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“The power of gel grid spreads”
Purple’s innovation and marketing prowess, combined with Intellibed’s luxury products, provide retailers and wholesalers with high-margin business and revenue by offering complete beds for every comfort profile at every price point. result in an increase in The transaction will consolidate Purple Innovations’ IP under the Purple brand and leverage growing consumer interest in Gel Grid technology to cement leadership in the Gel Grid category created by Purple Innovations. This is the best true innovation in sleep technology since memory foam.
Lehi, Utah, September 1, 2022 /PRNewswire/ — Today Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), the global leader in Gel Grid technology mattresses, announced the acquisition of Intellibed, a leading sleep health and wellness company. did. The acquisition naturally expands Purple’s range of premium his mattresses into the luxury category, and under one brand he harnesses the true power of Gel Grid technology.
“Intellibed is a great fit for Purple.” Rob Demartini, CEO of Purple. “Intellibed has licensed certain aspects of Purple’s gel technology for many years. Therefore, this acquisition will allow us to consolidate our IP under one roof and to meet growing consumer interest and demand for our Gel Grid technology.” Additionally, Intellibed’s premium market position has allowed Purple to shave several years off its product development schedule and quickly address the more luxurious and higher-margin segments of the sleep and wellness industry. We are excited about the combined potential of two extremely talented teams.”
In a recent consumer survey by Keybanc, Purple was the only publicly traded brand with growing consumer interest year over year. The study also showed that gel grid technology has the highest conversion potential among consumers who are increasingly moving away from coils. (KBCM Consumer Survey, July 2022).
Under the terms of the acquisition, Purple will bring together the Intellibed family of brands into the premium Purple product line, leveraging Purple’s significant brand strength to create a product range beginning with premium mattresses. $1,399 Price range, up to luxury price $7,000 per mattress. This means greater consumer choice, greater market presence for brands, and higher transaction margins and revenue. The acquisition strengthens Purple Innovations’ leadership in the Gel Grid category and further accelerates the category’s rapid growth.
Purple will retain Intellibed’s workforce, improve customer and consumer experiences, increase manufacturing and distribution efficiencies, enable growth, and integrate operations to gain economies of scale.
“Intellibed is joining forces with one of the most respected sleep innovators in the industry. With this merger, Intellibed will provide Purple with a large and diversified wholesale distribution network and an expanding network of company-owned showrooms. Through our footprint, we have a great opportunity to reach a wider range of consumers.In addition, we look forward to benefiting from the marketing prowess that has made Purple the fastest growing premium sleep brand. We are very excited to partner with a company that shares our vision of providing the health benefits that proven better sleep products offer.” Colin HouseCEO of Intellibed.
Purple’s new luxury line is set to debut early next year, and the brand will support and expand Intellibed’s sales during the transition.
About purple
Purple is the creator and world leader in gel grid technology, the most revolutionary mattress advancement since the introduction of memory foam. Purple’s marketing engine has become known as the premium his mattress company that improves people’s moods and lives through innovative comfort solutions. We design and manufacture a variety of innovative and premium branded better sleep products including mattresses, pillows, cushions, bed frames and sheets. and the result of over 30 years of innovation and investment in developing unique manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer®, underlies many of our comfort products and offers a range of benefits that differentiate our products from those of our competitors. We market and sell our products through our direct-to-consumer channels, Purple.com and Purple Showrooms, and our retail partners. For more information on Violet, please visit: Purple.com .
contact:
Michele Anderson, [email protected]
Source Purple Innovation Co., Ltd.
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