Business

Herbalife Nutrition sees huge potential in nation

Published

2 years ago

01/12/2021

MNN

Under the new dual-circulation development pattern, China’s health market is providing huge business potential for foreign companies, with increasing demand from consumers of different age groups, and that in smaller cities and rural areas, said a senior executive of US-based nutrition company Herbalife Nutrition.

“Amid China’s pursuit of the new development pattern, domestic market expansion is the basis for the domestic circulation. And there are many factors pushing up the growth of domestic demand such as growth in people’s incomes and consumption upgrades,” said Woody Guo, senior vice-president of Herbalife Nutrition and president of Herbalife Nutrition China.

“That promises huge market demand from not only different age groups in China, but also lower-tier cities and rural regions.”

Apart from the burgeoning population of middle-income groups in China, the country’s seniors, whose number is expected to reach 270 million in a few years, are paying more attention to health and quality of life. They are willing to, and also capable of buying quality supplements, Guo said.

Chinese young people too. The demand from young consumers is also forming an important driving force for growth in the health industry, he added.

Data from the National Bureau of Statistics showed China’s retail sales of consumer goods went up 4.9 percent year-on-year in October, totaling around 4.05 trillion yuan ($633 billion). For the first 10 months, total retail sales of consumer goods in China hit 35.85 trillion yuan, up 14.9 percent year-on-year.

China has huge market potential and a complete domestic manufacturing sector, which is the most important advantage for the country and is also why the nation remains attractive to foreign investors, said Chen Wenling, chief economist at the Beijing-based China Center for International Economic Exchanges.

Seeing the growing demand for health and nutrition products in China, Herbalife Nutrition has been enhancing efforts to expand presence in recent years.

During the fourth China International Import Expo held in Shanghai in early November, the company put on display many signature and popular products, such as sport nutrient series Herbalife 24 and immunity booster Best Defense.

Eying the fast-growing fitness-loving population in China, the company started localized production of its best-selling products Herbalife 24 in its Nanjing factory in Jiangsu province.

It has also resorted to cross-border e-commerce to offer Chinese consumers sought-after products overseas, such as those for supporting joints, eye care, weight management and immunity enhancement.

Last year, the company opened in Shanghai its first global product research and innovation center, the Herbalife Nutrition China Product Innovation Center, to shore up its production capacity in the Chinese market and better meet consumer demands.

It also established its first global digitalization office there, aiming to better support local service providers and enhance customer experiences through digitalized product management and data analysis.

The company’s business models used to rely on offline operations, with salespersons offering services to customers offline. But as more customers are now using online channels, Herbalife launched its digitalization strategy in 2019 to integrate online and offline operations to better serve customers, Guo said.

“We are in the process to become ‘digital being’ from ‘doing digital’,” he said.

Compared with their foreign peers, young Chinese consumers prefer capsules and gels because of their better texture. The company’s innovation focus in China will gradually transfer from design of product and packages to production lines, Guo said.

“Young people are among the most important targeted customers for us, and we care for their specific needs for product portability and flavors.”

By LIU ZHIHUA | China Daily

Business

Dubai company awarded the development of SEZ

Published

3 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

4 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

6 days ago

09/05/2024

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv