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00:00:00
it's a seventy billion dollar market in the U. S. and Wall Street wants a piece of it she has a pet products retailer chew we searched Friday in their market debut even after the initial public offering priced above the expected range , sixty three percent opening pop at the New York Stock Exchange gave two weeks instant market value of more than fourteen billion dollars that's more than five times the price pets Mart paid for the company when it acquired it in two thousand seventeen show is set to benefit from a pet friendly international trend says Reuters Joshua Franklin you know there's this pet humanization happening at the moment where you know pet owners are increasingly treating their paths like members of the family and spending appropriate amounts of money %HESITATION on them as a result and then I think it's it's a chance if you if you look at a at a macro play people look at the pet industry as being a little bit recession resistant you know people even in a downturn are still going to continue to be spending money on their pets even though too we is losing millions of dollars a year investors right now are focused on sales growth revenue surged in two thousand eighteen to three and a half billion dollars from just twenty six million five years ago investors are betting should we can capture more of the market and stand up to some pretty big rivals such as Amazon and General Mills which bought the blue buffalo pet products line last year the keeping the two tries to do is really to take %HESITATION customer service to another level and to try to foster customer loyalty and brand loyalty %HESITATION you know they're they're doing things like sending donors who recently lost a pet sitting a bereavement cards birthday cards for their pets things like that but buyers beware like so many recent IPOs this one was structured in a way that new investors virtually have little say so compare to controlling shareholders private equity firm BC partners and retailer petsmart