Greetings to our investors and online guests, and a warm welcome to the 2022 annual results announcement of JS Global Lifestyle. I'm Mars Chen from the IR team of JS Global Lifestyle, and I'm honored to be your host for this event. Whether you're participating in person or remotely, I encourage you to engage with our management team later in the Q&A session. Before we begin, I'd like to introduce the management team of JS Global Lifestyle who are present with us today.
They are Mr. Wang Xuning, Chairman, CEO, and Executive Director of JS Global Lifestyle, founder of Joyoung. Mr. Mark Barrocas, Global President of JS Global Lifestyle, President of SharkNinja. Ms. Yang Ningning, Chair of Joyoung. Ms. Han Run, CFO and Executive Director of JS Global Lifestyle. Mr. Leon Liu, Financial Director of JS Global Lifestyle. Mr. Paul Carbone, CFO of SharkNinja. Mr. Kenny Kan, CFO of Joyoung. I'm Mars Chen, IR manager of JS Global Lifestyle. First, let's welcome Mr. Wang Xuning, Chairman, CEO, and Executive Director of JS Global Lifestyle, founder of Joyoung, to deliver an opening remark. Welcome, Chairman Wang.
Greetings, investors. We're delighted to have you here with us today at the 2022 annual results announcement of JS Global Lifestyle. I would like to thank you for your continued support and interest in the company. Looking back on 2022, the world faced a multitude of challenges and instability, including rising inflation, increasing costs for raw materials, tightening fiscal and monetary policies, ongoing geopolitical tensions, recurring domestic and international epidemic, and excessive inventory abroad.
Despite these unfavorable circumstances and a high benchmark from the previous year, JS Global Lifestyle managed to achieve a almost flat in revenue for the full year of 2022 on a constant currency basis compared to last year. In 2022, the SharkNinja segment has upgraded its products in existing categories, which include vacuum cleaners, robotic vacuum cleaners, multifunctional electronic cooking pots, and air fryers. We have also broadened our product portfolio in new categories. In the last two years, launched products like FlexStyle hair styler and dryer and 3-in-1 air purifiers. Additionally, the SharkNinja segment is continuously expanding into new product categories, including outdoor grills and wet/dry 2-in-1 vacuum. Apart from expanding product lines, SharkNinja's sales performance across various markets is also impressive. Despite many complications, the U.S. market has managed to maintain a revenue level that is compared to that of the previous year.
In the European market, SharkNinja even bucked the trend and achieved a double-digit growth on a constant currency basis. It is worth mentioning that our offline markets in Germany and France have also been launched, and we are confident in the long-term development of the European market. Other markets represented by Asia-Pacific region have also demonstrated solid growth in 2022, and JS Global aims to further develop the SharkNinja brand in APAC. We plan to enhance our existing product range in the Asia-Pacific market, launch products that are tailored to local preferences, and expand our reach to new regions with untapped consumer potential. In 2022, we focused on enhancing the competitiveness of the Joyoung brand by expanding its product series and offering products for various scenarios.
Furthermore, we introduced several competitive new products that outperformed the industry, including no-flip air fryer, zero-coating rice cooker, blender, and cookware with antibacterial technology, and two-in-one water purifier. These new products help to strengthen Joyoung's market position as a leading national brand in China. Joyoung's core strength lies in its ability to understand customer needs. Its extensive R&D capabilities, its diverse supply chain system, and its nationwide online and offline sales network. In 2022, Joyoung underwent some management adjustment to introduce fresh energy and foster changes in future operations. Moving forward, Joyoung will focus on improving its operational sales and profitability capabilities, with particular emphasis on enhancing its refined operational capacity. The company will continue to expand its product line, which includes small kitchen appliances, small cleaning appliances, water appliances, and cookware, and seek to maximize the synergy between Joyoung and Shark.
As we look ahead to 2023, you may have heard about our plans to spin off SharkNinja's European and U.S. business for separate listing in the U.S. JS Group will still retain the Joyoung and SharkNinja Asia-Pacific business. Our growth strategy and business model will remain unchanged, and we are confident in our ability to accelerate the growth of our small appliances business in the Asia-Pacific market, including Greater China. Our three-dimensional strategy will continue to focus on growing our existing products and markets, entering new categories, and expanding into new markets. We will maintain our core business model, which involves identifying and meeting consumer needs, launching innovative products through global R&D collaboration, and leveraging our marketing and omni-channel sales network to create successful products. It's important to highlight that the synergy between JS Group and SharkNinja Group will persist and become stronger in the future.
To improve business efficiency and meet operational requirements, the two groups will increase cooperation in product development, research and development, engineering, and supply chain management, as well as strengthening partnership in brand management and expand Asia-Pacific business. Dear investors, while improving the quality of life for global consumers, fulfilling our social responsibility is the foundation for the healthy and sustainable development of JS Global Lifestyle, and a reflection of our long-term value as a listed company. We have always been dedicated to upholding high ESG standards and have been promoting them systematically. We have established a comprehensive ESG indicator system and management structure aligned with the UN SDGs. Additionally, we encourage more individuals to join us in making a positive impact on society and the environment.
The future presents significant economic and geopolitical uncertainties worldwide, we anticipate a gradual recovery and sound development of the global economy with COVID under control. We have confidence in our company's development and will work tirelessly with all our employees to improve our operations and performance continually. We aim to promote a healthy and orderly corporate development, generate long-term value and returns for our investors. Thank you all. Thank you, Chairman Wang, for your remarks. Next, let's welcome Ms. Han Run, CFO and Executive Director of JS Global Lifestyle to introduce JS Global's financial performance in 2022. Ms. Han?
Dear investors, I'm pleased to share with you our 2022 financial results. In 2022, JS Global achieved a revenue of $5.04 billion, slightly down by 2.1% year-on-year. Exchange rate fluctuations in 2022 negatively impacted our foreign currency revenue, which was up 0.7% year-on-year on a constant currency basis. The company's gross margin for 2022 remained largely consistent with 2021, with gross profit totaling $1.88 billion. Adjusted EBITDA was $673 million in 2022. Adjusted net profit was $426 million, with a net margin of 8.4%. The drop in adjusted net profit was primarily attributable to expenses related to increased personnel and a significant increase in the company's finance cost due to escalating interest rates of the U.S dollar loans.
In the past year, the company faced significant challenges from various aspects due to the complex and unstable global political and economic climate. Even though the data didn't match the exceptional results of the past few years, our operations quality has significantly improved and our sustainable development has shown great resilience. I walk you through the revenues by segment. In 2022, the SharkNinja segment achieved a growth of 2.4% to $3.8 billion on a constant currency basis. Despite a challenging comparison against the high performance of the previous fiscal year, SharkNinja continued to expand its market share and outperformed industries through a constant implementation of its growth strategy. This included aggressively tapping into established markets, exploring new emerging markets, and successfully launching new products as planned.
