珀表示,联合创始人菲利普·克里姆(Philip Krim)将辞去首席执行官一职,他自公司成立以来一直担任这一职务。这位企业家和他的同事受到Warby Parker成功的启发,创立了这个在线品牌。</blockquote></p><p> Casper helped prove that consumers would buy big-ticket items sight unseen. But it alsoran into the limits of ecommerce. “There’s still a lot of the population that will never buy a mattress without laying on it first,” Mr. Krim said in a 2018 interview.</p><p><blockquote>卡斯珀帮助证明了消费者会在看不见的情况下购买高价商品。但它也进入了电子商务的极限。克里姆在2018年的一次采访中表示:“仍然有很多人在没有先铺好床垫的情况下永远不会购买床垫。”</blockquote></p><p> Casper responded to increasing online advertising costs withplans to open its own stores. As competition grew stiff among mattress startups, Casper intended to move from a brand known for its mattresses-in-a-box to a place to buy all types of sleep products.</p><p><blockquote>Casper计划开设自己的商店来应对不断增加的在线广告成本。随着床垫初创公司之间的竞争越来越激烈,Casper打算从一个以盒装床垫闻名的品牌转变为一个购买所有类型睡眠产品的地方。</blockquote></p><p> The takeover by Durational must be approved by Casper shareholders. Casper said executives, directors and other investors who collectively own or control around 28% of the stock have agreed to vote in favor of the transaction.</p><p><blockquote>Durational的收购必须得到Casper股东的批准。Casper表示,合计拥有或控制约28%股票的高管、董事和其他投资者已同意投票赞成该交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.wsj.com/articles/casper-created-a-popular-brand-not-a-profitable-business-11637074947?siteid=yhoof2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/casper-created-a-popular-brand-not-a-profitable-business-11637074947?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108567702","content_text":"Casper SleepInc.set out to upend the mattress industry, promising a big vision and rapid growth, with slick online marketing that cut out retail stores. But it couldn’t solve the economics of its business model and turn a profit.\nThis week the mattress-in-a-box maker agreed to be taken private in a transaction that values Casper at less than $300 million, about half what it was worth whenit went public nearly two years ago. Casper had been valued at $1.1 billion in a private funding round in early 2019.\nCasper was one of the first online brands to open its own fleet of stores and go public. Sales rose but it booked a net loss in every quarter since 2018, which includes two years before it went public and each period since its lackluster debut, according to data from S&P CapitalIQ\nIts flop on Wall Street coincides with the recent successful debuts of other popular online brands. Eyeglass sellerWarby ParkerInc.went public in Septemberand sports a market value of about $6.5 billion. Footwear makerAllbirdsInc.went public this monthand is worth $3 billion.\nCasper is being bought by Durational Capital Management, a private equity firm that has previously invested in food companies such as Bojangles Inc. The deal is worth $6.90 a share, nearly double where Casper shares closed last week, but below the company’s$12 initial public offering price in February 2020.\nAfter starting out in 2014 as an online seller, Casper opened dozens of its own stores and started selling its products in traditional chains likeTargetCorp., which had invested in the startup.\nThe marketplace was flooded by dozens of internet mattress sellers, such asPurple InnovationInc.and Nectar Sleep, driving up the competition for shoppers and the costs of online advertising to reach them. Purple recently reported that sales fell in its latest quarter, and it cut its revenue targets for the year, citing production troubles.\nMeanwhile, incumbents including Serta Simmons Bedding LLC andTempur Sealy InternationalInc.started selling bed-in-a-box concepts, and online retailers includingAmazon.comInc.began making their own mattresses, undercutting the others on price.\nCasper posted a net loss of $80 million for the first nine months of this year, compared with a loss of $75 million in the same period last year. The wider loss came as its costs of goods jumped 38% from a year ago compared with a 26% jump in revenue.\nThe company said quarterly revenue for its direct-to-consumer business, which includes its roughly 70 stores, was down from the third quarter of 2019, as the company pulled back on advertising. “Frankly, that is really, really surprising because the mattress industry has seen record demand over the last 18 months,” said Peter Keith, senior analyst at Piper Sandler & Co.\nMr. Keith said the company suffered from too much overhead, and fumbled the rollout of its retail strategy. “They wanted to pull back on advertising while they executed their wholesale distribution strategy,” he said. “But cutting back on advertising negatively impacted their [direct to consumer] sales.”\nCasper said its board had explored a range of strategic options over several months and determined that the deal with Durational was superior because it “offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth.”\nOn Monday, Casper said co-founder Philip Krim was stepping aside as chief executive, a role he has held since the company’s earliest days. The entrepreneur and his colleagues started the online brand inspired by the success of Warby Parker.\nCasper helped prove that consumers would buy big-ticket items sight unseen. But it alsoran into the limits of ecommerce. “There’s still a lot of the population that will never buy a mattress without laying on it first,” Mr. Krim said in a 2018 interview.\nCasper responded to increasing online advertising costs withplans to open its own stores. As competition grew stiff among mattress startups, Casper intended to move from a brand known for its mattresses-in-a-box to a place to buy all types of sleep products.\nThe takeover by Durational must be approved by Casper shareholders. Casper said executives, directors and other investors who collectively own or control around 28% of the stock have agreed to vote in favor of the transaction.","news_type":1,"symbols_score_info":{"CSPR":0.9}},"isVote":1,"tweetType":1,"viewCount":1114,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/871270084"}
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