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Early years and growth
The company was founded by Fred Chang, a U.S. immigrant from Taiwan, in 2001. "Newegg" was selected as the company name to signify new hope for e-commerce during a period when e-commerce businesses were struggling to survive.In 2004, Newegg established Rosewill as a private-label reseller of computing and household products from many manufacturers.
In 2005, Newegg.com was named one of the Internet's Top 10 retailers by Internet Retailer Magazine, with 2004 sales revenue of just under $1 billion. Newegg.com grew an additional 30% in 2005, bringing annual sales to approximately $1.3 billion. Newegg launched NeweggMall.com in July 2008, Newegg.ca in October 2008, and NeweggBusiness.com in August 2009. In 2009, it was listed as No.?234 on the Forbes America's Largest Private Companies list.Chang had been Newegg's chairman and CEO until August 1, 2008, when it was announced he would step down as CEO and chairman while remaining a member of the board of directors and executive committee. He was succeeded by Tally Liu. Chang also retained his position as president of Newegg's Chinese operations.
Attempted 2009 IPO and Newegg Marketplace
On September 28, 2009, Newegg Inc filed for an IPO with the U.S. Securities and Exchange Commission. The filing stated that Newegg has been profitable every year since 2001 and generated sales of $2.1 billion in 2008. The company's largest outside shareholder is New York-based venture-capital firm Insight Venture Partners. The IPO was managed by JP Morgan, Bank of America, Merrill Lynch and Citi. In 2011, the company withdrew its registration for filing for an IPO, saying it would continue to explore alternative options for funding.It launched Newegg Marketplace in 2010, and exceeded $2.5 billion in revenue that year. The company has more than 1,500 employees.
In 2010, Liu departed, and Chang became CEO again.
Subsequent expansion
On June 15, 2017, during London Tech Week, Newegg announced a global expansion plan to serve key parts of Asia Pacific, Europe, Latin America and the Middle East. Once complete, the online retailer is expected to reach customers in a total of 50 countries. On November 2, 2017, the company announced key global milestones, including localized payment options, enhanced customer service and a greater product selection for its international customers.
Liaison Interactive buyout and SPAC merger
In 2016, Liaison Interactive , a Chinese technology company, acquired a majority stake in Newegg in an investment deal. In 2020, Newegg entered into a merger agreement with Lianlou Smart Limited , a special-purpose acquisition company, wherein Newegg stockholders became majority owners of LLIT. Following the consummation of the merger, Newegg listed as a publicly traded company on Nasdaq in May 2021 as Newegg Commerce, Inc.