The Joyoung segment declined slightly by 3.7% year-on-year to $1.38 billion on a constant currency basis, mainly due to the slowdown in China's economic growth, slow recovery in consumer demand, and recurring COVID in 2022. Nevertheless, we are delighted to report that Joyoung has introduced new products with advanced technology and a strong health commitment, outperforming industry in areas such as air fryers, rice cookers, and blenders. Regionally, although the North American market was under pressure from historic inflation and high inventory, we continued to gain market share by implementing our successful strategy of introducing new and high desirable products for consumers. As a result, revenue from North America decreased slightly by only 1.2% year-on-year.
In 2022, Europe's overall economic environment was negatively impacted by geopolitical factors, as well as significant devaluation of the pound and euro against the US dollar. However, despite these challenges, the company successfully gained market share in the U.K. and expanded its business in other European countries. As a result, revenues in Europe decreased by 2.5% year-on-year on a constant currency basis. Revenue growth in Europe reached 14.6% year-on-year. Revenue in China declined slightly by 2.5% on a constant currency basis. Revenue in other markets, led by Japan, grew by 8.8% year-on-year on a constant currency basis.
Regarding product categories, while experiencing a slight year-on-year revenue decrease in the cooking appliance, cleaning appliance, and food preparation appliance categories, we maintained our ability to surpass industry standards by continuing to expand market share across most categories despite the challenges. We saw rapid growth in other categories with revenue up 18.9% year-on-year, mainly from air purifiers, hair dryers, and water purifiers. The group's gross margin for 2022 was 37.3%, flat year-on-year. In the first half of 2022, we were impacted by inflating costs of raw material and shipping. In the second half of the year, it was affected by the destocking of the industry in Europe and the U.S. At the same time, we increased our investment in promotion in 2022. Our superior product mix and tariff exemptions helped to partially mitigate the impact of the headwinds.
Additionally, raw material and shipping costs gradually decreased during the second half of the year, which is resulting in a favorable trend for our gross margin levels. Next, I will provide an overview of our working capital management in 2022. JS inventory turnover days, accounts receivable days, and accounts payable turnover days for 2022 were 82 days, 88 days, and 90 days respectively. In detail, inventory turnover days dropped greatly by 28 days compared to 108 days in the mid-2022, showing a destock ability of our product portfolio in a high inventory environment. Accounts receivable days maintained stable year-on-year, and accounts payable days declined 8 days year-on-year to 90 days. The group's existing working capital is adequate and cash flow is very healthy. We will continue to optimize. Next, our capital expenditure and capital structure in 2022.
The company's capital expenditure in 2022 were $165 million. Our total debt was $857 million. As the cost of borrowing in USD decreased significantly, we reduced about $85 million debt in 2022, thereby reduced our leverage ratio to 0.46 x. This demonstrates our ability to adjust our debt structure in different market environments. In 2022, our return on investment was 13.5%, again demonstrating our strong profitability. This concludes our presentation of JS Global's full year financials in 2022. Thank you.
Thank you, Ms. Han, for your introduction. Next, let's welcome Mr. Mark Barrocas, Global President of JS Global Lifestyle, President of SharkNinja, to update you our business development in 2022.
Thank you, Chairman Wang, Ms. Han, thank you all for joining us to discuss our 2022 full year results. JS Global has achieved massive growth over the last three years, adding $2 billion of revenue since 2019. As we enter 2022, we face numerous challenges that we expertly navigated throughout the year while persevering through a down market and maintaining our new higher baseline of revenue. Given this high revenue base that we grew the business to at the end of 2021 and the emerging headwinds in the market as we began 2022, many expected last year to be a correction year for JS Global and others in our space, giving our prior year growth. This is not at all what happened for us.
We outperformed most of our peer sets, continued to take market share from our competition, continued to launch into new and adjacent categories, and continued to execute against our international expansion strategy. We saw numerous market challenges start to subside in Q4 as we exited 2022 and are well-positioned to continue this success in the years ahead. Today, I'd like to walk you through five key areas that helped us deliver this performance in 2022 and will continue to propel the business forward. First, we have a diversified business via the categories and markets we operate in. Despite macroeconomic headwinds and challenging year-over-year comps, our business is resilient and growing. Second, we continue to take market share across existing categories and are quickly establishing a dominant presence in new ones.
Third, our ability to enter and succeed in these new categories was on full display in 2022. This is a strategy that is working in an extraordinary and compounding way, continuing to cement our right to enter and win in new and diverse categories. Fourth, our international expansion outside the core markets of North America and China continues to gain momentum, driven by the U.K., Germany, and Japan, where we continue to invest and lay the foundation for our future growth. Finally, we've proven our ability again to navigate challenges in the market and outperform our competition. Now, let's talk a bit more about each of these points. We delivered impressive results in 2022 in the face of a challenging macroeconomic landscape. JS Global increased net sales approximately 1% in constant currency. Achieving this level of sales means a few different things.
We held on to the extraordinary revenue expansion that we delivered in 2020 and 2021 through new and existing categories and international markets. We did so in an environment that saw many of our competitors' revenue decline year-on-year and many of the markets that we operate in contract as well. We grew our major international markets significantly in local currency. The SharkNinja business in Europe grew 14.6% on the foundation of an expanding business in the U.K. and new expansions in Germany and France. In our other SharkNinja markets, led by Japan and Israel, grew 8.8%. Our 2022 net sales represent 67% growth against 2019, and an even more impressive 82% growth rate on adjusted net profit compared to the same period.
The combined Shark and Ninja brands grew approximately 2.4% year-over-year in constant currency, while Joyoung declined slightly down 3.7% in constant currency. Taking a step back from 2022 and looking at this tremendous three-year growth, our team has grown the business organically from approximately $3 billion in 2019 to $5 billion in 2022. This kind of sustained growth at our scale is not easy and rarely seen in our categories or ones like them. We accomplish this by successfully executing on our strategy in both favorable and unfavorable economic periods. We are often asked whether our growth came from a COVID bump. I think that I firmly proved in 2022 that growth was not a bump.
It is our new baseline that we've lifted the business to and will build from going forward, driven by our strong market share gains in existing categories, consistent new category entry, and continued international growth. The first pillar of our three-part strategy is to grow our existing categories by innovating faster than the competition, which enables us to take, keep, and grow market share. That is why we're a market share leader in all the major categories and markets that we operate in. As the number 1 brand for vacuums, total floor care, and small kitchen appliances in the United States, Shark and Ninja brands yet again grew share compared to the same period last year. Market share for food preparation increased 270 basis points. Cleaning increased 260 basis points.
