Essentially Group (ESSN) , a Middle East-focused manufacturer of healthy snacks and drinks, announced a new range of beverages through a collaboration with Sacred Glow Co, a premium health supplement manufacturer based in the UAE.
The new range comprises of five cold-pressed beverages infused with high-grade sustainably sourced marine collagen. A sixth beverage appeals to fitness enthusiasts and features a blend of plant-based proteins to support muscle recovery.
Thanks to the collaboration with Sacred Glow, the range has launched in the top 30 stores of Waitrose and Spinneys - a premium retail chain in the UAE, which Essentially is entering for the first time.
In addition to Waitrose and Spinneys, the new range is also available in Kibsons, the UAE's largest online grocery store; 80 ENOC and 40 Emarat filling stations; and 25 Talabat and 20 Careem online dark delivery stores.
Additionally, ESSN said it issued US$25m in 12% fixed-rate notes due 2027 listed on the Vienna MTF, in order to bolster further product and market expansion. The funds will primarily support ESSN's growth strategy, including enhancing production and expanding into new markets, such as Saudi Arabia.
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Essentially launches a new range of beverages in partnership with Sacred Glow, catering to the rapidly growing 'better-for-you', clean label, health-centric food and beverage sector in the UAE and broader Middle East region. The new beverages contain collagen, a type of protein supplement with numerous established health benefits that has been growing in popularity globally.
The products have already generated positive feedback from Waitrose and Spinneys, the main retail partner for the launch, which caters to more quality and health-conscious buyers - similar to Waitrose in the UK. The collaboration is likely to drive meaningful revenues, tapping into the retailer's significant customer base and market reach.
The launch aligns with ESSN's growth strategy, both in terms of portfolio and retail footprint. The significant financial backing from the newly issued notes ensures the company has the working capital to support further product development, market expansion, and operational enhancements. ESSN is looking at Saudi Arabia as its next main target, being a large market with a growing health-conscious consumer base where ESSN's portfolio could do well.
Overall, ESSN is firing on all cylinders in terms of financing, distribution partnerships, product innovation, and geographic expansion. We expect the new beverage range to drive meaningful revenues in FY24, bolstered by the planned expansion into Saudi Arabia.
Click here for our Q&A with Raja Abuljebain, CEO of Essentially.
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