Chewy (company)

Chewy, Inc.

File:Chewy logo.svg Logo used since 2020
Company type	Public
Industry	Online retail, Pet food and products
Founded	June 2011 (2011-06)
Founder	Ryan Cohen, Michael Day
Headquarters	Plantation, Florida , United States
Area served	United States
Key people	Sumit Singh (CEO), Raymond Svider (Chairman)
Products	Pet food, pet supplies, pet medications, pet health insurance, veterinary services
Number of employees	18,000+ (2021)
Parent	BC Partners (majority owner)
Website	chewy.com

Chewy, Inc. is a United States-based online retailer focused on pet food and related merchandise, with its headquarters located in Plantation, Florida. The company became publicly traded in 2019, listed on the New York Stock Exchange under the symbol CHWY.

2011–2019: Establishment, acquisition, and pre-IPO developments

Initially launched as "Mr. Chewy" in June 2011 by entrepreneurs Ryan Cohen and Michael Day, the company rapidly increased its revenue to $26 million by 2012 despite initial financial setbacks. By 2017, Chewy's revenue reached nearly $2 billion, capturing 51% of the U.S. online pet food market. During this expansion period, CEO Ryan Cohen prepared for an initial public offering while navigating acquisition offers from Petco and PetSmart. Petco proposed a stock transaction, whereas PetSmart offered a cash deal that would allow Chewy to continue operating independently.

In 2017, Chewy was acquired by private equity-backed PetSmart for $3.35 billion—marking the largest e-commerce acquisition at that time—with Cohen remaining as CEO and retaining control over day-to-day operations. From 2017 to 2018, sales surged from $2.1 billion to $3.5 billion, largely propelled by a subscription-based model where automatic recurring orders accounted for 66% of revenue. Sumit Singh succeeded Cohen as CEO in March 2018.

2019–present: Public company era

Chewy submitted its S-1 filing for the IPO in 2019 under ticker CHWY, disclosing a net loss of $268 million on revenues of $3.5 billion for fiscal year 2018. The company’s net sales increased by 40% year-over-year to $4.85 billion in fiscal 2019, boosted by heightened consumer demand during the COVID-19 pandemic.

In October 2020, Chewy introduced Connect With a Vet, a complimentary tele-triage service, followed by the launch of personalized prescription medications in November to address gaps in commercially available options. That same year marked the official separation of Chewy and PetSmart into standalone entities.

By the fourth quarter of 2020, Chewy posted $2.04 billion in revenue and reported its first profitable quarter, closing fiscal year 2020 with net sales totaling $7.15 billion. Fiscal 2021 saw net sales climb further to $8.89 billion.

August 2022 saw Chewy enter the pet health insurance sector with the rollout of its CarePlus wellness plans. Fiscal year 2022 net sales rose by 13.6% to reach $10.1 billion. In December 2023, Chewy expanded its healthcare offerings through Chewy Vet Care, establishing veterinary clinics providing routine exams, urgent care services, and surgical procedures.

Fiscal year 2023 net sales hit $11.15 billion—a growth of 10.2%—driven by customer base expansion, Autoship subscription increases, and broadening pet healthcare services. In April 2024, Chewy further expanded its physical veterinary clinic network under the Chewy Vet Care brand.

For fiscal year 2024, net sales increased by 6.4% year-over-year to $11.86 billion. Gross margin improved to 29.2%, supported in part by growth in sponsored advertising revenue, which contributes approximately one percent of annual net sales.

Corporate affairs

Ryan Cohen, Chewy’s founder and initial CEO, resigned in March 2018. Sumit Singh—formerly COO with executive experience at Dell and Amazon—was appointed CEO that same month. Singh guided Chewy through its public offering and helped grow its market capitalization to approximately $40 billion. Employee headcount rose from roughly 7,000 in 2018 to over 12,000 by 2019 and surpassed 18,000 in 2021.

The company is chaired by Raymond Svider of BC Partners, which maintains about an 80% ownership stake following the IPO and controls roughly 98% of voting rights. This ownership structure highlights the private equity firm's strategic role and significant influence over Chewy’s business strategy and international operations.