Cooking decreased 120 basis points, driven by some competitors' over-promotion in the category to move stale stock through the channels. For Ninja, however, we effectively managed our inventory levels and did not have to incur such massive fire sales. We consider this was a one-time right-sizing of inventory across the market and believe that we're well-positioned moving forward with our existing and new product launches in the cooking category. In the United Kingdom, we continue to expand our already dominant market positions. Our Ninja heated cooking business grew over 1,000 basis points in the electric cooking pots category, eclipsing nearly 60% market share. Vacuums continue to strengthen its market position, increasing 120 basis points. Food preparation gained an impressive 440 basis points of share.
Continuing with our first pillar of growth in existing categories, here you see the performance of some of our recent new Shark and Ninja category entries as they become existing categories for us, many having launched in 2021 and continue to build momentum and perform well in 2022. In the U.S. market, in just one year, we grew our kitchenware market share from 3% - 4.5% in a roughly $3.5 billion market. We more than doubled our market share in the $800 million air purifiers market from 3% in 2021 to 6.4% in 2022. In hair care, including hair dryers and hot air stylers, our market share soared from less than 1% to nearly 7.5% in one year.
Consumers have spoken and overwhelmingly agree that Shark Beauty is a force to be reckoned with. In at-home ice cream makers, a relatively sleepy category until our introduction of the Ninja CREAMi in 2021, we took our market share from around 24% to a dominant 60%. Jumping out to such successful starts and continuing to grow in new categories paves the way and reaffirms our ability to continue innovating and delighting consumers in existing and new categories. Here on display are some of the key drivers of our market share growth in recently entered categories driven by our continued innovation. We don't simply enter a new category with one product and rely on that one SKU to propel the business. We're continuously innovating and quickly follow one successful launch with another. The latest examples of that are here in front of you.
Each of these products here today launched in the second half of 2022 and is selling very well. These products represent line extensions, continued innovation, and new ways to address consumer pain points. This is our strategy at work and one that remains unique to us. Which other company launches this breadth of consumer products across these wide variety of categories with innovation and amazing value to the consumer year after year? It does not happen anywhere else. This is the key to how we generate diversified and compounding revenue growth year after year. FlexStyle is an unbelievable and profoundly affirmative example of what is possible when truly breakthrough ideas and technology come together to bring something entirely new to the world and transform what is a daily routine for our consumer. So much so that it becomes a viral sensation. Let me take a step back.
We entered the beauty category in 2021 with the Shark HyperAIR hair dryer and started to hear the question, "Shark is a cleaning brand. Can it really succeed in beauty?" In the second half of 2022, we launched the Shark FlexStyle, a two-in-one styling and drying system that you see here today. This product not only surpassed our consumers' expectations for what Shark could bring to the beauty category, but its viral success and runaway demand answered that question posed before in the most powerful way. Shark, without a shadow of a doubt, proved that yes, absolutely, it not only can be a beauty brand, but it is one of the top beauty brands in the world. At the end of 2022, the Shark FlexStyle was the number one hot air styler between $100 and $500 in the United States.
Shark became the number one brand across hair styling tools priced between $100 and $300. Shark added the most dollar growth in the hair styling tool category in the U.S., delivering 1.5 xs the growth of the number two top growing brand. We have included here just a sample of the headlines generated around this breakthrough product, all from Q4 for the short period of time FlexStyle was in the market in 2022. The excitement, buzz, and genuine newsworthiness of this product, both through these outlets as well as social media platforms like TikTok and Instagram, show that Shark has a bright future ahead of it in the beauty space. This is an incredible product with global appeal that we have ramped up production to serve a surging worldwide demand.
This is only the second product line for Shark Beauty. We're just getting started. In 2022, Joyoung launched several new products across existing product categories within China, including our high-speed blender, zero-coating rice cooker, air fryer, two-in-one water purifier, and non-stick frying pan. The second pillar of our three-part strategy is entering new and adjacent categories. Quickly touching on last year's new category entries, as you heard from us last year, we entered two new distinct categories in the second half of 2022: outdoor grills and 2-in-1 wet/dry floor cleaning. These two entries demonstrate how multidimensional this pillar of our strategy is. First, take the Shark HydroVac that just launched. The 2-in-1 wet/dry category is new for us, but an adjacent category where we have internal expertise and consumer insights to leverage from our other Shark cleaning categories.
The Ninja Woodfire, on the other hand, is our first venture outdoors. As the first electric outdoor grill of its kind that can barbecue, smoke, and air fry all in one, the Ninja Woodfire smokes slow and low to develop deeper, woodier flavors as it tenderizes large cuts of meat in less time than traditional smoking. As new and pioneering of an innovation that this is on its own, it is also opening the door for us to a much larger outdoor cooking arena. A similar category pioneering strategy was launched in 2018 with Foodi, the first product to combine pressure cooking with air frying. Fast-forward four years, I could not fit the current Ninja heated cooking portfolio of products on this table. This is our playbook in action.
Develop incredible products such as the FlexStyle, the Woodfire Grill, the Foodi, to name a few, that are not only amazing on their own, but open the door for a new portfolio of product and category dominance. The third and final pillar of our growth strategy is international expansion. Outside of our core established markets of North America and China, we continue to establish and grow strong foundations for future growth internationally. While our largest market, North America, has grown over 100% since 2019, Europe and our other markets have well exceeded that impressive growth rate, growing 185% and 162% respectively in that three-year period.
2022 experienced unfavorable currency impact on reported revenue, our year-on-year local growth rates were strong for the SharkNinja segment despite these markets being down overall, as you probably saw from our competitors' recent earnings. SharkNinja Europe grew nearly 15% in constant currency on the foundation of an expanding business in the U.K. and new expansions in Germany and France. In our other markets, led by Japan and Israel, grew about 9%. Europe continued to perform well as the Shark and Ninja brand awareness soars in the U.K., we continue to expand our new foothold in Germany. In the U.K., you heard me talk about our nearly 60% market share in electrical cooking pots. This represents most of the small home appliance heated cooking category and shows the dominance of our brand.
As Europe saw surging energy prices in 2022, consumers sought out more economical means of cooking at home, and they chose the Ninja brand in an overwhelming way. New markets such as Germany, France, and Australia continue to be a major area of focus and investment for the organization as we work towards continuing this outsized growth trajectory. As we have said before, we continue to operate in a dynamic environment and are not immune to the challenges in the market. However, as we predicted, many of the headwinds from the second half of 2021 through 2022 started to turn to tailwinds as we exited 2022, entering 2023. Starting with ocean freight, the market has turned a corner, coming off peak pricing from 2021 and 2022. By leveraging our global scale alongside long-term relationships and new partners to drive favorable contract terms for the North America and European markets.
