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Newegg.com Inc.
Type Private
Founded 2001 (2001)
Headquarters City of Industry, California, U.S
Key people Tally C. Liu (CEO)
Rich Quiroga (VP Finance)
Bernard Luthi (VP of Marketing and Merchandising)
Michael Amkreutz (VP of Product Management)
Joel Miller (CHRO)
Industry Computer software
Computer hardware
Products Computer hardware, software, peripherals, electronics, accessories, apparel, housewares, small appliances
Revenue US$2.1 billion (2008)[1][2]
Net income US$28.8 million (2008)[3]
Employees 2,000 (2008) [2]
Website www.newegg.com

Newegg.com Inc. is an online retailer of computer hardware and software. It is based in City of Industry, California. Fred Chang, a Taiwanese immigrant, founded the company in 2001.[4] Its slogan is "Once you know, you Newegg."[5] It also operates the NeweggMall website as part of its plans to expand offerings beyond computer hardware. The name means "new beginnings".[6]

Contents

History

Key players in Newegg's design and execution were Fred Chang (then-CEO and Founder), and Ken Lam (Vice Chairman of the Board). In time, ABS Computers reverted to a subsidiary of Newegg.[7] 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 sales to approximately $1.3 billion annually. Newegg launched NeweggMall.com in July 2008, Newegg.ca in October 2008, and Biz.Newegg.com in August 2009.

Newegg also sponsors technology industry events and PC gaming tournaments for titles including Counter-Strike, Warcraft III and Rome: Total War. Newegg had a monthly Case Mod contest in 2005, where contestants submitted pictures, descriptions, and directions describing how to mod their computers into esoteric appearances and functionalities. The contest is currently on hold.

Newegg is one of the highest rated online retailers on ResellerRatings - 9.73/10 six-month rating (30,054 lifetime reviews)[8] putting it in the top ten[9] of over 13,000 stores, as of January 2008. In 2009, it was listed as #234 on the Forbes America's Largest Private Companies list,[2] which estimates its annual revenue at $2.1 billion. The company has about 2,000 employees.

On September 28, 2009, Newegg Inc filed for an IPO (initial public offering) with the U.S. Securities and Exchange Commission. The filing also stated that newegg.com has been profitable every year since 2001 and generated sales of $2.1 billion in 2008. The company's largest shareholder is New York-based venture-capital firm Insight Venture Partners. The IPO is being managed by JP Morgan, Bank of America, Merrill Lynch and Citi.[10]

On February 10, 2010, Newegg was sued by three former employees accusing it of numerous labor and business abuses, such as violating "a slew of labor laws, overwork[ing] and abus[ing] immigrant workers and order[ing] employees to hack into competitors' computer systems." [11] Newegg strongly denies all the employment lawsuit charges.

Counterfeit Intel processors

In March of 2010, Newegg sold 300 counterfeit Intel Core i7-920 CPUs.[12] The problem was first exposed by a member of the website HardOCP, who posted about receiving the fake CPU on the site's forum.[13] Newegg at first released a statement saying that the processors were "demo units", but later said that they discovered that the processors were actually counterfeit, and that the company was terminating its relationship with one supplier in response.[14] The company offered replacement units to the customers who received a counterfeit processor, while Intel stated that they had been made aware of the problem and were investigating as well.[15]

Name

Traditionally, the egg is a symbol of birth and unlimited potential. The founders selected “Newegg” as the company name to signify new hope for e-commerce during a period when e-commerce businesses were struggling to survive.[16]

Storefronts

  • Newegg.com — principal site, for United States customers
  • Newegg.ca — for Canadian customers
  • Biz.Newegg.com — for corporations, resellers, schools and non-profit organizations.
  • Newegg.com.cn — for Chinese customers
  • NeweggMall.com — U.S. website with other third party vendors
  • ChiefValue.com — a sister website of Newegg.com which contains mainly computer products
  • ABS.com — System builder owned by Newegg
  • Rosewill.com — Newegg product brand

Awards

Newegg has been the recipient of various awards, including:

  • Computer Shopper Shoppers' Choice Awards: 2008,[17] 2007,[18] 2006, 2005, 2004, 2003
  • Forbes.com Best of the Web[19]
Rankings
Ranking / Details Who When
Top 100 Fastest Growing Private Company in Los Angeles Los Angeles Business Journal (2006, 2007)
Number 1 in Response Time and Consistency, Number 4 in Availability Gomez.com Business Process Benchmark (Oct 31, 2007)
Tied for 6th place in Top 100 Online Retail Satisfaction Index Internet Retailer (2007) Rankings
Ranked #1 in Top 10 Best Online Shopping Sites for Women-Getting an Early Start on Cyber Monday www.sheknows.com Nov 21,2007
Ranks in Top U.S. Online Retailer—Overall #10, Computer/Electronics #5, Internet Only #2 Internet Retailer (2007)Rankings
Ranked 18th Largest Consumer Electronic Dealer TWICE Magazine,Top 100 (2007)
Ranked #11 by Gross Dollar Growth and #17 by Revenue Growth in Inc. 5000 Privately Held Growth Companies Inc. Magazine (2007)
Ranked #234 in Forbes Largest Private Companies in America[2] Forbes 10/28/2009
Ranked in Top 10 Largest Internet Retailers Internet Retailer[20] 8/6/2007
Inc. Magazine's List of America's 500 Fastest-growing Private Companies Inc. Magazine 9/20/2006
Ranked #10 on Internet Retailer's Top 500 Internet Retailer 7/1/2006
Top 100 CE Retailers TWICE 5/8/2006
Ranked #2 Among L.A.'s Largest Minority-Owned Businesses Los Angeles Business Journal 3/27/2006
Ranks In Top 10 Among L.A.'s Fastest Growing Private Companies Los Angeles Business Journal 11/14/2005
Ranks In Top 20 Among L.A.'s Largest Private Companies Los Angeles Business Journal 10/24/2005
Ranked #9 On Internet Retailer's Top 400 Internet Retailer 8/1/2005

References

  1. ^ Fact Sheet
  2. ^ a b c d Newegg.com
  3. ^ SEC filing
  4. ^ "Branching out from techie heaven". LA Times. http://articles.latimes.com/2007/dec/29/business/fi-newegg29. Retrieved 2008-11-21. 
  5. ^ "About Us". Newegg.com. http://www.newegg.com/CustomerService/AboutUs.asp. Retrieved 2006-12-22. 
  6. ^ "Twitter / Newegg (Official)". Twitter.com. http://twitter.com/Newegg/status/2918527935. Retrieved 2009-07-29. 
  7. ^ Hesseldahl, Arik (2005-11-18). "Where the Tech Buffs Shop". BusinessWeek. http://yahoo.businessweek.com/technology/content/nov2005/tc20051118_333155.htm. Retrieved 2006-12-22. 
  8. ^ "Newegg.com Customer Ratings, Reviews and Prices". ResellerRatings.com. 2009-11-30. http://www.resellerratings.com/store/Newegg. Retrieved 2009-30-30. 
  9. ^ "Highest Rated Stores". ResellerRatings.com. 2008-01-09. http://www.resellerratings.com/topstores.pl. Retrieved 2008-01-09. 
  10. ^ "UPDATE 1-Venture-owned e-commerce co Newegg files for IPO". http://www.reuters.com/article/marketsNews/idUSN288093020090928. 
  11. ^ Raft of Labor Abuses Alleged at Newegg
  12. ^ NewEgg sells over a hundred counterfeit Core i7-920 CPUs, KIRFers pump their fists
  13. ^ Intel, Newegg Investigate Sale Of Fake Chips
  14. ^ Newegg Axes Supplier Over Fake Intel Chips
  15. ^ Newegg probes shipments of fake Intel chips
  16. ^ "New Egg Website". http://www.newegg.com/Info/AboutUs.aspx. Retrieved 2009-12-15. 
  17. ^ "22nd Annual Shoppers' Choice Awards". Computer Shopper (US magazine). http://computershopper.com/feature/22nd-annual-shoppers-choice-awards8. Retrieved 2008-12-06. 
  18. ^ "21st Annual Shoppers' Choice Awards". Computer Shopper (US magazine). http://computershopper.com/feature/2007-21st-annual-shoppers-choice-awards-best-places-to-buy. Retrieved 2008-12-06. 
  19. ^ "Forbes.com Best of The Web". Forbes.com. http://www.forbes.com/bow/b2c/category.jhtml?id=10. Retrieved 2008-12-06. 
  20. ^ "Newegg Among Top 10 Largest Internet Retailers". http://www.internetretailer.com/top500/list.asp. 

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