Chemist Warehouse is picking up $1.4 million worth of shares in medicinal kava business Fiji Kava, which will see new products enter its Australian and New Zealand stores.
Additionally, through the partnership, Fiji Kava will sell its products through Chemist Warehouse’s stores in Ireland, and will receive marketing support from the health chain.
“This investment signals our strong belief in Fiji Kava as a company that as something truly unique to offer in the natural medicine market,” said Chemist Warehouse chairman Jack Gance.
“We only partner with organisations that share our values and have a clear strategy to deliver on their ambitions for growth. As we’ve witnessed over the past two months, Fiji Kava has both.”
Under the agreement, Chemist Warehouse will make the first half of its investment by the end of 2021, and will take a hands-on role in driving marketing and sales for Fiji Kava across its stores – including an active role in product development.
The second half of the investment will be made following the achievement of a sales target in FY23.
“At a time when the market for natural remedies for anti-anxiety is soaring in light of the global pandemic, not only will this partnership increase the availability of our products and awareness of our brand globally, it also deepens our relationships and aligns our commercial interest to the long-term success of Fiji Kava,” said Fiji Kava chief executive Dr. Anthony Noble.