This expense became a gross margin tailwind at the end of 2022 into 2023. We're seeing a similar stabilization across other commodities that are used in the products we make as well, along with a continued sufficient supply of key components such as microchips. As you heard from us, we took proactive steps in the first half to right-size our inventory at retail and our warehouses to ensure healthy levels were established across our system as we headed into our peak season. This positions us well for 2023. Looking at the state of the consumer, our demand in North America and Europe is strong. As you saw from our market share gains, the consumer continues to choose our brands in a meaningful way when they come to market.
We track and analyze point-of-sale data from our key retailers weekly and react quickly to trends, generally during times of uncertainty. We benefit from the strength of our brands and the diversity of the categories we operate in. We have a proven track record of effective P&L management through uncertain times, leveraging our global expense base, continuing to invest in R&D and advertising while keeping cost optimization initiatives as a major focus, both in terms of the cost of our products and expense needed to run the business. Thank you again for your time today. I will now hand it back to Han Run , our Group CFO, to walk you through ESG and outlook.
Thank you, Mark, for your delighted introduction. Let's welcome back Ms. Han Run, CFO and Executive Director of JS Global Lifestyle, to brief us the ESG advancement in 2022, the proposed spin-off and the strategy and outlook of the company.
JS Global has achieved a significant progress in its ESG efforts in 2022. We were added to the Hang Seng Corporate Sustainability Benchmark Index as a constituent stock and received high rankings in several international ESG ratings, surpassing the industrial average. These include the Hong Kong Quality Assurance Agency, Hong Kong Corporate Sustainability Rating, the S&P Global CSA, the FTSE4Good Index Series of the U.K., and the Carbon Disclosure Project. In addition, JS Global was awarded the Best ESG award in Asia-Pacific by Institutional Investor, a world-renowned financial magazine, ranking among the top three companies in the industry. We would like to express our gratitude to the market and partners for your recognition of our ESG work. We believe that long-term sustainable growth requires the integration of corporate sustainability into daily operations and a balance between profitability, environmental protection, and the social responsibility.
To this end, in 2022, we enhanced our ESG system and made public our ESG management approach, outlining structured guidelines and standardized procedures for addressing ESG issues. As an industrial leader, we are committed to advancing sustainable development within our supply chain. To this end, we conduct multidimensional audits for our core suppliers to evaluate their environmental practices, product quality, and social compliance, which enhances their contributions to the society. We prioritize strict quality control measures and exceptional after-sales service for our products and services, while also paying attention to the confidentiality of our customers' information. Notably, we did not have any product recalls during 2022 due to quality issues. Regarding environmental concerns, our attention is centered on five critical areas: greenhouse gas emissions, energy consumption, material consumption, water usage, and waste production.
We're committed to employing green energy solutions, and our photovoltaic pilot systems produce over 3.05 million kWh of energy annually, of which 87% is utilized for our own needs. SharkNinja's European headquarter has successfully achieved a dynamic target of carbon neutrality. Furthermore, we have executed food waste reduction measures and conducted a greenhouse gas emissions accounting in compliance with ISO standard in 2022. In terms of social service, SharkNinja invested $1.39 million in charity in 2022. Additionally, 342 volunteers dedicated over 2,500 hours to volunteering. The Joyoung Foundation has financed the establishment of Joyoung charity kitchens in 1,330 schools, benefiting over 730,000 students.
As of December 2022, the foundation has spent more than RMB 63 million on its initiative. JS Global has made a significant improvements in employee care this year with better results for employee management related issues across all ratings. The SharkNinja segment has also enhanced its diversity, equity and inclusion practices, SharkNinja China has won the Best Employer Award of Suzhou in 2022. Joyoung segment is focusing on providing training courses for employees with an average of 80 hours of training for employees in 2022. Additionally, JS Global is dedicated to creating job opportunities for individuals with disabilities, the group currently employs 79 people with disabilities. We warmly encourage our investors to take a key interest and endorse JS Global's ESG initiatives. We also welcome collaboration at various levels to foster notable advancements in ESG matters across our cooperating regions. Thank you.
I'll brief you the background and proposal for the spin-off and separate listing of the SharkNinja segment in the US. After assessing the overall market positions of SharkNinja and the Joyoung brands across different regions, the company recognized that success in each market requires geography-specific considerations and focus. The company believes that the best strategy to drive long-term business growth and enhance its presence in localized markets is to split up the company into its two primary delineated markets. JS Global, which will remain listed on the Hong Kong Stock Exchange, focuses on the APAC region, including Greater China. SharkNinja Group, the spin-off corporate, will seek separate listing on the U.S. Stock Exchange, focusing on the U.S., Europe, and other selected international markets, excluding APAC region.
After the spin-off, shareholders of JS Global will be entitled to a pro rata distribution of all JS Global's shareholding in SharkNinja in proportion to their respective shareholdings in JS Global. The future offerings of SharkNinja Group will be a combination of new and existing shares, up to 20% of SharkNinja's shares on a fully diluted basis. It's worth noting that there will be a six-month lock-up period for the remaining shares of the IPO. We will sincerely take shareholder suggestions and execute the proposed spin-off subject to the approval in EGM. The spin-off will create two separate businesses. One is the retained group of Joyoung and SharkNinja APAC, namely JS Global. The other is SharkNinja Group, focusing on the European and American markets. Joyoung under JS Global will continue to focus on kitchen appliances with a focus on Greater China and other regions.
SharkNinja APAC under JS will mainly operate the brands of Shark and Ninja and target on APAC market, including Greater China. SharkNinja Group, after the spin-off, will target on the United States, Europe, and other selected international markets with the brands of Shark and Ninja. After the split, the retained group and the SharkNinja Group will maintain independent operations in terms of products and sales channels, while synergies among the three companies, JS Global, SharkNinja Group, and Joyoung will persist. The retained group and SharkNinja Group will continue to run its own R&D while being able to leverage each other's strength in product development capabilities.
While each of the retained group and the SharkNinja Group will have sourcing function to support its own sourcing needs, the retained group will continue to provide value-added supply chain consulting services to SharkNinja Group to help it select quality OEM manufacturers to achieve cost reduction and efficiency improvement. The synergy within the group in R&D and the supply chain will not only be maintained, but continue to be amplified as the business grows. This chart clearly shows the company's shareholding structure before and after the spin-off. Prior to the spin-off, SharkNinja Group was a 100% owned subsidiary of JS Global. After the spin-off, assuming a maximum 20% offer of new shares, JS Global shareholders will hold 80% of the fully diluted equity of SharkNinja Group. Let me explain the value of this proposed spin-off and separate listing.
First, the spin-off will provide a more attractive value proposition for shareholders and investors. The two groups will have greater disclosure of their respective financial information and business positions. Shareholders and investors will be able to evaluate the value of JS Group and SharkNinja Group separately after the spin-off, allowing them to make better investment decisions and giving them more flexibility to adjust their portfolios. Secondly, we believe that the split will improve the efficiency of business operations in the markets where each group operates, further develop localized business strategies for each market, and contribute to long-term sustainable growth. It will also help both groups to respond quickly to local consumer and market needs, to capture business opportunities more effectively, and to improve operational and financial performance.
