Mattress retailer Casper to expand footprint across North America

9 August 2018 (Last Updated August 9th, 2018 14:30)

US-based online sleep products retailer Casper is reportedly planning to open 200 stores across North America over the next three years.

US-based online sleep products retailer Casper is reportedly planning to open 200 stores across North America over the next three years.

The retailer’s proposed plan to expand its retail footprint is in view of growing competition in the online mattress shopping space, The Wall Street Journal reported, citing Casper CEO Philip Krim.

In an interview given to the news publication, Krim stated that the company will expand its product range in the category beyond its mattresses-in-a-box collection.

The proposed expansion plan includes the conversion of 18 existing locations into permanent stores.

Established in 2014, the e-commerce company also distributes its products through retail majors, including Target, Nordstrom, and Amazon.

Earlier this year, Casper opened its first permanent physical store in New York after trying its hand at the pop-up format.

Krim told CNBC in an earlier interview: “We are very much in learning mode, testing different formats and understanding what the right setup is for our customers.”

“We are very much in learning mode, testing different formats and understanding what the right setup is for our customers.”

In June, the retailer secured $170m financing through a target-led Series C investment round to pursue product innovation and business expansion.

Other participants in the investment round include Tresalia, IVP, Norwest, Lerer Hippeau Ventures, NEA, and Irving Capital.

At that time, Casper unveiled plans to expand its R&D capabilities by opening a design lab in San Francisco.

The company’s physical stores push comes at a time when US mattress retail store chain Mattress Firm is reportedly considering filing for bankruptcy.