Business
Purple Innovation Announces Acquisition of Intellibed
'The Power of Gel Grid Expands' The innovation and marketing power of Purple meets the luxury offering of Intellibed to bring retailers and wholesalers higher
About this update from Purple Innovation, Inc.
[{"type":"text","content":"'The Power of Gel Grid Expands' \nThe innovation and marketing power of Purple meets the luxury offering of Intellibed to bring retailers and wholesalers higher margin business and increased revenues by offering a complete range of beds for every comfort profile at every price point. The deal will unite Purple Innovations' IP under the Purple brand and solidify its leadership of the Gel Grid category it created, taking advantage of increased consumer interest in Gel Grid technology, the best real innovation in sleep technology since memory foam. \nLEHI, Utah, Sept. 1, 2022 /PRNewswire/ -- Today, Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\"), the world's leader in Gel Grid technology mattresses, announced the acquisition of Intellibed, a leading sleep health and wellness company. The acquisition will naturally extend Purple's premium mattress range into the luxury category and harness the true power of Gel Grid technology under one brand. \nIn a recent study, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year.\"Intellibed is an excellent fit for Purple,\" said Rob DeMartini, Chief Executive Officer of Purple. \"Intellibed has licensed certain aspects of Purple's gel technologies for many years; therefore, this acquisition allows us to consolidate our IP under one roof and truly capitalize on the increased consumer interest and demand for Gel Grid technology. Additionally, Intellibed's premium market position allows Purple to accelerate its product development schedule by several years and immediately address the more luxury, higher-margin segment of the sleep and wellness industry. We are excited about the combined potential of our two highly talented teams.\"\nIn a recent consumer study by Keybanc, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year. The study also showed that Gel Grid technology had the highest conversion potential amongst consumers who are increasingly moving away from coils. (KBCM Consumer Survey, July 2022).\nUnder the terms of the acquisition, Purple will fold the Intellibed family of brands into a luxury Purple product line, tapping Purple's significant brand power and creating a product range from premium mattresses starting at the $1,399 price point, up to the luxury prices over $7,000 per mattress. This mean...