We believe that the split will also enhance the independence of governance of the respective groups and their respective boards. Management will achieve more focused growth and strategic planning, and gain sustainable competitive advantages through tailored social and environmental practices. It will also help both groups to strengthen their ability to recruit, motivate, and retain management and core employees. That is all I have to say about the proposed spin-off. Please be patient for a while longer for a more detailed proposal, which we will clarify in a circular that will be sent out soon. At that point, we will have more in-depth discussions with our investors. Next, I will present the group's strategy and outlook. Consumers have always been at the center of our strategy. We will persist in developing and marketing innovative products that meet consumer needs.
We will combine these products with cutting-edge technology and excellent design to drive sustainable growth through our sales network and the category expansion. The long-term growth is, and will continue to be driven by our three pillars of growth. Growth in existing categories and markets, growth in new categories, and the growth from a new market expansion. We believe that regardless of how the larger market conditions shifts, both the present JS Group and the two groups formed after the spin-off will remain committed to the business model championed by our chairman, Mr. Wang Xuning, which the team has consistently executed. This approach involves persistently identifying and exploring consumer needs, constantly introducing new and inventive products in regional markets through cooperation with global research and development platforms, and leveraging marketing and media communication capabilities, as well as an omni-channel sales network to develop popular products.
Next, my emphasis will be on our plan for expanding our business in the APAC region. Besides our Joyoung segment in China, where we aim to enhance our selection of small kitchen appliances, small cleaning appliances, water appliances and cookware, launch fresh product lines, and improve our financial performance. We will also concentrate on quickening our expansion into other parts of the APAC region. In existing categories, we will continue to introduce enhanced products within our current categories on an ongoing basis to fulfill the demands of local consumers. Our APAC team will leverage SharkNinja's brand strength and experience of successful product operation, and combine consumer insights from specific regions and countries with Joyoung practice of product development in China to launch upgraded products that will effectively engage consumers in APAC region. As a result, we expect to gain a larger market share for our existing product categories.
In new categories, SharkNinja APAC is currently prioritizing the Shark cleaning category, our APAC team is exploring ways to introduce other categories of Shark and Ninja kitchen appliances. This is a crucial task in achieving breakthroughs in APAC market. For example, we plan to introduce and localize successful products from Europe and the U.S. to drive sales and expand our product portfolios in new categories we have entered in recent years. In new markets, APAC region offers a vast market with a large population. Due to cultural diversity and variations in consumer habits, we must implement different strategies to achieve maximum efficiency. For instance, we intend to adopt a direct sales model in Australia, New Zealand, India, and Vietnam.
We're employing a distributor model in most ASEAN countries. We select reliable local distributors to promote our products in the local market under the unified guidance of our APAC center. We're confident that the small home appliance market in the APAC region has immense potential for future growth due to its size and growth rate. We believe that JS Global can continue to attract talents and build a robust executive team. Additionally, our strong R&D capabilities, diverse product portfolio, powerful brand influence, and a flexible supply chain will enable us to continue succeeding in the market. As a result, JS Global will stay committed to enhancing the quality of consumers' daily life through revolutionary innovation and design-driven smart home and products. With a promising market, a strong brand metrics, and a deep synergy of resources, we sincerely hope that you will join us in a new phase of development.
Thank you.
Dear investors, our prepared remarks have concluded here. In a minute, we'll be entering our Q&A session. Please be patient. Thank you.
Dear investors, now let's start the Q&A session. If you dial in from the telephone, please press star one and wait in the queue. If you ask the questions from the online platform, please directly type in your question. Right now, we already have some questions from the online platform. The first investor is from CITIC Securities, Mr. Wang Wencong . There are three questions. The first, after the pandemic, we have seen the consumption demand of the small household appliances have dropped, and the profit and revenue of the company in fiscal year 2022 have been dropped. How do you evaluate the long-term growth of a SharkNinja, and what are the challenges affecting SharkNinja's performance in the future? The second question is that we know that in the second half of last year, we had provided a relatively large discount.
However, the cooking appliance market share had still been dropped. What are the reasons and what are the measures to cope with such drop? The third question is that apart from the U.S., China, and E.U., on the other market, on a constant currency basis, the annual growth rate did not hit the double-digit, and this is quite deviated from the data you had disclosed in Q3. What are the reasons? Mark, please answer the three questions.
Sure. Thank you for the question. Let me take you through them one by one here. I think it's important to recognize that from 2019 pre-pandemic to 2022, JS Global grew 67% and SharkNinja grew 114%. There are not many companies, any companies in the home appliance space that have grown at that significant 114% rate. While SharkNinja in 2022 overall business was flat, it was up 2% on a constant currency basis. In spite of the market being down significantly in 2022, SharkNinja continued to gain share in existing categories, expand into new categories and grow internationally. I think that 2022 really was testament to the resiliency of the business and the diversification of the business.
You know, there were obviously lots of questions that would come in to say, well, the consumption increases that happened during the pandemic, were those gonna turn around and go the opposite way? I think what 2022 has demonstrated is that this is a new baseline for SharkNinja to continue to grow on to 2023 and beyond. You might have referenced Wall Street Journal articles on a competitor and other competitors in the small home appliance space where they were single category competitors or maybe a very non-diversified product assortment. Those companies experienced significant decline in 2022. We've talked about since we went public in 2019, the historical impact at SharkNinja of category diversification, customer diversification, geographic diversification, I think that 2022, you know, highly demonstrated that.
You have to keep in mind that SharkNinja was not even in the heated cooking business five years ago, and today we're the number 1 market share in heated cooking in North America. If you go back in our history, at point in the business, steam cleaners were our number one product category. Another point in the company's history, corded upright vacuums were the number one category in the company. You know, at another point in our history, motorized kitchen appliances were the number one category in the company. SharkNinja operates in 21 different subcategories across the small household appliance space. When you think about that number, you know, it's that category diversification that is so powerful for our business and is what makes us so meaningful to consumers and customers. Consumers don't just own 1 Shark or Ninja product, they own multiple Shark or Ninja products.
While the heated cooking business in 2022 took a step back, we experienced enormous growth in categories like our new Shark Beauty category. We entered into categories like our two-in-one vacuum and mopping category and took significant share. We entered into outdoor cooking that we believe we're gonna see significant growth in years to come. I don't know that the question is so much what is gonna happen with the heated cooking space. I think that people have bought a lot of heated cooking products from us over the last few years. I think we have a great pipeline of heated cooking products over the coming years. I think that those categories, if they wind up being flat categories, I think that we will continue to grow share in them.
