Nuchev makes ASX debut
Australian goat milk formula manufacturer Nuchev has listed on the ASX as a publicly-traded company this week as the company positions itself for further growth.
The business, which launched the Oli6 formula range in 2013, initially focused on the pharmacy channel with Chemist Warehouse but soon expanded into retail signing a multimillion-dollar distribution deal with Coles in June 2019.
“Listing on the ASX is a major milestone and felt like a natural progression for the company, and will prove critical for Nuchev’s future growth,”
Nuchev founder and chief executive Ben Dingle said.
“The increased profile that comes with being a listed company ensures we are well-positioned to capitalise on the opportunities in front of us.”
The company has already seen impressive growth in China, where goat milk formula sales are expected to account for 13 per cent of the Chinese infant formula market in the next four years, according to Frost & Sullivan.
“The infant formula market in China is complex and constantly evolving. The most successful companies in the space understand the importance of brand positioning and provide a compelling customer experience to ensure their brand is front of mind for Chinese parents,” he added.
Dingle, who previously co-founded Synlait Milk, established Nuchev after discovering demand for goat milk products, particularly in the formula category.
The company has also expanded into older age groups, with products for children aged three to seven years.