Infant formula company Bubs is expanding into vitamin and supplements with a new range of products that will sold at 400 Chemist Warehouse stores nationwide from October.
Vita Bubs will be available as chewable tablets and single-serve powder sachets with goat milk formulations aimed at newborns to 12 years olds.
Bubs chief executive officer and founder Kristy Carr said the products would “address the primary immunity, bone development, digestive and cognitive health concerns parents have for their children”.
Bubs entry into the $2.3 billion, high-margin vitamin and mineral supplements industry will also significantly boost the company’s domestic revenue, Mrs Carr said.
Bubs also announced on Monday that its gross revenue grew 32 per cent to $62 million in FY2020, as sales grew 69 per cent over the past year despite the COVID-19 pandemic.
“While international outbound logistics proved to be challenging throughout the fourth quarter, our full year performance delivered strong growth,” Mrs Carr said..
Infant formula sales were up 20 per cent in the fourth quarter, compared to a year ago, and represented 71 per cent of Bubs’ quarterly gross revenue.
The company’s outbound Diagou channel of surrogate shoppers was hurt as a result of the reduction in Chinese tourists and students and longer international delivery times, Bubs said.
The company said it finished the fiscal year with $26 million in cash reserves.
Bubs further announced on Monday it had entered into an agreement with model and television presenter Jennifer Hawkins to be the Bubs Global Brand Ambassador for a three-year term.
Ms Hawkins will be appearing in a multi-media consumer campaign to promote Bubs, the company said.
At 1406 AEST, Bubs shares were down 4.4 per cent to 97.5 cents.