OATLY

Rickard Öste, a food scientist at Lund University in Sweden, developed the enzymatic process that turns oats into a creamy liquid in the 1990s. Oatly existed quietly in Sweden for two decades as a niche health food brand.

The transformation happened when Toni Petersson became CEO in 2012 and completely reimagined the brand — weird packaging, provocative ads ("It is like milk but made for humans"), and a deliberate strategy to win over baristas first. The barista angle was genius: when your local cool coffee shop uses Oatly, you try Oatly.

By 2019, demand outstripped supply and Oatly was the hottest brand in food.

Oatly makes oat-based dairy alternatives — oat milk, oat cream, oat-based ice cream, and yogurt. Revenue comes from retail sales (grocery stores globally) and foodservice (coffee shops — the barista edition oat milk is their hero product).

They sell in 20+ countries across North America, Europe, and Asia. The brand's irreverent, self-aware marketing is as much a product as the milk itself.

Oatly Barista Edition (the barista favorite), Oatly Original oat milk, Oatly Oat-Based Ice Cream, Oatly Oat Cream, Oatly Yogurt

Reach profitability by cutting costs and improving factory utilization. Focus on core products (oat milk, barista edition) rather than expanding into too many categories.

Grow in Asia, where dairy alternatives are still early-stage. Maintain the brand positioning that made Oatly special — the marketing is the moat.

Profitability. Oatly has never been profitable and the losses have been significant.

The cost of building global manufacturing capacity (new factories in the US, Europe, and Asia) was enormous. Supply chain issues during COVID and the post-IPO period hurt margins.

The stock crashed from $29 at IPO to under $1. Oatly is now fighting to prove that a premium oat milk brand can be a sustainable business, not just a viral marketing campaign.

Blackstone, Oprah Winfrey, Jay-Z (Roc Nation), Natalie Portman, China Resources, Verlinvest, public market investors