SharkNinja

Last updated
SharkNinja, Inc.
FormerlyEuro-Pro Operating LLC
Company type Public
NYSE:  SN
IndustrySmall Home Appliances
Founded1994;30 years ago (1994)
FounderMark Rosenzweig
HeadquartersNeedham, Mass., USA
Key people
Mark Barrocas (Chief Executive Officer)
BrandsShark, Ninja
Number of employees
2,800
Website www.sharkninja.com

SharkNinja, Inc. 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.

Contents

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. [3]

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. [3]

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. [3]

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. [2] [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

Ninja Kitchenware

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. [14]

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. [14]

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 30,000 °F (16,600 °C; 16,900 K)", which is about 3 times the effective temperature of the Sun (9,930 °F [5,499 °C; 5,772 K] [15] ) and 6 times the boiling point of aluminum (4,478 °F [2,470 °C; 2,743 K]). In contrast, the pans are rated for cooking at temperatures only up to 500 °F (260 °C; 533 K). [16]

Legal controversy also surrounded Ninja in late January and early February 2024.

After releasing limited edition ranges of ‘signed’ cookware, Ninja faced backlash when consumers received standard (i.e. unsigned) pots and pans.

Unfortunately, this took a severe turn when Tommy Reid, a man from Leicester, UK, sadly took his own life after receiving an air fryer that was unsigned.

Related Research Articles

<span class="mw-page-title-main">Vacuum cleaner</span> Device that sucks up dirt from a surface

A vacuum cleaner, also known simply as a vacuum, is a device that uses suction in order to remove dirt from floors, upholstery, draperies, and other surfaces. It is generally electrically driven.

<span class="mw-page-title-main">James Dyson</span> British inventor, industrial designer, farmer and business magnate (born 1947)

Sir James Dyson is a British inventor, industrial designer, farmer, and business magnate who founded Dyson. He is best known as the inventor of the bagless vacuum cleaner, which works on the principle of cyclonic separation. According to the Sunday Times Rich List 2023, he is the fifth richest person in the UK, with an estimated net worth of £23 billion.

<span class="mw-page-title-main">The Hoover Company</span> American home appliance company

The Hoover Company is a home appliance company founded in Ohio, United States. It also established a major base in the United Kingdom; and, mostly in the 20th century, it dominated the electric vacuum cleaner industry, to the point where the Hoover brand name became synonymous with vacuum cleaners and vacuuming in the United Kingdom and Ireland. Hoover North America was once part of Maytag, but was sold by Maytag's new owners Whirlpool Corporation in 2007 to Hong Kong multinational manufacturing company Techtronic Industries for $107 million. Hoover International had already split from Hoover North America in 1993, and was acquired by Candy in 1995, which was acquired by Haier in 2019.

<span class="mw-page-title-main">Dyson (company)</span> Singaporean multinational technology company

Dyson Limited, doing business as Dyson, is a Singaporean based multinational technology company. Founded in 1991 by James Dyson in Malmesbury, England, the company designs and manufactures household appliances such as vacuum cleaners, air purifiers, hand dryers, bladeless fans, heaters, hair dryers, and lights. As of 2022, Dyson has more than 14,000 employees worldwide.

The Kirby Company is a manufacturer of vacuum cleaners, home cleaning products and accessories, located in Cleveland, Ohio, United States. It is a division of Right Lane Industries. Dealers, sales reps, service centers, and distributors are located in over 50 countries. Kirby Vacuums are sold via door-to-door or though arranged-scheduled in-home demonstrations via their website and the company is a member of the Direct Selling Association, the Kirby website can also take vacuum cleaner orders and ship directly to the customer as well, without having to arrange for a scheduled an in-home demonstration. All Kirby Vacuum Cleaners are built in both Edgewater, Cleveland, Ohio and Andrews, Texas, United States

Cuisinart is an American kitchen appliance and cookware brand owned by Conair Corporation. Cuisinart was founded in 1971 by Carl Sontheimer and initially produced food processors, which were introduced at a food show in Chicago in 1973. The name "Cuisinart" became synonymous with "food processor." The brand's name is a portmanteau of "cuisine" and "art." Cuisinart was purchased by Conair Corporation in 1989.

Tefal S.A.S. is a French cookware and small appliance manufacturer, owned by Groupe SEB since 1968. The company is known for creating the non-stick cookware category and for offering frying equipment with a low requirement of fat or oils.

Vax UK Ltd is a British based brand that manufactures electrical goods and cleaning products in the floor-care and air treatment sectors, and which has its headquarters in the United Kingdom. The brand is owned by a company called TTI Co. Ltd Group, which is based in Hong Kong. Vax UK Ltd has its main headquarters and R&D centre located in the city centre of Birmingham, West Midlands and a service, warehouse and depot operation in the village of Hampton Lovett, near Droitwich, Worcestershire. Vax branded machines are manufactured in China. Vax employs over 400 staff across its Birmingham and Droitwich sites in the UK.

<span class="mw-page-title-main">Vorwerk (company)</span> German corporate group

Vorwerk & Co. KG, trading as Vorwerk, is an international diversified corporate group headquartered in Wuppertal, Germany. Vorwerk was founded in 1883. The main business is the direct distribution of various products like household appliances such as Thermomix, a kitchen appliance, and Kobold vacuum cleaners, fitted kitchens and cosmetics.

<span class="mw-page-title-main">International Home + Housewares Show</span>

The International Home + Housewares Show staged every year since 1906, is organized by the International Housewares Association (IHA). It is the center of the IHA's yearly activities. In 2008, the Show covered 785,000 net square feet (72,900 m2) of exhibit space. It is one of top 20 largest trade shows in the U.S. and in the top 10 in Chicago.

