‘A low-hanging fruit’: MLM firm LifeVantage moves into NZ following steady growth in Australia
The firm, which specialises in developing nutrigenomics dietary supplements and skincare products, entered the Australian market seven years ago.
It commenced operations in NZ on November 12.
For dietary supplements, it will be bringing two products from its Protandim series, Nrf1 Synergizer and Nrf2 Synergizer supplements, as well as the ProBio probiotic into New Zealand in the initial stages.
The short-term goal is to grow the NZ market to 20% of the Australian market size in the next six months, Pamela Ferry, the firm’s GM of South Pacific region told NutraIngredients-Asia.
“We have been growing month-on-month consecutively over the last 18 months, hence, we know the NZ market is a very low-hanging fruit to the Australian market.
The close proximity and familial ties between people living in Australia and New Zealand are crucial driving in the firm’s growth.
“Most of us have friends in NZ if we live in Australia and likewise, and most of us have business colleagues in both countries. It is an easier market for Australia to jump into because of these relationships,” Ferry said.
She noted that the firm’s number of distributors in Australia was in “several thousand” and was heading towards a $10m market in the country.
Asked the commonly seen health concerns, she pointed out that low energy levels as one of the examples.
“I think in my experience, most people have issues with their energy levels. In the modern-day society, with all the demands that we have, as mothers, as parents, as partners, as individuals working in the corporate world, we have so many demand on our time and energy,
“We are pulled in a lot of directions, its draining and so as a whole, people are struggling with energy levels.”
Its operations in New Zealand will be taken care of by its team based in Australia.
In Asia, the firm has seen strong growth in Taiwan. In May, it was reported that its revenue in Taiwan increased by 25%.
The firm specialises in the development of nutrigenomics dietary supplements, with over 200 clinical trials published.
The products thus promote health at the cellular level by targeting the main biochemical effects of ageing, such as oxidative stress and natural mitochondrial deterioration.
Its flagship supplement product series “Protandim” is made up of a mixture of herbs, including ashwagandha.