Purple Innovation, Inc.
| File:Purple, Inc logo.png | |
| Public | |
| Traded as |
|
| ISIN | 🆔 |
| Industry | Mattresses |
| Founded 📆 | 2015 |
| Founders 👔 | Tony and Terry Pearce |
| Headquarters 🏙️ | , , U.S. |
Area served 🗺️ | Canada, United States |
Key people | Rob DeMartini (Interim CEO)[1] |
| Products 📟 | Mattresses, pillows, sheets, mattress protectors, adjustable beds, seat cushions, back cushions, and bed platforms |
| $187 million (2016) | |
| Members | |
Number of employees | |
| 🌐 Website | purple |
| 📇 Address | |
| 📞 telephone | |
Purple is an American comfort technology company based in Lehi, Utah, USA. It specializes in the direct-to-consumer sale of mattresses, seat cushions, back cushions, pillows, and platform bases.
History[edit]
Brothers Tony and Terry Pearce[2] began by creating carbon fiber sporting goods and wheelchairs in 1989.[3] In the following years, they created EdiZone, LLC and own 23 trademarks in cushioning materials, fluids, and hyper-elastic polymers. The patents are used in medical devices, shoes, and toys.[3][4]
In 2013, a patented machine was invented and named Mattress Max, which allowed them to create and mold large pieces of elastic polymers into mattresses.[3] They went on to found Purple and started a Kickstarter campaign for a king-sized mattress which launched on September 23, 2015. Five days later the campaign reached its original goal amount of $25,000.[5] On November 7, 2015 the Purple mattress campaign ended with 320 backers pledging $171,560.[5]
Purple partnered with The Harmon Brothers team to launch a series of videos that explain and demonstrate the science behind the mattress. Purple's videos and advertisements collected more than 100 million views.[6]
On July 27, 2017, Purple announced a merger with Global Partner Acquisition Corp (GPAC) at a $1.1 billion valuation.[7][2] After the acquisition, the company was renamed Purple Innovation Inc.[8]
On December 13, 2021, after disappointing performance through 2021, Joseph B. Megibow resigned as CEO and from the Board of Directors of Purple Innovation. During Mr. Megibow's tenure, Purple's stock experienced wide swings, with a strong performance during 2019-2020. However, a series of industrial accidents during Mr. Megibow's tenure [9] cascaded with a series of poor quarterly performance and multiple earnings revisions resulted in Purple falling from an all-time high of $41.08 to just $9.80 as of Mr. Megibow's departure in 2021. Consequently, Purple's Board of Directors installed Rob DeMartini, Former CEO of New Balance and USA Cycling as interim CEO & as a member of the Board of Directors, with Mr. Megibow remaining on in an advisory role during a transition period of 6 months from his resignation.[1]
Products[edit]
Purple manufactures mattresses, seat cushions, back cushions, pillows, and other products made of a proprietary material called "hyper-elastic polymer" which provides support and dissipates heat.[2] According to the company, they use patented technology and a special flame barrier fabric with unique stone fiber-based non-toxic firesock that naturally slow flames. Their flame barrier, adhesives, and foams are certified by GREENGUARD Gold, and CertiPur which means that it complies with health standards for use in schools and healthcare facilities.[10]
The company's manufacturing plants are located in Alpine and Grantsville along with a new manufacturing facility in McDonough, Georgia set to open in 2021. Purple has also opened brick and mortar stores across the country. All of Purple’s mattresses, pet beds, pillows, and cushions are manufactured at these facilities.[2]
Purple has developed specialty sheets, mattress protectors, adjustable beds, and bed foundations.[11]
Purple holds significant intellectual property, due to its founders extensive background in research and development.[12] The founders maintain dozens of patents for various related applications for their technologies.
Purple’s technology came to be licensed to makers of critical care medical beds (Stryker Medical); consumer mattresses in Europe (Svane by Ekornes), Japan (Francebed), and Australia (Sleepmaker); backpack straps (Jansport); shoe insoles (Dr. Scholl’s Massaging Gel and Sof-Sole); pillows (Sleep Innovations); soft-catch toy balls (Nickelodeon); wheelchair cushions (EquaPressure); and many other advanced cushioning Including medical beds (Hillrom), footwear (Nike), ankle/knee braces (Johnson & Johnson), golf bag straps (Top-Flite), neonatal intensive care (preemie baby) ‘nests,’ surgical positioning cushions, surgical tourniquet cushions, ballet cushions, industrial knee pads, and more. This includes Floam, a trademarked material invented by the founders of Purple.[13]
On September 22, 2016, a second Kickstarter campaign opened to gain $25,000 worth of financial support for Purple’s pillow. One month later, Purple raised about $2.6 million from over 17,000 backers.[14]
References[edit]
- ↑ 1.0 1.1 https://www.prnewswire.com/news-releases/purple-innovation-inc-appoints-robert-demartini-former-president--chief-executive-officer-of-new-balance-as-acting-chief-executive-officer-301443473.html[bare URL] Cite error: Invalid
<ref>tag; name "prnewswire.com" defined multiple times with different content - ↑ 2.0 2.1 2.2 2.3 "New York company is buying Utah mattress manufacturer Purple, valued at $1.1 billion". The Salt Lake Tribune. Retrieved 2019-04-13.
- ↑ 3.0 3.1 3.2 Feldman, Amy (2 May 2017). "How Purple's Mattress Missionaries Hope To Sell $2 Billion Worth Of Their Comfort Technology". Forbes. Retrieved 4 September 2017.
- ↑ "EdiZONE, LLC Trademarks". trademarkia.com. Retrieved 8 December 2016.
- ↑ 5.0 5.1 "Kickstarter, Purple: The Latest Technology in Comfort and Sleep".
- ↑ Feldman, Amy (2 May 2017). "Behind Purple's Success: Harmon Brothers, Creators Of A Rainbow-Pooping Unicorn, Turn Videos Viral". Forbes. Retrieved 4 September 2017.
- ↑ "Mattress Startup Purple Agrees to $1.1B Merger With Publicly Traded Investment Shell Company". Forbes. Retrieved 27 July 2017.
- ↑ "High-growth companies such as mattress maker Purple are lifting Utah's economy to greater heights more quickly". The Salt Lake Tribune. Retrieved 2020-02-12.
- ↑ https://kutv.com/news/local/purple-mattress-fatal-accident-was-second-recent-workplace-safety-incident-at-that-facilit
- ↑ "Best Non-Toxic Mattress: Why Purple is the Safest". Purple. 2017-03-21. Retrieved 2019-04-13.
- ↑ "How This Purple Mattress 20 Years in the Making Became an Overnight Success with Shopify Plus – Shopify". Retrieved 8 December 2016.
- ↑ "Purple Patents".
- ↑ "About Us, Purple.com".
- ↑ "Purple Pillow: The World's First No-Pressure Head Bed". Retrieved 8 December 2016.
External links[edit]
This article "Purple (company)" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Purple (company). Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
