Retail Merchandiser - November/December 2017 - 19
onoprice was founded
in 2002 with one goal
in mind: to sell pre-
mium products at an
Founder Seok Hong found success by
eliminating layers of markup within the
supply chain and selling products in a
direct-to-consumer model via a website:
Monoprice.com. He continued to grow the company, emphasizing cables, adapters and wall mounts as the company's core business.
In 2013, Hong sold Monoprice to Blucora Inc., a provider of technology-enabled financial solutions to consumers, small businesses and tax professionals.
Around that time, the retail environment was being
dramatically altered by increased competition from notable
brands - including Amazon, Walmart and eBay - that
were creating or expanding online marketplaces.
This ultimately made it easy for small and overseas
businesses to sell affordable products directly to consumers.
Simultaneously, there was a rise in white-label manufacturing by large brands including the introduction of AmazonBasics by Amazon.
We ensure customers
are getting really great
products at affordable
prices, and we stand
Bernard Luthi, who now serves as CEO, joined the
Brea, Calif.-based company in 2014 during this significant
shift in the e-commerce landscape. Due to the changing
environment and competition Monoprice was facing,
he initiated a "companywide transformation" to not only
capitalize on the company's success, but also to spur further
growth and cement its place in the market.
"During this time, Blucora was also going through their
own transformation, which centered around their tax-focused businesses," Luthi explains. "Monoprice was divested. At the end of 2016, we were sold to YFC - BonEagle
Electronic Co., one of our cable suppliers at the time."
Under the leadership of YFC - BonEagle, Monoprice
has been and will continue to be even more successful,
Luthi predicts. "They will play a huge role," he says. "We're
owned by a company that not only has been manufacturing
product for a long time, but is in the cable industry and has
an exceptional reputation and terrific relationships."