YETI (YETI) BofA Securities Consumer and Retail Conference 2025 summary

Innovation and product development

• Launched 24 new products and record color introductions in 2024, with continued innovation expected in 2025.

• Organizational structure now focuses on three pillars: drinkware/food & beverage, gear/equipment, and soft goods.

• Expanded product portfolio includes premium hard and soft coolers, insulated lunchboxes, and a growing drinkware franchise.

• Acquired powered cooler technology at the end of 2024, aiming for long-term growth but not impacting 2025.

• M&A activity included Butter Pat (premium cookware), Mystery Ranch (bags), and powered cooler IP, enhancing innovation and category reach.

Channel and distribution strategy

• Shifted from 90% wholesale to a 60/40 split favoring direct-to-consumer (D2C), with both channels growing.

• D2C includes dot-com, owned stores, Amazon, and corporate sales, with a balanced approach to channel growth.

• Wholesale growth focuses on productivity, strong partnerships, and expanding into new retail categories as the portfolio grows.

• New product categories like cookware and barware open additional wholesale opportunities, including specialty and independent retailers.

International expansion

• U.K. and Europe identified as key near-term growth regions, with strong momentum in Germany and northern markets.

• Japan and broader Asia are emerging focus areas, leveraging a proven playbook from U.S., Canada, and Australia.

• International go-to-market strategy mirrors U.S. with a mix of wholesale and D2C, adapting to local consumer preferences.

• Product mix internationally skews slightly toward drinkware, which carries higher margins than coolers.

• Operating margins improve as markets mature, with asset-light investments enabling quick scaling.