Professional Documents
Culture Documents
Who We Are
Chobani is driven by a simple yet powerful mission: making high quality, nutritious food
accessible to more people while elevating our communities and making the world a healthier
place. In short, to provide good food for all.
This disruptive, nimble, owned-asset approach fuels our success, ensuring exceptional
product quality, deep relationships with retail partners, enduring trust with consumers and
category leadership. Our mission and strategy have and will remain the same as we enter our
next chapter of growth, driving a culture that builds on our past successes and creates
opportunity to generate sustainable growth for the future by replicating our playbook across
categories and geographies. Importantly, our growth creates a virtuous cycle. Chobani’s success
increases our ability to impact our communities and to contribute to the health and wellbeing of
millions of people, which then powers our unique brand and connects us more deeply with our
consumers.
We believe good food has great power to improve bodies, families, communities,
economies and the environment. At Chobani, we work with thousands of talented colleagues
from diverse backgrounds, support our local farmers, and enthusiastically contribute to the fabric
of the places in which we live and work. We prioritize giving back to our communities and
beyond: working to eradicate child hunger, supporting immigrants, refugees and members of
underrepresented groups, honoring veterans and protecting the planet. As we pursue our mission,
we seek to simultaneously reinforce the power of the Chobani brand and drive sustainable
growth and value for our employees, customers and stakeholders.
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Our Business
Hamdi Ulukaya founded Chobani in 2005 when he purchased a shuttered manufacturing
plant in New Berlin, New York with a dream of bringing healthy, high-quality food to more
people. From the purchase of our first plant in 2005 with a handful of employees, we invented an
entirely new food category in the United States—Greek yogurt—that completely disrupted an
old one.
We made the strategic decision to focus on a single brand across our entire company and
instill it with great meaning – we define this as our “branded house”, in contrast to the legacy,
more widely utilized house of brands strategy. Our single-brand approach enables us to
efficiently deploy investment and scale to support the Chobani brand and to repeatedly disrupt
and re-invent large, established categories and expand into other aisles, product formats,
channels, categories, and geographies. We believe the “branded house” we have built means
consumers are more inclined to try new products with the Chobani brand.
Today we believe that the Chobani brand is synonymous with high-quality, delicious,
healthy food and making a social and environmental impact, both of which resonate very
strongly in the current marketplace. This creates authentic, mutual connections with consumers
who are increasingly seeking an emotional, values-based relationship with the brands they
choose—a core insight of our business since day one. As we advance our mission and our social
impact grows, so too will the value of our brand in the eyes of our customers and consumers.
Our success is built on having the people, capabilities, and capacity within our company to
deliver strong growth through innovation. We are makers at heart and have built a platform of
production and execution capabilities that fuel our innovation engine. We view the following
owned assets to be crucial and differentiated elements of our platform that serve as a competitive
advantage for innovation, execution, operational flexibility, speed to market, and agility:
• In-house production capabilities across our three plants with 1,900 dedicated people.
We have a manufacturing facility in New Berlin, New York, a state-of-the-art multi-
platform factory in Twin Falls, Idaho, and an additional facility in Melbourne,
Australia. Due to increased demand for our products, we plan to add capacity to our
Twin Falls, Idaho facility for our yogurt, oat milk, creamer and coffee products.
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• Chobani Labs facility in New Jersey with a dedicated group of microbiologists,
molecular biologists and biochemists to help realize the future of food and unlock
groundbreaking innovation.
• Internal R&D and Innovation teams in our Chobani Innovation and Community Center,
attached to our Twin Falls, Idaho manufacturing facility, where we ideate and
commercialize our new products.
• Demand and Commercial Team consisting of our dedicated, direct sales force of
approximately 180 people, a retail execution team of more than 100 people that forges
deep relationships with key retail partners, a category management and insights team of
more than 25 people and a consumer loyalty team.
• In-house, award-winning creative agency and packaging design team of more than 30
people that enables us to build and position our brand ethos consistently across our
creative endeavors.
For the year ended December 26, 2020, we generated net sales, net loss and Adjusted
EBITDA of approximately $1.4 billion, $58.7 million and $191.0 million, respectively,
achieving year-over-year net sales and Adjusted EBITDA growth of 5.2% and 7.8%,
respectively – even after significant brand investment in new platforms. We experienced a year-
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over-year increase in net loss of 202% for the year ended December 26, 2020. For the
nine months ended September 25, 2021, we generated net sales, net loss and Adjusted EBITDA
of approximately $1,213.0 million, $24.0 million and $142.2 million, respectively, achieving
year-over-year net sales growth of 13.8%. For the nine months ended September 25, 2021, year-
over-year, Adjusted EBITDA decreased 6.2% and we experienced an increase in net loss of
12.1%. See the reconciliation of non-GAAP financial measures included in footnote (1) to the
summary financial information table included in “Summary Historical Consolidated Financial
Information.”
