Both cooler giants consider settlement a victory.
There's no denying the similarities. In fact, aside from the labels, it's often hard to tell some of their products apart.
Yeti burst onto the scene with top-quality cooler products and quickly became a branding giant. As with most great products, however, a long line of competitive products quickly followed. Fast forward to today, and Yeti and RTIC are two of the best-known cooler brands on the market.
In July of 2015, Yeti filed a lawsuit against RTIC. The company commonly features comparisons of their products against Yeti products on their website.
The ruling requires RTIC to redesign all products featured in the lawsuit. Until the redesign, RTIC is required to cease sales of these products. This includes certain drinkware and hard sided coolers.
RTIC founders, brothers Jim and John Jacobsen, are also required to make payment to Yeti. The amount of the payment has not yet been disclosed.
Both companies released public statements after the ruling:
RTIC
RTIC IS VERY PLEASED TO ANNOUNCE AN AGREEMENT REACHED WITH YETI
RTIC, the leading direct to consumer online retailer of premium coolers and drinkware announces that it has entered into a settlement agreement with YETI today for the purpose of avoiding the additional costs and uncertainty of continued litigation. The dispute has been amicably resolved and as part of the agreement, RTIC has agreed to redesign only those products involved in the dispute.
As part of the Agreement, RTIC is precluded from commenting further, but RTIC is very pleased with the settlement and considers it a win.
RTIC had previously announced last month changes to its 2017 product lines and expects to rollout new products and updated existing products starting in early Spring. RTIC will continue to operate as normal selling all the RTIC brand of products as provided on the www.RTICcoolers.com website keeping true to its promise to deliver "Over Built - Not Over Priced" products to all its RTIC fans & customers.
YETI
Austin, Texas (February 2, 2017) — YETI®, the leading premium cooler and drinkware brand, is pleased to announce that a binding settlement has been reached in the United States District Court lawsuits brought against RTIC Coolers and brothers John and Jim Jacobsen.
RTIC Coolers and the Jacobsens are required to make a financial payment to YETI; to cease sales of all products subject to the lawsuit - this includes hard-sided coolers, soft-sided coolers and drinkware; and to redesign all products in question.
YETI CEO Matt Reintjes stated, "We are extremely pleased with the results we have achieved. We will continue to defend our innovation and intellectual property. This is a true win."
Further details will be shared as they become available. YETI is not available for further comment on this topic at this point.
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