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Premium merino wool brand Merino & Co lists on the ASX following a $6m IPOThe stock opened at 20.5c per share The company was founded by Fiona Yue and Tim Kang, third generation farming entrepreneurs

Wool product manufacturer Merino & Co has hopes of becoming the poster child of Australia’s wool industry following a $6.3m IPO yesterday.

One of eight companies to list in October, the premium wool brand joined the local bourse under the ticker ‘MNC’, opening at 20.5c per share before closing at 23.5c – a 17.5% lift on its 20c IPO price.

Founded by Fiona Yue and Tim Kang, third generation farming entrepreneurs from inner Mongolia, the company was formed 11 years ago after they led their own cashmere and distribution company for many years before migrating to Australia.

Both were heavily involved in the management and collaboration with Kingdeer and Erdos, two of the world’s largest cashmere producers.

Kang’s experience lies in the trading, manufacturing and supply chain optimisation of cashmere/wool products while Yue’s know-how lies in strategy implementation and partnership development.

Pic: Merino & Co managing director Fiono Yue and operations general manager Tim Kang.

On the upswing

Formerly known as Aclink, the business merged with Merinosnug and Hysport and started trading under the name ‘Merino & Co’ in 2020, around the same time the Australian Wool Network – the largest wool marketer in the country – started supporting and investing in the company.

Merino & Co delivered revenue and EBITDA respectively of $5.054m and $539,000 in FY2022 and $7.47m and $1.29m in FY2023 through the sale of wool clothing and apparel from its own showrooms, duty free shops, tourism sites, boutique stores and online.

While Australia is the largest producer globally of merino wool, accounting for 80% of the global total of 304 million kg in 2023, Yue told * she was surprised to find no-one was turning the material into garments when she settled in Oz a decade ago.

Merino & Co makes garments at the company’s facilities in Gnangara, WA before shipping nationally and to overseas markets such as Japan, Europe or the US.

Global merino wool market

In 2023, the global merino apparel retail market (at retail prices) was estimated at $730m, having grown from $610m in 2018 and forecast to reach $780m in 2025 with a CAGR of 3.6% between 2018 and 2025.

Speaking with *, Yue said the float would support the company’s ambitions to be a cultural icon.

“Australia has a strong connection with wool farming, and we believe it is important for the country to have a global icon representing the sector – everyone has heard of RM Williams, but we thought we needed to have an icon in the merino wool sector,” she said.

“Tourists who come to Australia want to bring something back home with them that is authentic and wool products are a good choice.”

Yue says the ASX listing will improve MNC’s visibility.

“For us, becoming a listed entity is first and foremost a branding exercise, there is nothing more credible than becoming a listed entity,” she said.

“It will open up distribution channels, partnerships, expand our realms for global talent and there is the capital injection side of it as well which will help us scale up efficiently.”

The company plans to use the funds to expand production capacity, carry out research and development, marketing and branding activities as well as preparing stock for wholesale orders.

https://**promotion blocked**.com.au/merino-co-eyes-global-expansion-iconic-brand-strong-asx-debut/

Australian wool company Merino & Co (ASX: MNC) has made a grand entrance on the Australian Securities Exchange following a $6.3 million initial public offering.

The company’s stock debuted on 30 October at $0.20 per share and experienced an immediate 17.5% boost, closing its first day of trading at $0.235.

Less than one week after listing, the shares have rallied to a high of $1.50.

Iconic brand

It was not an unexpected market response for the iconic brand, which has grown from a humble wool clothing and accessories business to supplying locally-made luxury wool products to meet domestic and international demand.

Since opening its doors in 2013, Merino & Co has received strong support from the Australian Wool Network (AWN), one of the nation’s largest independent wool marketers.

AWN has a network of over 10,000 Australian farmers supplying the fine merino wool needed to sustain Merino & Co’s business and support its future growth strategy, which includes plans to target markets in the US, China and Europe through strong e-commerce, retail and wholesale channels.

Joining forces

Mr Kang and Ms Yue founded Merino & Co by combining over 40 years’ experience in the cashmere and wool industries.

Both were previously involved in the management and operations of Kingdeer and Erdos, two of the world’s largest cashmere producers.

Mr Kang’s expertise lies in trade, manufacturing and supply chain optimisation for cashmere and wool products, while Ms Yue has experience in strategy implementation and partnership development.

The company uses factories in Perth and China to produce scarves, shawls, sweaters, coats and throws under the Australian-made Merinosnug and China-made Auzwool Family brands.

Points of sale

Merino & Co currently has over 600 points of sale across Australia including its own showrooms, boutiques, duty-free shops, airport stands and tourist sites.

It has also been exporting and selling directly to international markets such as Japan and North America, where quality wool products are in high demand due to colder climates.

Ms Yue noted demand in some sectors for high-quality undergarments with merino wool’s attributes, such as breathability and softness.

She said the company plans to invest in this idea, aiming to launch a range of socks and leggings to meet market demand.

Thermotextile project

Merino & Co is part of a research and development project with Queensland University of Technology and the University of Queensland to develop wearable thermoelectric textiles for personal heat management.

Co-funded by the Australian federal government, the project aims to make the textiles wearable and eco-friendly by incorporating low-emission heating and cooling solutions.

The team hopes to double the current output power density of thermoelectric fibres to power wearable electronics or provide heating and cooling for clothing in commercial applications.

Merino wool market

Australia is the world’s largest producer of merino wool, accounting for an estimated 80% of the total 304 million kilograms produced globally in 2023.

It is the only significant exporter of superfine wool grades, making up over 60% of the global wool trade by value.

The global apparel retail market (including footwear) was estimated to be worth $2.58 trillion at current retail prices and is forecast to increase by 11.7% to $2.96t in 2028.

In Australia, the apparel retail market was estimated at $27 billion in 2023 and is forecast to grow to $27.4b by 2025.

The global merino apparel retail market was estimated to be worth $730m in 2023, up from $610m in 2018 and is projected to reach $780m by 2025.