Spencer Cibelli - Haypp Group: Nicotine's "Win-Win-Win" Business

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Sep 5, 2025

Spencer Cibelli, an Investment Associate at Robotti & Company, dives into the world of Haypp Group, the largest online retailer of nicotine pouches. He highlights the unique benefits for consumers and suppliers, showcasing how this niche market can be a 'Win-Win-Win.' The discussion also navigates the regulatory landscape surrounding nicotine products, examining societal attitudes, and the impact of online purchasing on consumer behavior. Cibelli's insights reveal both the challenges and growth potential in this evolving industry.

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INSIGHT

Haypp’s Dual Revenue Engine

Haypp is the world's largest online retailer of nicotine pouches and related products across seven markets.
They combine e‑commerce with a media & insights product that drives ~10% of revenue and outsized profit contribution.

INSIGHT

Data Lets Haypp Predict Retail Trends

Haypp tracks thousands of granular customer and SKU data points and sees online trends months before retail.
Manufacturers use these insights to test products and steer innovation earlier than in-store signals.

INSIGHT

Multiple Domains To Dominate Search

Haypp runs multiple localized domains per market to capture dominant organic search slots.
Their reskinned sites share a backend to maximize organic traffic capture and conversion.

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Spencer Cibelli, Investment Associate at Robotti & Company, stops by to discuss Haypp Group; the world’s largest online retailer of nicotine pouches and traditional snus products. The nicotine pouch category is, as Mugatu would say, "So hot right now." Spencer details Haypp's unique characteristics, benefit to customers, and value offered to suppliers. This business has an interesting niche. And may just be an unlikely "Win-Win-Win" example. Enjoy the episode!

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Takeaways

Haypp is the world's largest online retailer of nicotine pouches.

The company has a unique data insights business that contributes to its revenue.

Consumer behavior in the nicotine pouch market shows a willingness to switch brands.

Regulatory challenges are significant but manageable for Hape.

Pricing strategies allow Haypp to offer lower prices than traditional retailers.

The growth potential in the nicotine pouch market is substantial, especially in the US.

Management's long-term vision is focused on market share growth.

Valuation metrics suggest Haypp is an attractive investment opportunity.

The online penetration of nicotine products is still low, indicating room for growth.

Haypp's relationships with manufacturers are symbiotic and beneficial for both parties.