Grills just want to have funds... Grill-maker Weber is taking its charbroiled stock public, and could seek a $6B valuation in an IPO. Weber's 70-year grilling history began with George Stephen Snr, the man who invented modern grills — and added a lid (key). By the time the 60s rolled around, if you didn't have a Weber grill at your backyard party, you didn't have a backyard party. Now, Weber is sounding less Happy Days, more Silicon Valley:
And a little bit of chicken grilled... BBQ'ing may be the epitome of American summer, but it's also a hallmark of pandemic socializing. The "outdoor revolution" has benefited everyone from RV companies like Winnebago and Thor, to outdoor gear companies like Yeti and Canada Goose. Now, it's helping Weber and BBQ rivals like Traeger, which also filed to go public last week.
Brand can be more important than product... Weber isn’t selling grills – it’s selling its brand name. For Weber, brand recognition is more important than grill innovation (even bluetooth dongles). Weber's biggest strength is that 87% of Americans are aware of its brand — but that's also its #1 risk : “Our business depends on maintaining and strengthening our brand.” That's why it's jacking up marketing spend and hosting events like grill classes and patio parties.