Company aims to ride ‘pet parent’ wave all the way to Wall Street, saying spending on furry family members is projected to reach $76.6bn this year
Petco is hoping pet-loving millennials will fuel its return to the stock market. The pet supplier filed for an IPO on Monday, announcing its third attempt to woo Wall Street.
The pet business is thriving and is resilient “across economic cycles”, according to the company’s filing. Pet ownership in the US climbed to 63.8m households in 2014, up from 61.2m in 2010. And even as most Americans were affected by the recession, there was apparently one area where they were not cutting costs: their pets.
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Source: The Guardian Circular Economy RSS