Ryan Cohen cofounded online pet food and supplies store Chewy.com at the age of 25. He sold the company to PetSmart for $3.35 billion in 2017 and stepped down as CEO in 2018. The company went public earlier this year.
In a conversation with Business Insider, Cohen explained how he and cofounder Michael Day created an online store that was offering something Amazon wasn’t.
He added that the company has benefited from a trend in pet owners feeding their pets human-grade food and spending more money on them.
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Ryan Cohen was just weeks away from launching an online jewelry business when he was out shopping in his neighborhood pet store and a new idea dawned on him: What if he could set up an online platform that replicated the experience of shopping in a pet store like this, without the inconvenience of having to actually go there?
As the owner of a toy poodle, Tylee, Cohen was well aware of how fragmented the market was at that point and how underpenetrated it was online. He saw an opportunity to fix it.
“I thought if I could deliver the same kind of personalized experience as the neighborhood pet store, but do it online and deliver a really convenient value proposition, that we could build a really big business,” 34-year-old Cohen told Business Insider in a recent phone conversation, recalling his thoughts in 2011.
Within a few months, Cohen and his cofounder, Michael Day, had pivoted from jewelry and were selling pet food online under the name of Mr. Chewy, which later became Chewy.com.
In the 10 years that followed, the duo defied their …read more
Source:: Business Insider