Notes from No Street Capital's Jeff Osher presentation from the 2020 SohnX San Francisco Conference.
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Q2 2020 hedge fund letters, conferences and more
Jeff Osher of No Street Capital
- Purple Innovation
- Perfectly vertical integrated
- Dominant brand in mattress
- Digitally native
- Grew 128% YoY
- 1200 employees, added 10% in past few weeks to address demand
- Capacity constrained
- Public in 2018 through SPAC
- 4 billion market cap
- 18 billion in sales for mattress market
- 8-9 year replacement cycle
- Not much innovation in industry
- Hyper elastic polymer technology is proprietary and same with process
- Vertically integrated
- Digitally native culture
- 80% from online
- 2 billion page views on social channels
- Hard to meet wholesale demand because capacity constrained
- Inventory declined
- There is wholesale demand
- Signed a facility in Atlanta
- Each machine is 4-5 million, can generate 180 million per machine
- Expected...
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