Jerry Levin’s Knightspoint Group has proposed a takeover of Sharper Image to resuscitate the brand, which has suffered disappointing performance, in the past couple years, largely as a result of declining sales of the Ionic Breeze product, which accounts for an estimated 40% of total sales. When I was a kid, Sharper Image epitomized cool, innovative, high-tech gadgetry, and Sharper Image has lost its luster by focusing on air purifiers, nose hair clippers, jewelry cleaners, and vibrating back massagers, which hardly evoke excitement. In consumer electronics, Sharper Image branded stereos, for example, look “thumpy,” in comparison to stereos at Sony stores, for example. A couple ideas for a turnaround:

1) Introduce Bang & Olufsen inspired, innovative consumer electronic products at affordable prices under a new brand name. The cool cordless phone on the Apprentice, for example, is sold at B&O for $1,995, and Sharper Image could sell a similar product for $120. Sharper Image should invent a new brand for these products, a name that evokes quality and cool, fresh style, because I bet research would indicate that Sharper Image branded tech products don’t come close to comparing with Sony or Apple, for example, and they should.

2) Improved product mix that appeals to the Maxim crowd — more high-tech toys, cool party accessories etc. FireBox.com, for example, has an amazing selection of cool, fresh gadgets, and has a cool brand image, an image that Sharper Image should better represent. Firebox is one of U.K.’s fastest growing companies, by the way.

Sharper Image (SHRP) 2-yr share price:

The $1,195 Bang & Olufsen BeoCom 2 cordless telephone: