SharkNinja explained

SharkNinja
Former Name:Euro-Pro Operating LLC
Type:Public
Industry:Small Home Appliances
Founder:Mark Rosenzweig
Key People:Mark Barrocas (Chief Executive Officer)
Num Employees:3,000

SharkNinja is a global product design and technology company based in Needham, Massachusetts.[1] [2] Founded in 1994 by Mark Rosenzweig and led by CEO Mark Barrocas, who joined the company in 2008 as President, the company's name is formed by combining its two primary brands: Shark and Ninja.

SharkNinja's product portfolio spans 27 household sub-categories, across cleaning, cooking, food preparation, home environment and beauty.[3] SharkNinja has grown from less than $250 million in net sales for the 12 months ended March 31, 2008 to over $3.7 billion in net sales for the fiscal year end of December 31, 2022.

SharkNinja is a U.S. public company listed on the NYSE[4] with more than 2,800 employees located in nine countries and across 25 offices. The company possesses a portfolio of over 3,000 patents in force in various jurisdictions, including the United States, Canada, China, Japan, South Korea, Australia, the United Kingdom, Germany, and France.

History

The company has its origins in Euro-Pro Operating LLC in 1994, when Mark Rosenzweig of Montreal, whose family had run the business for generations prior to its incorporation, developed steam cleaners and upright vacuums. In 2003, Rosenzweig moved the headquarters from Montreal to Needham, Massachusetts.[5] [6]

The Shark brand was founded in 2007 by Rosenzweig with the launch of the No-Loss-of-Suction vacuum technology. Shortly thereafter, the executive bench was expanded to include Mark Barrocas as SharkNinja's president, driving the launch of the Ninja brand in 2009.

The company changed its name in 2015 to capitalize on its brand names' prominence and popularity.[7] In 2013 the company registered an entity in the United Kingdom and began selling products in the UK under the Shark brand.[8]

In 2017, CDH Private Equity[9] acquired a stake in the company.[10] It was then structured as a subsidiary of JS Global, an investment holding company.[11] SharkNinja accounted for almost half of JS Global's revenue in 2018.[12]

On July 31, 2023, SharkNinja completed its separation from JS Global and became an independent public company, with its ordinary shares trading on the New York Stock Exchange under the ticker "SN".[13]

Products

Shark Floorcare

Shark Home Environment

Shark Beauty

Ninja Motorized Kitchen Appliances

Ninja Heated Cooking

Ninja Beverage

Lawsuits

In 2014, Dyson sued SharkNinja for infringement of three vacuum technology patents, but after four years courts ruled the patents had not been infringed.[14]

In 2019, SharkNinja sued the manufacturer of the Emeril Lagasse Pressure AirFryer for patent infringement, but the case was dismissed.

In January 2021, iRobot sued SharkNinja for false advertising and patent infringement related to robotic vacuum cleaners. As of March 2023, the case is still pending before the United States International Trade Commission.

In October 2023, SharkNinja was sued over an allegedly misleading advertisement claiming that their frying pans, which are coated using titanium and ceramic plasma for an extremely scratch-proof and non-stick surface, are "heated to 30000F", which is about 3 times the effective temperature of the Sun (5772disp=sqbrNaNdisp=sqbr[15]) and 6 times the boiling point of aluminum (4478F). In contrast, the pans are rated for cooking at temperatures only up to 500F.[16]

Notes and References

  1. Web site: SharkNinja . live . https://web.archive.org/web/20200711105621/https://www.bloomberg.com/profile/company/6659436Z:US . July 11, 2020 . July 10, 2020 . Bloomberg.com.
  2. Web site: 2017 . CDH Private Equity Acquires SharkNinja Operating . live . https://web.archive.org/web/20200713234549/https://mergr.com/cdh-private-equity-acquires-sharkninja-operating . July 13, 2020 . July 10, 2020 . mergr.com . Mergr.
  3. Web site: SharkNinja, Inc. Prospectus . June 28, 2023 . www.sec.gov.
  4. News: SharkNinja CEO reveals what consumers are looking for now . . August 1, 2023.
  5. Web site: Schulties . Rachel . 2020-08-28 . Mark Rosenzweig, Founder, and Mark Barrocas, President, SharkNinja named 2021 HomeWorld Business "People To Watch" . 2023-04-12 . Marketsmith, Inc. . en-US . 2023-02-14 . https://web.archive.org/web/20230214053104/https://www.marketsmithinc.com/sharkninja-award/ . live .
  6. Web site: Cave . Andrew . How Shark Ate Dyson's Lunch In America . 2023-04-12 . Forbes . en . 2023-04-12 . https://web.archive.org/web/20230412120358/https://www.forbes.com/sites/andrewcave/2014/12/29/how-shark-ate-dysons-lunch-in-americas-vacuum-cleaners-market/ . live .
  7. Euro-Pro Cleans Up with New SharkNinja Identity. PRNewswire.com. SharkNinja Operating LLC. Newton, Massachusetts. July 22, 2015. July 10, 2020. July 12, 2020. https://web.archive.org/web/20200712001211/https://www.prnewswire.com/news-releases/euro-pro-cleans-up-with-new-sharkninja-identity-blending-successful-billion-dollar-product-portfolios-300116814.html. live.
  8. Web site: Shark Anti Hair Wrap & About Shark . Which Vac? . 22 November 2022 . 22 November 2022 . https://web.archive.org/web/20221122172009/https://whichvac.com/best-cordless-vacuums/shark-cordless-vacuum-reviews/shark-anti-hair-wrap-review . live .
  9. Web site: August 17, 2017 . CDH Acquires Stake in Home Appliance Brand SharkNinja. . The Free Library.
  10. News: 2018-10-16 . SharkNinja aims to suck up Dyson vacuum business . Financial Times . 2023-08-16.
  11. Web site: JS Global Lifestyle Co Ltd, 1691:HKG profile - FT.com . 2023-08-17 . markets.ft.com.
  12. Web site: 2019-12-09 . Chinese owner of SharkNinja revives Hong Kong IPO amid US tariff risks . 2023-03-21 . South China Morning Post . 2022-12-05 . https://web.archive.org/web/20221205231937/https://www.scmp.com/business/companies/article/3041219/chinese-appliance-maker-js-global-lifestyle-revives-ipo-hong . live .
  13. News: July 31, 2023 . SharkNinja Becomes Independent, Publicly Traded Company and Begins Trading on New York Stock Exchange . July 31, 2023.
  14. Web site: Roomba, SharkNinja, and the $3 billion battle of the robot vacuums . . 2023-04-16 . 2023-03-22 . https://web.archive.org/web/20230322231011/https://www.bostonglobe.com/2023/01/25/magazine/roomba-sharkninja-3-billion-battle-robot-vacuums/ . live .
  15. Web site: Sun Fact Sheet . nssdc.gsfc.nasa.gov . 23 October 2023.
  16. News: Roth . Emma . Frying pan company sued for claiming temperatures that rival the Sun . The Verge . 20 October 2023 . en.

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