With Etsy already an addiction for millions of shoppers, the online marketplace is hoping to extend that home-spun appeal to a new customer base: shareholders.
The decade-old business filed for an initial stock sale on Wednesday with a $100 million placeholder, which could change as the company approaches the stock sale. With its registration filing, the company has lifted a hand-knitted veil from its financials and business outlook, providing would-be investors with a detailed view into its operations.
The bottom line: Etsy is a quirky business that depends on millions of calligraphers, knitters, photographers and jewelry makers, along with a mass of customers with a taste for artisanal products and crafts. Its CEO, Chad Dickerson, isn't content with merely helping home-crafters sell their vases; he also wants to spark a creative economy that frees workers from their 9-to-5 jobs.
While there are some downsides to Etsy's business model (profits, anyone?), the business has a lot of momentum. Its attractive site is clearly addictive, with more than three-quarters of its purchases last year stemming from returning customers.
Read on to find out more about Etsy.