You know, we faced a year last year where we had a number of competitors that had enormous amounts of inventory and discounted products considerably. There were competitors in 2022 that were discounting their products as much as 50% and 60% versus what those products were sold for in 2021 and 2020. All being, you know, we've maintained strong average sell prices in the category. We're still the brand of choice in that category, and we're gonna continue to keep innovating in it as well as, you know, the 20 other product categories that we're in. In answer to the question about promotion, you know, we actually, as I mentioned in our last earnings call and the earnings call before, we exited 2021 in a relatively good inventory position. We did not have significant excess inventory in our warehouses.
We did not have, you know, large amounts of glut of inventory on our retailer shelves, and we were not stuck with lots of component supply at our factories. In many cases, we chose not to discount, you know, to extreme levels. We did not grow share due to discounting. We continued to bring new products to market in 2022 faster and at a higher pace than any of the competitors in the market overall. Number two is we invested significantly in advertising during the year that we think are gonna pay big dividends in 2023 and beyond. Yes, I mean, we did, you know, see constant currency growth at 2%.
We did see net profit down as a result of enormous gross margin headwinds in the year, where we experienced, basically, you know, every combination of cost increase that came to us from freight to components to factory cost increases to FX impact. As we exited 2022, we saw a lot of those headwinds start to turn to tailwinds, and we believe that that's gonna lead to gross margin expansion, in 2023. I'll pause there and hopefully that answered your questions.
Thank you, Mark, for the detailed answering. Now let's take another question. Operator, please repeat the way to ask the question again, and if there is any investors asking the question, please connect him.
Okay. If you need to ask a question, please press star one and wait in the queue. First, press star and then press number one, and you can start asking a question after you hear the reminder sound. Next, let's welcome Sakura from CICC to ask the question.
Dear management, I am analyst Sakura from CICC. Thank you very much for the presentation, and I have two questions. The first is, given the 2022 annual results of the company, what is the positioning of the company in the industry in terms of the operational quality and operational results? After the spin-off of the SharkNinja European and American business, will the long-term strategical goals of the company be changed? This is the first question. The second question is that in the Q1, what is the general results of the company? In terms of the whole year, what do you think will be the driving forces for the results of 2023? What are the guidances for the top and bottom lines for 2 023?
Okay. Thank you, Sakura, for the question. First, I'd like to invite Chairman Wang to answer the first question, and Mark will answer your second question. Chairman Wang, please.
Thank you, Sakura, for your question. Just now, our CFO had shared with you our annual results in 2022.
Indeed, there was slight drop for both the revenue and the profit of the company. However, compared with our peers in industry, we are still among the top in industry. The fluctuation is very limited year-on-year. Generally speaking, especially according to the recent report issued by Frost & Sullivan, based on retail sales, the company ranked fifth in the small household appliances industry in 2022, and still ranked third among companies focusing on small appliances. Just behind Dyson and the Groupe SEB. Dear investors and analysts, you all know that JS has a very clear strategic goal, that is to become the number one brand in the global home, small home appliances. After the restructure of the group, I will still be the chairman of JS Global and the SharkNinja Group.
With this kind of a restructured organization, the BOD will continue to lead the development of the company and the primary goal maintains the same. That is to become the number 1 small home appliance brand in the world. JS Global and SharkNinja will continue to operate in their respective markets and respective categories and execute their own strategic plans. That is to say, we still have a very clear strategic plans and goals, and we will continue innovate and to constantly improve our market shares and strengthen marketing and expand our influences in the major markets around the world. We will continuously provide values for our shareholders. Thank you, CICC, Sakura, for your question.
Thank you, Mr. Wang, for your answer. Now let's have with us Mark to answer the second question.
Yeah. Yeah. Thanks, Chairman Wang and Sakura. Just to add on, look, we'll continue to pursue our three-pronged growth strategy after the spin-off, which is growing share in our existing categories. We've have a demonstrated track record of being able to do that historically. Expanding into new categories. Again, we believe that we've demonstrated a strong ability to be able to enter new categories and be able to take significant share in those categories. I'd invite you, Sakura, to, you know, go online and look at the Shark FlexStyle hair product in the U.S., in the U.K., in Germany. The product launch for us is going fantastic. Our Ninja Woodfire Grill just launched in the U.K. and continues to now have strong results with our first grilling season in the United States.
Expanding into new categories is something that we, you know, have a very strong competency in. Expanding globally. I mean, we think that our business in Europe, we've recently hired a managing director for Latin America, to focus on our expansion into Latin America, is going to help us in those markets as well. As I mentioned in the prepared remarks, what enabled us to deliver strong results in 2022 are the same things that are gonna prepare us for years ahead, and quite frankly, have been the same things that we've worked on at SharkNinja for the last 15 years. We believe that a diversified business is what allows us to navigate the macroeconomic challenges that exist.
We don't think that there is a company in the small household appliance business that is as diversified as SharkNinja. We also don't believe that there is a company in the small household appliance business that is able to have such organic growth potential as SharkNinja. We're very excited about those two pieces. As it relates to Q1, we remain comfortable with the year-to-date trends that we're seeing in our business. Again, as I mentioned, you know, a lot of the headwinds that we saw in 2022 from a gross margin perspective and a cost perspective have turned to tailwind. We've seen enormous decreases in the cost of freight, you know, decreases in the cost of key components that go into our products. There's no longer any shortages of components.
We think that we will be able to capture a lot of that cost and not have to pass that cost along to the market, which will result in higher gross margin. That said, we're not providing specific guidance for Q1 or for 2023 at this time. Thank you.
Thank you, Mark and Mr. Wang, for your detailed answers. Thank you, management team. Now let's have this, assistant to have another question raised from this telephone line.
Next question's from Rennie. Yes, please go ahead. Thank you.
Hi. This is Rennie from UBS. Thank you so much for taking my question. Hello, Mark. I got two questions for you. The first is on the gross margin in 2022. We know that you have received a tariff exemption last year, which should help your gross margin significantly. It turned out that your gross margin was flattish. Could you please quantify the impact of different tailwinds that you mentioned before, like promotions, like rising commodity costs, ocean freight costs, et cetera? Also into 2023, how do you plan to improve the SharkNinja's gross margin? This is my first question. Thank you.
Great. Thanks for the question, Rennie. Let me first say that, while we did receive, tariff exclusions, you know, we also had tariff exclusions for, you know, a large portion of 2021, so the year-on-year impact of that was not all that significant. You know, there were major cost impacts in 2022 that affected us, and affected gross margin, and I think that we actually did a very good job, keeping gross margins, you know, close to flat year-on-year. Let's keep in mind that, in 2021, you know, we were facing container costs out of China and out of Southeast Asia of about $1,800 per container. Those costs ballooned as high as $16,000 during 2022.
