Russians who want to try and build up their immune systems are now turning to healthy food, which means that the sales have soared. Russians have been trying to eat much healthier to try and build their immune system as it is a way for them to protect themselves during the current pandemic.
Elena Shifrina, who is a former model and now CEO of a health food organization, has done her part to try and explain the surge in sales. She is the owner of BioFoodLab, and she has said that three years ago, the company was just getting started. Within just two years, the Forbes Magazine, Russian Edition named the company as being one of the most profitable start-ups of that year. The company has a leading brand called Bite, and they have certainly come a very long way since their early days.
BioFoodLab and their Offering
The sale of prebiotics has also increased quite significantly in the last few years. The company has capitalized on this and to this day, BioFoodLab now sell over 100 different products.
They do this through the country’s supermarkets, and they are also able to make nearly $20 million a year. The revenues are still growing to this day and they have experienced a 40% growth this year alone. The company has chosen to set up an R&D arm, and they are always looking for new and inventive product lines. Right now, they are exploring the idea of alternative milk and meat. They have experienced a lot of success and this has been helped by the devaluation of the ruble. 10% of their products are exported.
Strong Growth
Shifrina has stated that BioFoodLab has strong growth but at the end of the day, the end goal that she has is to try and IPO the company. She’s well aware of what happened to the lighting industry and wants to pursue the same course of action. The light industry in Russia has been driven by the huge consumer market and it has also been driven by the fall of the ruble over recent years. They have been very productive, and they have also been much more competitive when you look at the imports from both the east and the west.
Food Sales
BioFoodLab has been making healthy snacks for quite some time. The idea came to the owner when she was in the dining room at MIT. She did a stint as an exchange student all the way back in 2011. She stated that at the time, they just had no time to eat so all they could really do is fill up on snack bars.
When they did this, they came to the conclusion that they did not want to fill up on so much sugar. They longed for something easy to eat but at the same time they wanted something that was actually good for them. Russians are very concerned with the quality of their food and this helped them to grow as a company far more than they ever anticipated. This has rocketed their growth and made it easier for them to expand.
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