Newegg

#5687

Rank

$453.31M

MarketCap US

US United States

Country

Summary
Newegg Commerce, Inc. operates as an electronics-focused e-retailer in North America. The company offers desktops, laptops, gaming laptops, peripherals, and accessories; CPU/processors, graphic cards, motherboards, storage devices, and computer accessories; home video, home audio, headphones, pro audio/video, cellphones, wearables, and digital cameras; Xbox, Playstation, legacy gaming, and gaming titles; and home networking, commercial networking, server and components, and smart home products. It also provides display and printing, office technology furniture, office supplies, and mailing and inventory supplies; software, digital downloads, warranty and services, 3rd party gift cards, and entertainment products; car electronics, marine and aviation, motorcycles and ATV, performance parts, tools and equipment, and wheels and tires; home improvement tools, home appliances, kitchen utensils, outdoor and garden furniture, pet supplies, and generators; and fitness, sports, and health and beauty supplies. The company operates B2C platforms, including Newegg.com, Newegg.ca, and Newegg Global, as well as mobile apps; and B2B platforms comprising NeweggBusiness.com. The company was founded in 2001 and is headquartered in City of Industry, California. Newegg Commerce, Inc. is a subsidiary of Hangzhou Liaison Interactive Information Technology Co., Ltd.

History

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.


Mission
We thrive to empower our employees, develop a scalable and sustainable organizational structure and grow strong partnerships to achieve an unbeatable online shopping experience for the latest and greatest products and services.

Vision
We strive to make shopping easy, enjoyable and rewarding for each of our customers, through our passion for innovation, dedication to customer service, and a commitment to providing great value.

Key Team

Mr. Jamie Spannos (Chief Operating Officer)

Mr. Yong Feng Hou (Chief Technology Officer)


Recognition and Awards
Newegg was voted 'Best Of Customer Service' by Newsweek magazine readers, and is recognized year-after-year for its excellent customer service and return policy. Most recently, the company won the 'Retailer of the Year' and 'Best of Show' awards at the 2020 Consumer Electronics Show.

References
Newegg
Leadership team

Mr. Anthony K. Chow (CEO & Director)

Mr. Fred Faching Chang (Co-Founder & Vice Chairman)

Mr. Yueh-Pai Chang (Chief Financial Officer)

Products/ Services
E-Commerce, Hardware, Retail
Number of Employees
1,000 - 20,000
Headquarters
City Of Industry, California, United States
Established
2001
Company Registration
SEC CIK number: 0001474627
Net Income
5M - 20M
Revenue
Above - 1B
Traded as
NEGG
Social Media
Mon Feb 26 2024
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