As of September 25, 2021, our total outstanding long-term indebtedness was $1,396.6
million, including $397.0 million under our Term Loan Facility (as defined herein), $530.0
million aggregate principal amount outstanding of 7.50% Senior Unsecured Notes due April
2025 (the “Senior Unsecured Notes”), $425.0 million aggregate principal amount outstanding of
4.625% Senior Secured Notes due November 2028 (the “Senior Secured Notes”) and $42.3
million relating to our Equipment Finance Facilities (as defined herein) among such
indebtedness.
Since our founding, Chobani has focused on providing delicious, nutritious and natural
food that is accessible to all, and continues to benefit from evolving consumer trends towards
healthier food and beverage options. According to the International Food Information Council,
62% of consumers rate the healthiness of food as a very important factor in their purchasing
decisions and 75% of consumers have increased the healthiness of their diets over the last ten
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years. Similarly, according to a Food Business News report, 25% of consumers are actively
trying to manage their health through food. Chobani is well-positioned to capitalize on these
health and wellness secular mega trends given our commitment to offering products that are high
in protein, low in sugar, with billions of probiotics, and made from natural ingredients.
We see significant growth potential for our yogurt products and have unlocked meaningful new
whitespace in adjacent categories through our highly successfully recent launches of our oat
milk, coffee creamer, ready-to-drink coffee and plant-based probiotic beverage product lines. Net
sales for our Yogurt products for 2020 and the nine months ended September 25, 2021 were
$1,243.7 million and $1,045.2 million, respectively. Net sales for our Other products, which
includes cream, Chobani Oat Milk, Chobani Coffee Creamers, ready-to-drink Chobani Coffee
and Chobani Probiotic beverages, for 2020 and the nine months ended September 25, 2021 were
$157.7 million and $167.8 million, respectively. For the nine months ended September 25, 2021,
39% of our product net sales were generated by product innovations in North America, which
include innovations in the yogurt category, such as Chobani Flip yogurt snacks, Chobani Less
Sugar Greek yogurt, drinkable yogurt and Chobani Complete lactose-free Greek Yogurt and our
non-dairy yogurt alternatives, and innovations in our new categories, Chobani Oat Milk, Chobani
Coffee Creamers, ready-to-drink Chobani Coffee and Chobani Probiotic beverages. We expect
new and existing consumers of our newest product platforms to also support demand for our
established yogurt products. We believe that our strong brand recognition, powerful innovation
engine, scale and unique platform of owned-production and in-house execution capabilities will
enable us to continue to enter into new categories that will create new and incremental
opportunities in the future.
We currently operate in the following product categories: yogurt, plant-based milk, coffee
creamers, and coffee and non-dairy probiotic beverages. Below details about the yogurt business.
Yogurt
Yogurt, and in particular Greek yogurt, has benefited from the growing demand for
natural, healthier, higher protein, and lower sugar food products. As part of the broader health
and wellness trends, the introduction of Greek yogurt has changed American tastes and
preferences in yogurt and significantly disrupted the market. We believe there is significant
opportunity in the U.S. yogurt category, particularly around increased consumption penetration
given that per capita yogurt consumption in the U.S. has historically lagged that of Europe and
other markets. We are encouraged by long-term trends in the category, such as the category’s
growth in seven of the last eight quarters and increased consumer food spend for at-home
consumption, which has grown at a 3.1% CAGR since 2019. Since 2009, the overall U.S.
spoonable yogurt market has grown from $4.5 billion at a CAGR of 3.6% to $7.1 billion in total
Nielsen reported sales for the 52 weeks ended October 16, 2021. The Greek yogurt segment has
led this growth, growing from 4.4% to 46.3% market share over that same time period, with
$3.3 billion in total Nielsen reported sales, which represents a 24% CAGR. Before Greek yogurt
became a broadly available category, the total U.S. yogurt market was dominated by two large,
established players, both of which offered only conventional, higher sugar, lower protein yogurt
products. In 2007, Chobani entered the U.S. yogurt market as a disruptor, focusing entirely on
Greek yogurt products. Only six years after the first cups of Chobani hit the shelves in New York
in 2007, Chobani generated approximately $1.1 billion in net sales in 2013 and drove
approximately 45% of total spoonable category growth in the same period. See “General
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Information—Market and Industry Data” for important information about Chobani’s use of
Nielsen data.
