MANILA, Philippines—Nasdaq-listed food supplement firm Usana Health Sciences said it planned to begin operating in the Philippines, which would make the country its 14th market worldwide.
The Utah-based firm develops and manufactures nutritional, personal care, and weight management products that are sold directly to its agents and identified customers.
Usana makes products that contain nutrients and antioxidants to protect the body from free radicals as well as “science-based” personal care products that replenish and rejuvenate skin and hair.”
Aside from the United States, Usana is also present in Canada, Australia, New Zealand, Hong Kong, Japan, Taiwan, South Korea, Singapore, Malaysia, Mexico, the Netherlands and the United Kingdom.
“Entering the Philippines broadens Usana’s international reach and we are excited to offer many of our associate leaders an opportunity to expand their organizations into a market where they already have strong ties,” chief executive Dave Wentz said in a statement.
“We believe this market will be another strong part of our growing international portfolio,” Wentz said.
Citing data from the Direct Selling Association of the Philippines, the country represents a total of $500 million in direct selling revenues yearly.
Wentz said that being one of the 25 largest markets globally for direct sales, the Philippines offers “significant opportunity” for Usana.
In its 2007 annual report, Usana said part of its growth strategy was to enter new markets, which are selected “following an assessment of market size, anticipated demand for Usana products, receptiveness to network marketing, and the market entry process.”
“We believe that significant growth opportunities continue to exist in markets where we currently conduct business and in new international markets,” the company said.