SharkNinja is a brand that is seen as being fit for purpose in today’s inflation driven market where value and perception counts.
Already a key partner of retailers in Australia the brand is on a mission to grow with the Company behind the brand selling one lot of products branded Ninja and another range as Shark.
So, who is SharkNinja and why are their products suddenly popular in Australia?
Sounding more like an Asian start up the brand is actually based in Needham, Massachusetts.
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.
The Company was originally known as Euro-Pro. It was renamed SharkNinja in 2015 by Mark Rosenzweig, the third generation of his family to lead the business.
Shark and Ninja are house-care brands developed by SharkNinja Operating LLC, a pioneer in small household appliances and cleaning solutions designed to fit the lifestyles of busy people the Company claims.
Their strategy is based on strategically pricing their products below those of premium sellers such asPhilips, Breville, Delonghi, Dyson and Vitamix “without compromising” on the end quality of their finished products that include air fryers, coffee makers, hair dryers and air purifiers.
Recently the Company rolled out a campaign with David Beckham who appears to sell brand Beckham to anyone who will pay including Bowers & Wilkins whose headphones he was spruiking earlier this month.
This time round it’s David Beckham and SharkNinja ice-cream machines.
According to the Wall Street Journal the company makes products in 34 subcategories, up from 27 at the end of 2022.
In Australia, the brand is on a roll having launched several new categories and over 20 new products.
As a result, the Company is now claiming that they will have 80 staff by the end of the year, they currently have 45.
Several competitors are questioning the scale of their growth.
Research shows that globally SharkNinja who has made a concerted effort to move into International markets to achieve growth targets has managed to increase its market share.
Its market share in toaster ovens went from 4% in 2019 to 23% in 2023, according to Circana.
Its robot-vacuum market share went from 15% to 32% over that period.
It has done this while retaining its position as the top blender and vacuum seller in the U.S. over the past four years.
A quick glance at their financials reveals that their share value has grown 77% year to date with the Company beating top-line and bottom-line expectations every quarter by a wide margin.
At IFA next week the Company is hosting a major breakfast launch of new products.
In its latest earnings, the company roughly doubled its revenue-growth expectation for this fiscal year to 20%-22%.
When compared to the likes of Breville the Australian owned competitor which trades at 17.5% times multiple investors can see that the Company is on a roll in a market that appears to be coming their way Vs their competitors.
SharkNinja revenue grew at compound annual growth rate of about 23% since 2018, compared with an 18% rate for Breville according to the WSJ.
The big question is whether SharkNinja can keep its pace of innovation going with the business tipped to be moving into skin care shortly as they look for growth markets.