<span class="mw-page-title-main">Robotic vacuum cleaner</span> Autonomous vacuum floor cleaning system

A robotic vacuum cleaner, sometimes called a robovac or a roomba as a generic trademark, is an autonomous robotic vacuum cleaner which has a limited vacuum floor cleaning system combined with sensors and robotic drives with programmable controllers and cleaning routines. Early designs included manual operation via remote control and a "self-drive" mode which allowed the machine to clean autonomously.

Global-Tech Appliances, Inc. v. SEB S.A., 563 U.S. 754 (2011), is a United States Supreme Court case. The case considered whether a party, in order to "actively [induce] infringement of a patent" under 35 U.S.C. § 271(b), must know that the induced act constitutes patent infringement, or whether deliberate indifference to the existence of a patent can be considered a form of actual knowledge. In an 8–1 decision delivered by Justice Samuel Alito, the Court held that induced infringement requires knowledge of patent infringement, but because the petitioners had knowledge of a patent infringement lawsuit involving the respondent and Sunbeam Products over the same invention, the Federal Circuit's judgement that petitioners induced infringement must be affirmed under the doctrine of willful blindness.

RetailMeNot, Inc. is an American multinational company headquartered in Austin, Texas, that maintains a collection of coupon web sites. The company was founded by Cotter Cunningham. The company owns RetailMeNot.com and VoucherCodes.co.uk and acquires coupon sites and third-party software.

Fantom Technologies, Inc. was a Canadian household appliance company founded in Welland, Ontario in 1986 as IONA Appliances, with offices in Buffalo, New York, U.S. A manufacturer of dual-cyclonic type vacuum cleaners, they were inspired from the Dyson vacuums. Its later name was adopted in 1995.

Wyze Labs, Inc., also known as Wyze, is a U.S. company based in Seattle, Washington, that specializes in smart home products and wireless cameras. Wyze Labs is a small start-up, formed by former Amazon employees.

Roborock is a Chinese consumer goods company known for its robotic sweeping and mopping devices and handheld cordless stick vacuums. Xiaomi played a key role in the company's founding.

JS Global Lifestyle Co., Ltd. is a Chinese manufacturer of small appliances based in Hangzhou. Joyoung founder Wang Xuning formed JS Global as a holding company in October 2017 after he acquired US-based SharkNinja. The company began trading on the Hong Kong Stock Exchange on 19 December 2019. On July 31, 2023, SharkNinja spun off from JS Global and became a U.S. public company listed on the NYSE.

Dreame Technology, with the full name Dreame Technology Co., Ltd., also known as Dreametech, is a Chinese manufacturer of household appliances, specializing in making vacuums. Founded by Yu Hao in 2017, the company's main products are cleaning and personal care appliances, including cordless vacuums, scrubbers, hairdryers, and robot vacuum and mops. In addition, it owns and operates an app called Dreamehome.

References

  1. ↑ "SharkNinja". Bloomberg.com. Archived from the original on July 11, 2020. Retrieved July 10, 2020.
  2. 1 2 "CDH Private Equity Acquires SharkNinja Operating". mergr.com. Mergr. 2017. Archived from the original on July 13, 2020. Retrieved July 10, 2020.
  3. 1 2 3 4 "SharkNinja, Inc. Prospectus". www.sec.gov. June 28, 2023.
  4. ↑ "SharkNinja CEO reveals what consumers are looking for now". Yahoo! Finance . Retrieved August 1, 2023.
  5. ↑ Schulties, Rachel (2020-08-28). "Mark Rosenzweig, Founder, and Mark Barrocas, President, SharkNinja named 2021 HomeWorld Business "People To Watch"". Marketsmith, Inc. Archived from the original on 2023-02-14. Retrieved 2023-04-12.
  6. ↑ Cave, Andrew. "How Shark Ate Dyson's Lunch In America". Forbes. Archived from the original on 2023-04-12. Retrieved 2023-04-12.
  7. ↑ "Euro-Pro Cleans Up with New SharkNinja Identity" (Press release). Newton, Massachusetts: SharkNinja Operating LLC. July 22, 2015. Archived from the original on July 12, 2020. Retrieved July 10, 2020– via PRNewswire.com.
  8. ↑ "Shark Anti Hair Wrap & About Shark". Which Vac?. Archived from the original on 22 November 2022. Retrieved 22 November 2022.
  9. ↑ "CDH Acquires Stake in Home Appliance Brand SharkNinja". The Free Library. August 17, 2017.
  10. ↑ "SharkNinja aims to suck up Dyson vacuum business". Financial Times. 2018-10-16. Retrieved 2023-08-16.
  11. ↑ "JS Global Lifestyle Co Ltd, 1691:HKG profile - FT.com". markets.ft.com. Retrieved 2023-08-17.
  12. ↑ "Chinese owner of SharkNinja revives Hong Kong IPO amid US tariff risks". South China Morning Post. 2019-12-09. Archived from the original on 2022-12-05. Retrieved 2023-03-21.
  13. ↑ "SharkNinja Becomes Independent, Publicly Traded Company and Begins Trading on New York Stock Exchange". July 31, 2023. Retrieved July 31, 2023.
  14. 1 2 3 "Roomba, SharkNinja, and the $3 billion battle of the robot vacuums". The Boston Globe . Archived from the original on 2023-03-22. Retrieved 2023-04-16.
  15. ↑ "Sun Fact Sheet". nssdc.gsfc.nasa.gov. Retrieved 23 October 2023.
  16. ↑ Roth, Emma (20 October 2023). "Frying pan company sued for claiming temperatures that rival the Sun". The Verge.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.