Casper on Wednesday announced the hire of Greg Macfarlane as chief financial officer and Jeff Brooks as chief marketing officer, to help further its growth. The sleep company, in its third full year, has garnered total revenues of more than $600 million since its inception, according to a company press release emailed to Retail Dive.
Macfarlane has more than 20 years of business and financial leadership, having served as CFO and Head of Operations and Strategy for H&R Block and Executive Vice President and CFO for Ceridian Corporation. He also spent more than 14 years in senior leadership roles at GE, the company said.
Brooks has 25 years of brand-building experience at global creative and media agencies. Most recently he served as president and CMO at digital agency Huge, Casper's lead creative agency, working closely with the Casper team. Before that, he was Chief Commercial Officer of MDC Media Partners, CEO of M&C Saatchi and Havas, and President of BBDO's digital agency network.
The mattress category is in the midst of major disruption, with e-commerce upstarts like Casper, Leesa, Yogabed and Tuft & Needle upending the entire sales approach. For years, manufacturers kept consumers on their toes by selling various models and versions of mattresses to different retailers at a variety of prices and instituting a series of sales and markdowns that made it difficult for consumers to compare prices.
The new players have cut through all that by eschewing special sales or markdown events in favor of keeping their "mattress-fits-most" offers in basic bed sizes at one price each and offering long try-out times and free returns. As a result, the old ways are faltering: Longtime player Mattress Firm late last year announced it would close 200 stores as it deals with an untenable debt load.
"Casper's disruption and rapid transformation of a staid, multi-billion-dollar industry is amazing," Macfarlane said in a statement. "The opportunities ahead for Casper are tremendous and I'm really excited to be part of the team."
But the e-commerce players are also turning to brick-and-mortar for growth. In addition to opening 15 of its own concept stores, Casper recently established a major partnership with Target, putting products in more than 1,200 Target stores, and with American Airlines, outfitting its fleet with Casper sleep systems in first class. (Target itself was reportedly enamored enough with the brand to offer $1 billion to acquire it outright, a deal that eventually went to sleep.) Previously, Casper had partnered with West Elm, but that retailer has since replaced that relationship with rival Leesa.
This past June, Casper raised a $170 million series C round, bringing its total funding to date to $240 million, according to a company press release. The company is decidedly in growth mode, suggested Casper CEO and co-founder Philip Krim. "This expansion of our leadership team is a major building block in our growth story," he said in a statement. "Greg and Jeff bring invaluable experience to Casper as we continue to scale and bring better sleep to more people across the globe."