ASEAN NOW - Blackmores
Peter Osborne, Managing Director Asia for Blackmores.
Blackmores is a listed company on the Australian Stock Exchange and we make
a range of vitamins and dietary supplements to help with people’s
nutritional needs and overall health and wellbeing of our consumers.
So we’re in a number of markets in ASEAN. So we continue to try to expand
to essentially cover all the markets in ASEAN and we’ll continue to grow
that business over the next couple of years.
At Blackmores we export around seventy million Australian dollars worth of
our Australian made vitamins and dietary supplements into ASEAN.
One of the keys for our successes for Blackmores in ASEAN has been
designing products that specifically meet the needs of consumers in those
countries because every market in ASEAN is different and the consumer have
different nutritional needs.
Blackmores has been a big supporter of free trade agreements between
Australia and the various markets in ASEAN as well as the Australia-ASEAN
Free Trade Agreement.
We have a strong policy of only employing local staff. So we have 750 staff
in Asia now.
I think one of the secrets of our success has been very strong, locally
I think for any company that’s doing business overseas, it’s about
diversifying risk. So for us, doing business in ASEAN has really
diversified our risk away from being very much an Australian focused
company to now having a broad number of markets. So if one market’s up, one
market’s down, you can really spread your risk and overall your revenues
and your profits continue to grow the more you expand.
Okay, that increases the business complexity but I think the other thing
for us is that you get a lot of learnings out doing business in those
markets that you transfer market to market or you can transfer from ASEAN
back into Australia.