Teezing a big profit from international growth
Inspiration The fast growing hair care specialist Tangle Teezer has been one of the great success stories of the last decade and has seen rapid growth over the last eight years.
“In 2009 exports accounted for two per cent of sales and they now account for 82 per cent of sales to more than 70 different countries,” says CEO Matt Lumb. “We’ve done this by establishing clearly defined sales channels through premium channels, hair salons and home shopping networks.” While it still accounts for a small percentage of sales, the company is also promoting an increased e-commerce strategy with sales through its website as well as dealing with 50 different airlines. “New business opportunities arise through geographic growth,” he says.
Matt advises companies looking to pursue similar growth to put as much protection over intellectual property rights as possible, choose international partners carefully, work around brand positioning and if they take the e-commerce route, “do your utmost to work with respected partners and in doing so maintain your pricing as much as possible.”