Since June 2020, Chobani has been the #1 brand in the total Yogurt category. Following
three consecutive years of market share growth in the total Yogurt category, Chobani is the
category leader with 20.2% market share as of the 13 weeks ended October 16, 2021. Chobani is
also the market leader within Greek Yogurt, and as of the 13 weeks ended October 16, 2021
holds 43.5% total Nielsen reported market share. Over the past three years, Chobani has had the
highest market share increase among the top three players, who collectively hold approximately
52.3% share based on total Nielsen reported sales as of 13 weeks ended October 16, 2021. In the
52 weeks ended October 16, 2021, the total yogurt category grew 3.4%, while Chobani
significantly outpaced the market, growing 9%.
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Chobani entered the Australian market in 2011 following the acquisition of the Gippsland
Dairy brand and its factory, and quickly grew to become the #1 brand in the market. As of June
2021, Chobani and Gippsland Dairy are the #1 and #4 brands in the Australian yogurt market,
respectively, representing a combined 20.9% of the total Nielsen reported $1.4 billion yogurt
market in Australia. The global yogurt market is a $90.7 billion market and represents a
tremendous opportunity for future growth for us outside of the United States and Australia.
The Chobani Brand is Built on the Quality of Our Food and the Trust and Loyalty of
Our Customers
The Chobani brand is widely recognized and loved. From the very beginning, Chobani has
dedicated itself to crafting food and beverage options that are delicious, natural, nutritious, and
accessible (DNNA). DNNA is exactly what it sounds like: our DNA. It is what we make, it is
what we do. We believe that it is the future of how food will be produced and consumed.
• Delicious: We pride ourselves on making wholesome, quality food every single day.
In all of our products, we strive to excite consumers with superior flavor, taste and
texture. We take a back-to-basics approach using authentic ingredients and locally-
sourced milk. Today, nearly all of our products are produced in-house, allowing us to
deliver consistent quality in every serving.
• Natural: We believe every food maker has a responsibility to provide people with
better options. Since the beginning, every Chobani cup, carton and bottle is crafted
using real, high-quality, non-GMO ingredients. That means the fruit is real fruit and the
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honey is real honey. Our products do not contain any artificial sweeteners or
preservatives.
• Accessible: Chobani’s mission is to provide good food for all. We believe good food
is a right, not a privilege. Our goal has always been to democratize delicious and
nutritious food, making our products accessible to everyone across retail locations,
distribution channels, price points and pack sizes.
Chobani is a leader in transforming our food system by producing high quality products,
protecting the health of our planet and providing a better future for our employees, partners and
consumers. Our core belief is that we will do well by doing good.
Living our values every day and creating products that fully integrate with our DNNA has
fostered deep loyalty and trust in the Chobani brand with our consumers and our retail partners.
For the 13 weeks ended October 16, 2021, our total Nielsen reported sales for all categories of
our products increased 18% as compared to the same period in the prior year. Chobani’s national
aided brand awareness reached 79% in 2020 with consumers viewing us favorably in terms of
trust, nutrition, and high-quality ingredients.
Chobani has established itself as a leader in innovation by identifying unique opportunities and
leveraging our scale and owned asset platform. We fundamentally changed the U.S. yogurt
market in 2007 when we transformed an emerging category with the introduction of our Greek
yogurt. Our product was celebrated for being thicker, richer, and creamier than traditional yogurt
with higher protein, less sugar, and more nutrients. Since 2009, Greek yogurt has driven total
yogurt growth within the United States, and Chobani has emerged as the leading brand in the
$7.7 billion U.S. yogurt market. Our U.S.-based yogurt total Nielsen reported sales grew at a
CAGR of 25.7% from 2009 to 2021, far outpacing the spoonable yogurt category growth CAGR
of 3.6% during this period.
According to SPINS LLC (“SPINS”) and Nielsen, respectively, Chobani is the #1 brand in
both the natural enhanced channel and retail channel for the 13 weeks ended October 3, 2021 and
the 13 weeks ended October 16, 2021, respectively. We continue to innovate, allowing us to
build out a comprehensive product portfolio that extends across day parts and need-states,
expands into different eating, drinking and cooking occasions, and supports a wide range of
consumer lifestyles and preferences.
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In 2007, we offered only two yogurt SKUs. Now we feature approximately 260 yogurt
SKUs under the Chobani brand across channels, geographies, and formats. This includes
Chobani Core (our plain, blended and fruit-on-the-bottom Greek yogurt products), Chobani Flip
yogurt snacks, Chobani Less Sugar Greek yogurt, drinkable yogurt, Chobani Complete lactose-
free Greek Yogurt, and more.
