Wellbeing brand NEOM could seek new investment to accelerate international growth after a stellar Christmas
Wellbeing brand NEOM could seek new investment this year to accelerate international growth after a stellar Christmas.
Chief executive Oli Mennell said he was ‘ecstatic’ after sales at its own shops and website rose 35 per cent to £6.9million in the five weeks to January 2.
And he spoke of an opportunity to grow the brand which hit £29million sales in 2020 – with products such as Perfect Night’s Sleep face cream at £42 and the Wellbeing Pod ultrasonic diffuser from £50 – to ‘hundreds of millions’ of pounds globally.
Growth: NEOM founders Oli Mennell and Nicola Elliott are looking to the US
Later this year, the company will look at ‘options’ that could enable him and his business partner, Nicola Elliott, to invest more heavily in US and Chinese growth.
He said the firm can fund growth through its own money, but added: ‘The US is going phenomenally well and China is next. To go for really big, fast growth, you want to make sure you have the right funding in place.’
Mennell added: ‘We started the brand 17 years ago, very early into the wellbeing market. We’re now in the epicentre of a movement where there is now massive increase in consumer interest.’
He said the brand has also benefited from ‘a shift away from synthetics into natural ingredients’.
Mennell said 80 per cent of products are sold online, including on other retailers’ sites. It also has five of its own shops – including in London, Guildford, Wimbledon and Leeds – and sells through Harrods, John Lewis and SpaceNK.