Purple Innovation (NASDAQ:PRPL) develops and markets innovative comfort and wellness products for the sleep and furniture markets. The company’s flagship product line centers on its proprietary Hyper-Elastic Polymer grid, a patented technology designed to deliver pressure relief, temperature neutrality and motion isolation. Purple sells through a blended go-to-market approach that includes a robust direct-to-consumer e-commerce platform as well as partnerships with leading specialty and mass-market retailers.
The company’s portfolio extends beyond its core mattresses to include pillows, mattress toppers, adjustable bases, bed frames, sheets and other sleep accessories. Leveraging its grid technology, Purple has also expanded into seating and furniture applications, offering cushions for automotive, office and hospitality sectors. Product development is guided by in-house research and development teams who collaborate with sleep scientists and materials engineers to evolve the polymer grid and introduce new formulations.
Originating from research at the University of Minnesota in 2010, Purple Innovation was founded by brothers Tony and Terry Pearce and formally incorporated in 2015. Since launching its first mattress, the company has invested in vertical integration of manufacturing and assembly operations, with its corporate headquarters and production facilities located in Lehi, Utah. In mid-2019 Purple Innovation became a publicly traded entity, positioning itself to accelerate product innovation and expand its global footprint.
Today, Purple products are available across North America through online channels and retail partners such as Mattress Firm, Lowe’s and Costco, with strategic expansion into Europe and select Asian markets. Under the leadership of CEO Joe Megibow, the company continues to refine its supply chain, pursue new licensing opportunities for its polymer grid and extend its brand reach through targeted marketing and partnerships. The board and executive team combine expertise in consumer products, technology and retail to drive long-term growth in the sleep and comfort sectors.
