Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reinforced its advancements in the world’s second-largest vitamin market and announced the appointment of Shanghai-based Mei Ye to its Board of Directors, a key milestone in the Company’s growth strategy in China. China is the Company’s largest international market and a key driver of the Company’s international revenue growth, which has more than quadrupled since 2014.
“We have had great success in China to date, and it is time to strengthen our team in this very important market,” said David Williams, Chair of the Board of Directors of Jamieson Wellness. “We are pleased that Mei Ye has joined us on the Board of Directors, effective today. Her expertise in assisting companies with their China entry and growth strategies will be a huge asset to Jamieson Wellness as we continue to build on our accomplishments in the Chinese market.”
Mei Ye is an independent corporate director and international business advisor, based in Shanghai. She is a senior advisor to McKinsey & Company, and a former management consultant and strategist with more than 25 years’ experience in a variety of industries including consumer goods and retail. She currently serves on the board of Bekaert, a public company in steel cord transformation and coating technology in Belgium, and previously served as a director of the Shenwan Hongyuan Group, a portfolio company of China Investment Corporation, and as a director of leading securities company Shenyin & Wanguo.
“I am honoured to join a company with a nearly hundred-year history of improving the world’s health and wellness, and excited for its potential in producing the safest, highest-quality natural health products for China’s market,” said Ms. Ye. “I am confident that Jamieson Wellness can help Chinese consumers make the right choices to proactively manage their health.”
Jamieson Wellness currently has a three-pronged strategy in China delivering growth in cross border ecommerce, domestic retail and e-commerce, and holding a category leadership position with its international club partner. The Company offers more than 175 branded skus on cross border ecommerce, which is the fastest growing segment of the Chinese market. Its domestic retail business is experiencing strong double-digit growth with expanding distribution and store listings based on an increasing number of product registrations and existing product offerings available to domestic customers. The Company has more than 20 products in distribution in its international club partner’s entry into the Shanghai market, and expects to grow with the partner’s Chinese expansion plans.
The Company’s operations in China include general management, sales, finance, procurement, regulatory and quality professionals based out of the Company’s Shanghai office (Jamieson Shanghai Health Products Ltd.), and a distribution agreement with a Chinese partner, which the Company has the option to acquire at the end of the contract term. With the current distribution agreement expiring in 2022, the Company is considering a more direct approach to executing growth aspirations in all channels in China. Investments in marketing will continue to grow to increase trial and awareness and further develop the Company’s understanding of the Chinese consumer.
“China is the second-largest vitamin market in the world, with growth outpacing the global industry average,” said Mike Pilato, President and CEO of Jamieson Wellness. “We firmly believe the opportunities in this market will be transformational for our business, and we continue to focus on the Chinese consumer, expand our product offerings, and make strategic investments to continue to drive our growth. I look forward to working closely with Mei, the Board, and our management team as we enter our next phase of growth by further developing our China-based capabilities and taking a more hands-on approach to building scale in this priority market.”
About Jamieson Wellness
Jamieson Wellness is dedicated to improving the world’s health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company’s heritage brand and Canada’s #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets Smart Solutions, the #1 women’s natural health focused brand in Canada. For more information please visit jamiesonwellness.com.
Jamieson Wellness’ head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s anticipated results and its outlook for its 2021 revenue, adjusted EBITDA and adjusted diluted earnings per share. Words such as “expect”, “anticipate”, “intend”, “may”, “will”, “estimate”, “believe”, and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 30, 2021 and under the “Risk Factors” section in the Company’s MD&A dated May 5, 2021. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.
The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” within the Company’s MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.
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