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Else Nutrition
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==== Distribution ==== At present, Else products are available in US retailers (both in-store and online) and on Amazon.com, with no prescription necessary. Stores that stock Else products include Sprouts Farmers Market, Big Y, Raley’s and Natural Grocers, among many others, with the sales velocity in Sprouts Farmers Market reaching 1.2 units of product per store per week, which was higher than the category expectation. On Amazon.com, roughly 55% of Else’s customers are repeat buyers, and c 15% have purchased Else products at least 10 times. Management stated that according to the Amazon data available to Else, these are better performance metrics than Else’s competitors. This is again a testament to the products’ quality. Launches in Canada and Europe are planned for FY22, with Canada being rolled out in July 2022, and distribution in Europe in H222, initially planned via Amazon. At the start of June, Else announced that it had signed an agreement with Baozun, a leading e-commerce distributor in China. This will give Else direct access to retail buyers in China, starting in Q322, through a wide range or online shopping platforms including Tmall and JD.com. As discussed above, Else sells its products both online and in-store. Edison believes the split is c 75% online (which includes retailer-owned online platforms) and c 25% in-store. Edison expects the online business to grow more rapidly in the short term, but the offline business to accelerate as larger retailers are added. Else is first targeting natural food and grocery retailers, which tend to be smaller, and indeed has already been successful in rolling out in this segment. It then plans to target mass and club retailers, drug stores and convenience stores. Some of these will start to roll out as early as H222. Discussions are ongoing with most major retailers, as demonstrated by Else’s listings on Walmart.com and Kroger.com during Q122. In terms of geographical coverage, Else is currently available in the United States, on amazon.com and other websites that sell both in the US and internationally. Else recently announced that it will be launching all three of its current category segments in Canada in July. Over time, Edison would expect Else to roll out its products across geographies, with China, Australia and additional EU markets the most obvious choices, given the size of these respective markets. Indeed, in terms of its distribution, Else is in advanced discussions to sign distribution agreements for Europe via Amazon and other retailers and, as discussed above, has recently signed a distribution agreement in China. Else is working on reimbursement protocols with one US health insurance provider, with a view to getting its products approved for reimbursement. Once reimbursement is approved by one provider, others should follow. Else has worked with Amazon.com such that Amazon now accepts payment for Else products via Electronic Benefits Transfer (EBT), making it more attractive for lower income households.
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