They've since subsequently come down back to historical levels into 2023, but we experienced enormous cost impact both into the United States as well as into Europe due to rising container costs. That was a tremendous headwind. Number two was commodity prices on core components of our products. Electrical components were up significantly. Batteries were up significantly. Factory costs were up significantly. You know, we experienced, you know, very, very large cost of goods increases in the beginning and the middle of 2022. Many of those subsided by the end of 2022, but they were absorbed into our P&L, you know, at quite a significant level, you know, during 2022.
You know, we saw that in certain categories there were above levels of promotional activity, as some brands sought to move stale inventory through the channel. We maintained a strong promotional balance, to continue to grow share, but we did not excessively promote in those categories, to sacrifice our profitability. You know, we think that when you compare us to other competitors in our space, you know, I think we managed gross margin quite effectively in 2022. As you enter into 2023, I think that the story changes considerably. I think all of the freight headwinds will turn to tailwinds. I think that we've seen significant factory cost reductions.
I think we've seen sub-supplier cost reductions in a lot of the key components that I spoke about earlier, batteries, electronic components, things like that. We're seeing some FX benefit from a cost perspective. We are not seeing higher promotions out our door. We have some very strong new products, as an example, like our Shark FlexStyle product that we're selling all at regular price, at a very healthy margin. In Europe, we're seeing very strong demand from products like our multi-cookers and our air fryer that are having very little promotional spend against them.
We think, Rennie, the combination of the tailwinds that we're seeing on the cost side, together with product innovation that is leading to less discounting in certain key categories, and less promotional activity in certain key categories, we think that we're gonna see really nice gross margin expansion as we get into 2023. You know, we'll be able to talk more about that as we move through the year. Thank you.
Thank you, Mark. This is very helpful. Thank you so much for the management team for this opportunity for me. The second question. The second question is about this European and Asia Pacific and China region president. Can you just share with us this new management team for the current work and for their 2023 key targets and what are these realization tasks? The second thing is, since this note is being released about the spin-off, what is the current stability of this overall team? Thank you, Rennie for the question. We will have Mr. Wang to answer this. Thank you, Rennie.
As we all know, since 2019 and JS Global in Hong Kong, we got listed and, for our operation has been very stable and developing at the same time. Without any doubt, no matter it's about this expansion of this new category of the expansion of new markets, we have all achieved great results. Until last year, I have to say that about $5 billion of the performance, we have reached a new platform of development. On the basis of this, gradually we have attracted some new regional managers coming to our career and, among them, I'm going to introduce them one by one. For Europe, Tom Brown has joined our company mid-2022. He used to be this, Jabra's, VP and Global Sales Director leading Jabra's global sales team.
Actually, he has done a very good expansion for this Jabra team and a phenomenal development. He has done great contributions to that. For this new manager has indeed brought some new changes. Indeed, in Europe, with this market backdrop being not very good, for last year we still have achieved like a double-digit growth. We have this double-digit growth with this same way of calculation, especially for this U.K. market. We still have like a quite good growth with this high market share already, and we are also expanding France and Germany at the same time. In 2023, Tom will continue to add and develop this market share in U.K. For example, air fryer has already got a very good momentum in U.K. and we are going to expand this momentum.
In Germany and France, we also would have more retailers and we also have a Shark and Ninja awareness and influence in the local markets, continuously to design for this localized products and create new categories for this better user experience. This is about European market and Tom Brown situation. For APAC. APAC we have a new manager is actually Udai Kunzru. Mr. Udai. Mr. Udai joined the company in Q3 2022. He used to be the former president of Dyson's APAC region and made outstanding contributions to Dyson's rapid growth in APAC. In 2023, the focus of APAC will be Japan and Australia. In Japan, for this lightweight vacuum cleaner, we have already got the market leadership.
This year we will promote, for this cleaning category, we will promote new SKUs and we also will promote new categories. These are mainly about the personal care products and to enhance our scale and market share. In Australia, we have just acquired our own distributor, Mann & Noble. We have acquired it with our in-house capital. We will do this as a direct operation in Australia. For operation perspective and marketing perspective, we will have this long-term investment. We also will invest in new products and new categories according to market response. We also hope to have this brand influence of SharkNinja in Australia. In Korea, we also have introduced a new distributor. We also will have teams ascend from here in China to expand the Korean market.
I believe Korea market in 2023 will also have a quite good growth. This is for APAC market and Mr. Udai. The next thing is about Chinese market and Joyoung. Actually, in the end of 2022, we have introduced Martin to be the manager of Joyoung. He was also the former president of Dyson Greater China, and made great contributions to Dyson's rapid growth in China. Joyoung in 2023 will adhere to the focus still on this small home appliances and kitchen appliances to also develop water purifiers, cookers and cleaning appliances. We also have like a series of this space-based, like this, like a Space Technology 2.0 and a Romantic Life series.
We also will cover this entire price range to satisfy all the different consumers demands. For cleaning perspective and Joyoung, we are also tailor-made brand new products for the Chinese market, and we'll also launch the products gradually. For the stability of the team and our spin-off project. After the release of the news, the overall team is still like a very passionate and we totally understand and welcome this decision made by the company. For all the different teams, they are all like working really hard with great passion to devote themselves in works. For the stability of the team, for BOD, for attracting and stabilizing the talents, we are continuously invest in that. For existing business, we will use different methods of incentives to stabilize the team.
For example, for APAC region, for new businesses, we will continuously recruit and establish excellent teams. For our group and two major divisions, we'll push different stock options and stock incentives, to have this rotary execution of that to guarantee our advantages positioning of a global talent attraction to make our core top management business core teams and the shareholders will be in line with this company interest. That's all. Thank you so much for Mr. Wang. Now let's actually have some newly added questions from this website app. Now let's have this Mr. Shi Jinxing from China Merchants Securities. There are two questions. The first question is, what's the reason why you don't issue this dividends and how do you plan for this final dividend?
Because of this, actually, evaluation value is actually quite low. Do we have some other different purchase plan after the performance being released? Now let's have Madam Han. Thank you so much for Jingjing's question. Indeed, after JS Global, it's actually first time for us not issuing this final dividend. I would like to share with you, it's actually mainly because what we have released and we are going to have this spin-off product is still in the process. In order to avoid this unstability of our financial structure. BOD decides that in a short period of time, we will just stop this issuing of this final dividends. This is actually beneficial to our spin-off project.
After realization of that, we will issue the dividends at appropriate time and continue JS Global's consistent style and give back to the shareholders in time. For the future dividend policy, I would like to say that in the future, we will have certain deliberation results, and we can also see that we have this increase of this interest rate, and we have this debt pressure being higher, and we are hoping to do this adjustment of the debt system, and we hope that we will improve this dividend ratio and then to have this stable return to all the shareholders. For the specific rate and the form, we will just be subject to the results of the BOD meeting. The third question is about our repurchase. Yes.
His question is actually after the performance release, whether you have this plan of the purchase. For this repurchase, it has been like our long-term plan, and it has always been included in our working plan.
As before, we really agree to the fact that our evaluation currently given by the market is too low. In the past few months, we have been in this silent period of the spin-off and the annual performance in the past few months, so we haven't got the ability to do the repurchase in time. After the release of this performance, we will just actively discuss this relevant plan and about this capital arrangement.
That's all from me.
The second question from Mr. Zhang Jingjing is that after the spin-off, how to maintain the synergy of the company? How should we restructure the debt of JS Global Lifestyle? What will be the timeline for the spin-off? Madam Han, you can continue to answer this question.
Thank you. Okay.
As you all know that synergy is a great feature of JS Global Lifestyle. This is a great advantage for us. Over the past few years, there has been a greater synergy in both the product and the supply chains. In the previous fiscal year, in 2022, the synergy had helped us to greatly reduce the cost equivalent to $69 million. Also in R&D, we made a lot of cooperation as well, and we had launched a lot of new products in Q3 last year. Please do be convinced that after the spin-off, JS Global and SharkNinja APAC and the SharkNinja Group will continue to have the greatest synergy with Joyoung, and it is mainly reflected in four aspects. The first is JS Global and SharkNinja, after the spin-off, will continue to have a greater synergy.
JS Global will continue to provide a support as well as the strategic consulting for SharkNinja and to help it to continuously reduce the cost and improve efficiency. The second is the synergy between SharkNinja APAC and the SharkNinja Group. This is mainly reflected in the brand licensing and the product R&D. The third is Joyoung's existing related transactions and ODM business, which will continue. The R&D synergy in both the kitchen and cleaning categories will also continue. The fourth is the synergy between Joyoung and SharkNinja APAC will be mainly in consumer insights in Asia and providing localized products for the Asian market as well as collaboration in the Chinese market and the supply chain. Please be confident in our synergy, which will persist in the future and even be amplified in the future.
You also asked about the debt restructuring plan, and we cannot disclose more details at the moment, but we will adopt a fair and reasonable debt restructuring plan and taking the responsibility to protect all shareholders' interests and to report to investors through circular. You also asked about the spin-off timetable. Currently, we have obtained the Hong Kong Stock Exchange's approval for the spin-off transaction at the end of February, and we have announced it as you know. We're now working on the circular for the EGM and expect to get approval from Hong Kong Stock Exchange in the coming several weeks. Afterward, we will hold an EGM following the notice period to vote on the transaction, and we target to complete the potential transaction in the second half of this year.
Thank you, Madam Han. Due to the interest of the time, we will take another one to two questions. The next question is from Mr. Chen Weiqi from Guosen Securities . The question is: Hello, Mark. I have a question for you. After the spin-off, SharkNinja Western business and SharkNinja APAC business, what will be the quantified operating goals in the coming three to five years? Thank you.
Yeah. Thank you for the question. Look, I think you're gonna see a continued very consistent approach to the SharkNinja businesses, both the SharkNinja business based in the U.S. as well as the SharkNinja business in APAC. To elaborate a little bit more on some of the things we've talked about in APAC, as Chairman Wang said, we're in the process of acquiring our Australian-New Zealand distributorship. We've developed a nice business in Australia and New Zealand, but we believe that if we are able to operate that on a direct basis, and invest considerably in marketing, we think that our product lines line up excellent for that market. You've seen what we've done in the U.K.
We believe that a lot of that is gonna be very applicable to the Australian-New Zealand market. In South Korea, we have come up with a hybrid distributor strategy. We are working with a new distributor. However, we have taken over direct responsibility for the marketing of the brand. In both of those markets, you know, you're gonna see the strategy of growth in existing categories, our ability to expand into new categories, come to life in both Australia, New Zealand, as well as, you know, South Korea, and Japan as well. You know, we're very focused on being a, you know, double-digit, top line and bottom line growth business. We've historically been able to do that from SharkNinja, going all the way back to 2008, over the last 15 years.
Again, you know, I wanna keep reinforcing that there is a tremendous uniqueness to SharkNinja over other companies in the small household appliance business. Our growth has not come from acquiring growth. Our growth has come from the ability to be able to organically grow, and that organic growth, again, is coming from market share gains. Is coming from expansion into new categories, and we see a lot of new categories expanding into over the next 24 and 36 months. We have some very exciting new product and new category launches coming in 2023, in the second half of this year. We believe that there is still a lot of growth opportunity for us in international markets.
You know, if you look at our U.K. business, our U.K. business just two years ago was primarily just a Shark business. Today, you know, our Ninja business is doing fantastic. Our business actually is actually a little bit bigger in Ninja in the U.K. than it is in Shark. Our German business continues to grow considerably, as does France. We think that there's a lot of expansion opportunities for us in Europe and markets throughout Europe. You heard me talk earlier about Latin America. You know, we believe that, you know, what you're gonna see from SharkNinja APAC is gonna be very consistent with what you're gonna see from SharkNinja rest of world. The same seeds have been planted, the same investments in R&D and product innovation. The same investments in advertising.
Over the last few years, no one in this space has invested like SharkNinja has in R&D as well as advertising. We think the benefits of that are gonna continue to pay off for us in years to come across the world. Thank you.
Thank you, Mark, for the answer. We have seen some questions from the online platform which had not been answered, and that is apart from China, U.S., and Europe. On the rest of the market, the growth of the company did not hit a double-digit growth, which is quite different from the data we had disclosed in the middle of the year and in Q3. Wang, please answer this question. Thank you.
Okay. I'd like to answer this question. In the first half of the year, in Q3, we had disclosed the growth rate on the constant currency basis, and on the rest of the world, it was relatively high. Even throughout the whole year, it was also consistent. Now, at 8% of the constant currency rate, actually it involves two segments, which are Joyoung and SharkNinja.
Apart from China, the U.S. and Europe, in the rest of the world, SharkNinja actually had a double-digit growth in those regions. On a constant currency basis, the growth rate of the rest of the world was no less than that in Europe. However, for Joyoung, in the second half of the year, we had adjusted our sales strategy and there was a drop of the business. In the end, the JS growth in the rest of the world did not reach double digit. Actually, SharkNinja still maintained a very good momentum of growth. Thank you.
Thank you, Wang, for the answer. Due to the interest of the time, we're closing today's annual results announcement. Thank you, investors for your participation. We value your opinions and will take them into consideration in our daily operations.
The management team will continue to work diligently to improve the company's profitability and ensure its sustainable development. We aim to create better outcomes for our investors and appreciate your attention and support. We hope to maintain our communication with investors one on one. Thank you once again for your participation, and bye.