Chewy, Inc. is an American online merchant of pet food and also other pet-related products based in Dania Beach, Florida. In 2017, Chewy was gotten by PetSmart for $3.35 billion, which was the largest-ever acquisition of an e-commerce organization at the time. The company finished it's going public in 2019, raising $1 billion.
Chewy was founded under the name "Mr. Chewy" in June 2011 by Ryan Cohen and also Michael Day. The company hired previous staff members and execs from Amazon.com, PetSmart, Whole Foods Market, as well as Wayfair. In March 2012, the firm estimated overall annual earnings of $26 million, despite losing cash in its initial half-year. From 2014 to 2015, sales expanded from $205 million to $423 million.
By 2017, the firm had profits of around $2 billion and also 51% of on-line pet dog food sales in the US. At that time, Ryan Cohen prepared to take Chewy public as both Petco and PetSmart approached with merging offers. Petco's offer would be paid for partially using stock, whereas PetSmart used an all-cash bid that would additionally allow Chewy to stay a completely separate business. Chewy was obtained by PetSmart in May 2017 for $3.35 billion, which at the time was the largest ever before procurement of an e-commerce business. Allen & Co. functioned as a monetary consultant to Chewy on the deal.PetSmart later on moved 20% of its ownership stake in Chewy to exclusive equity firm BC Partners, which has possessed PetSmart because 2014, as well as additionally dilated an added 16.5% of Chewy to an unlimited subsidiary in 2018.
Between 2017 and 2018, Chewy's sales boosted from $2.1 billion to $3.5 billion, with 66% of sales originating from consumers signed up for automated recurring shipments. Chewy received the Stevie Honor for Fave Client Service in Retail in 2017 and 2018. In 2018, Chewy developed Chewy Pharmacy, and on the internet drug store offering pet-targeted prescription medicines.  Orders positioned with business are completed in synchronization with a group of in-house vets.
On April 29, 2019, Chewy submitted an S-1 for an initial public offering, intending to trade under the ticker icon CHWY. In its declaring, Chewy reported a net loss of $268 million on overall sales of $3.5 billion for its 2018 fiscal year. Chewy went public on June 14, 2019, at $22 per share.