Our success in the yogurt category has allowed us to successfully expand into adjacent
categories with the introduction of Chobani non-dairy yogurt alternatives, Chobani Oat Milk,
Chobani dairy and non-dairy Coffee Creamers, ready-to-drink Chobani Coffee, and Chobani
Probiotic beverages. Recently, we launched Chobani with Zero Sugar, a groundbreaking new
sugar-free dairy product with only natural ingredients, further transforming the yogurt category
by addressing consumers’ desire for no-sugar options.
Our unique, nimble, and flexible culture, as well as our leadership team’s relentless
commitment to product development, allows us to launch new products quickly and with very
limited need for external product research and development or manufacturing resources. Chobani
Flip, introduced in 2013, went from idea to shelf in less than 12 months and has since grown to
4.7% of total Nielsen reported U.S. yogurt market share, for the 52 weeks ended October 16,
2021. Chobani Flip was a major innovation in yogurt, solving for an otherwise untapped
snacking day part, attracting countless new consumers.
Our Chobani Oat Milk platform became #3 in the category after less than six months on
the shelf. Like Flip, Oat went from idea to commercial availability in less than 12 months.
Chobani Coffee Creamer has captured 11.4% of total Nielsen reported market share of the dairy
creamer segment for the 13 weeks ended October 16, 2021. In yogurt, oat milk, and creamer, we
were able to move quickly and overtake long-time incumbent producers in a matter of a year or
even months, providing powerful validation of our aggressive go-to-market innovation model.
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right has the ability to change lives and strengthen communities while still supporting strong
financial results.
Principles of diversity, equity, inclusion, and acceptance guide all that we do at Chobani.
Our goal is to create opportunity and economic vitality for our employees and, in turn, for our
communities. We create an accepting and welcoming environment through which everyone can
do what they love and love what they do. We actively recruit talent from various and diverse
backgrounds, including refugees, immigrants, members of underrepresented groups and military
veterans, who are often otherwise overlooked for employment opportunities. At Chobani,
diversity of background, experience, and world-view is a core component of our culture and
success.
We believe investing in our employees and communities pays dividends every day in
productivity, engagement, and ambassadorship. Some examples include:
• Fair Trade Dairy: Chobani also pioneered and helped launch the first ever and only
Fair Trade Dairy certification in the United States, which is designed to protect and
empower dairy workers and provide meaningful premiums to benefit farmers and farm
workers alike.
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hourly wage of approximately $19.00 an hour, coupled with other programs that
support entrepreneurship and education, such as Chobani Paid Parental Leave, the
Chobani Incubator, Chobani Scholars, and our Community Impact Funds, serve to
further our legacy of support for our communities.
We believe that these values-driven programs will continue to strengthen the Chobani
brand and cultivate awareness and loyalty among consumers who share these same values,
thereby enhancing our ability to improve the world through our food.
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2. Sample Chobani Ads
a. Print Ads
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b. Commercials
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Chobani with Zero Sugar
The wonderful world of less
Chobani simply 100 (somewhat controversial commercial)
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3. Third Party Market Research
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4. Competitive Landscape – Brazil
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Top competitor: Itambé (owned by Lactalis do Brasil)
Lactalis is the largest dairy products group in the world, and is the second largest food products
group in France, behind Danone. Itambé originated in 1945 from a cooperative of dairy farmers
in the state of Belo Horizonte, Brazil. The brand is positioned on functional benefits such as
flavorful, creamy, and made with premium milk and ingredients. The brand uses the tagline “the
best of milk”. Ads often portray usage by families and celebrity endorsers.
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5. Competitive Landscape – Poland
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Top Competitor: Danio (owned by Danone SP).
Danone is a French multinational food-products corporation based in Paris. It is the largest food
products group in France. Danio is positioned as a solution to satisfy the little hunger that one
may feel between the main meals. This key message has been successfully delivered in a long-
lasting communication line created by Young & Rubicam Warsaw which is focused on the
personified character called Small Hunger [in Polish “mały głód”]. In the commercials, Danio
products are depicted as the only tool that can effectively defeat the nasty figure of Small Hunger
who always seems to appear in a most inappropriate moment for the hero of the commercial. The
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campaign with Small Hunger was started back in 2004 and it has been continued due to its
general appeal and success among the wide target group.
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6. Competitive Landscape – New Zealand
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Top competitor: Anchor (owned by Fonterra brands)
Anchor is a brand of dairy products that was founded in New Zealand in 1886, and is one of the
key brands owned by the New Zealand based international exporter Fonterra Co-operative
Group. The brand is positioned on functional benefits emphasizing natural dairy goodness, no
artificial colours or flavours, and made with the fresh New Zealand milk of cows that are pasture
grazed year round. Ads emphasize the long brand history with the tagline “A Taste of Home
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since 1886” and commercials often portray children and families leveraging the family of
Anchor products.
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