Company misunderstood how important the Chinese in AU and NZ are to their sales are there. They also oversupplied their product misunderstanding what short term covid fear stocking on formula was. Some big blunders. The good news is that you can see sales in Chinese channels are likely doing fine or growing, and you can see the footprint on A2 stores in China are growing. I think Mr bourtelessi is making some visible changes in the company.
Something to think about is Australia's race demographics are of mostly european backgrounds - which means low dairy intolerance. This makes a lot of sense why you see lower sales without Chinese footprint there. Something interesting to think about is A2 is trying to expand in the US which has a lot wider race demographics, many of which are dairy intolerant. The dairy industry in US is much more saturated and not growing like it is in China though. I wonder if there are any plans to expand into other growing asian countries with high dairy intolerance and increasing incomes?
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