Dive Brief:
- Product design and technology company SharkNinja has separated from JS Global Lifestyle Company Limited and began trading on the New York Stock Exchange Monday, according to a company press release.
- As part of its separation agreement, the company — which trades under the ticker symbol “SN” — said shareholders who held JS Global ordinary shares on July 4 have received one SharkNinja ordinary share for every 25 ordinary shares of JS Global held by such shareholder.
- SharkNinja is registering nearly 139 million ordinary shares in connection with the separation and distribution, according to the company’s F-1 filing from July 20. CJ Xuning Wang, chairperson of the board of directors, will have the ability to control about 57% of the voting power of SharkNinja’s outstanding share capital.
Dive Insight:
SharkNinja’s public debut comes as the brand has expanded its product categories to cover a wide range of household needs. The company offerings include Ninja-branded cooking devices such as air fryers, blenders, grills and kitchenware, as well as Shark-branded devices ranging from vacuums to hair care.
“Our success lies in understanding our consumers’ needs and rapidly developing innovative products to exceed their expectations," Mark Barrocas, chief executive officer of SharkNinja, said in a statement. "This approach has enabled us to build two billion-dollar brands, Shark and Ninja, by establishing leadership positions across numerous household product categories.”
The company’s F-1 filing shows that SharkNinja made $3.7 billion in net sales during 2022. The company also generated a net income during the last three fiscal years, most recently bringing in about $232 million last year.
While SharkNinja intends to grow its presence in existing categories, it also plans to expand the brand into new areas with the help of its proprietary software that “scour ratings and reviews ... to find and understand opportunities to improve the consumer experience.”
SharkNinja believes that four consumer trends are working in its favor: increased consumer interest in leisure thanks to dual-income households, an increase in millennial buying power, a greater emphasis on the home environment and the growing importance of product reviews.
Expanding its retail footprint, the brand started selling select hair care devices and accessories through Sephora in the U.S. on April 4. The partnership included a Shark FlexStyle gift set with an exclusive black colorway for the mass retailer.
