The company launched its Oli6 infant formula range, children and adult milk powder Immunity+, and OliGrow in Vietnam in March - a move which has since delivered sales of AUD$600k (US$387k), the company said in its Q3 FY25 results.
“One of our key strategic priorities is to broaden our market presence and deliver increased scale and diversification across ANZ, China, South East China.
“Our launch in the Vietnamese market is a major step forward and represents another significant milestone in Nuchev’s journey,” said CEO Mick Myers.
Myers said that there were significant growth opportunities with Vietnamese consumers seeking premium quality nutritional products, alongside a strong preference for trusted international brands.
It is similarly working with H&S, which is partnering local distributor Chau Dai Duong for the marketing, sale, and distribution of products.
Products in Vietnam were sold via offline mother and baby stores, other retail outlets and online stores.
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Expanding product range with Brauer
Within the domestic Australian market, it is also expanding its line of products through an exclusive sales partnership with Brauer Natural Medicines Pty Ltd.
Brauer is a homeopathic medicine pioneer from South Australia specialising in mother-and-baby health products.
The partnership will tap on Nuchev’s sales and operations capability in scaling up Brauer’s presence in pharmacies grocery stores, and health foods stores, while Brauer and its parent company H&S International will continue to manage its online sales channels.
Aside from Brauer, the distribution partnership also includes other product brands produced by Brauer and H&S, such as skin care brand Skin Physics and meal replacement brand Rapid Loss.
The partnership starts in early May until the end of this year.
However, Nuchev said that there was potential to progress to an exclusive sales agreement for the ANZ markets, which would add to to Nuchev’s revenue and scale.
“Entering into this commercial, arm’s length Agency Agreement is in line with the Group’s purpose and growth focus, broadening our exposure to sales channels in the large and growing complementary medicines sector.
“This will add revenue and positive cashflows as well as leveraging our existing retail sales capabilities.
“We see this as an opportunity to deepen our engagement with this segment in the market, with a view to becoming a distributor in ANZ for these products in the future,” said Myers.
Nuchev had began diversifying its business beyond goat milk infant formula a year ago, which started with the acquisition of European supplement products distributor bWellness.
The addition of supplement products into its portfolio has increased its revenue sharply, with the bWellness business contributing AUD5.1m (US$3.2m) - equivalent to 45 per cent of its total revenue in the first half of FY25.
In Q3 FY25, its group revenue also soared 215 per cent from AUD1.8m (US$1.6m) to AUD5.6m(US$3.6m).
This was largely due to the contribution of the bWellness which was acquired by Nuchev last May.
bWellness brought in a revenue of AUD2.1m (US$1.4m), while Oli6 goat milk formula business contributed AUD3.5m (US$2.2m).
