Our brand will be using the same model in India as we have in the US- Chad A. Wissinger
The nutraceuticals market is providing so many options to the consumers. As the needs increase, the industry has to update itself. With the ongoing trend of everything going organic, the nutraceuticals market is also seeing a lot of ‘natural’ changes going on in the industry. Consumers seem to really like natural products and what can be better than losing weight through supplements that are completely organic and harmless to the body. Many foreign brands are entering the Indian market after realising the huge scope present here and the large base of consumers who are into organic nutraceuticals. In a conversation with Mr Chad A. Wissinger, General Counsel, NutriMost Wellness and Weight Loss, at Franchise India 2017, he tells us his expectations for his brand in India and his experience so far at the Franchise India 2017 show.
Kindly give us a brief about your brand.
We manufacture 38 organic supplements and we are on the wellness and weight loss base. We have about 125 locations in the United States and we are looking for master franchisees and areas developers in India.
What trends can you see emerging in the Nutraceuticals industry?
In Nutraceuticals, India in particular, the market is growing very rapidly. Here, we have a booming middle class and a B2C issue that’s becoming more significant as western foods are expanding in India. So, we are trying to revert back to more traditional diets, supplements, medicines and things like that.
How important is franchising today for a brand to expand?
For us to expand in India is everything. We do not want to spend time and do individual investments in corporate stores. So, a master franchisee who is willing to buy those rights and sublicensing is everything for us. That is the model we use in the US and that is the model we expect to use here.
Kindly tell us about your franchise models on offer and share its specifications.
So, we are offering the master franchise license for US $150, 000 and are also expecting that he will be able to sub-franchise $ 12-15000 per location and keep all of the revenue for himself except for 15-20%. So, if he were to sell 10 sublicenses, he will recoup his initial investments. There is room in India for 150 locations and will also help in sharing the profits on the supplements.
What are your expansion plans for the brand?
We are right now interviewing preliminary master franchisees and as soon as I will find that partner, all of the individual contacts that we are collecting at the show today, our FranGlobal partners will start sharing with him.
How has been your experience at the Delhi Show 2017 so far?
It’s been fascinating. I am surprised by how many people are here. It’s an enormous show and there’s a lot of energy but it’s really early to tell. So, we have high expectations and everything has been great so far.