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New Delhi: American direct selling company Amway has earmarked global investment of over $300 million through 2024 to boost innovation and science, digital technology, and entrepreneurship, the company said on Wednesday.
As part of its investment, the company that sells brands such as Nutrilite and Artistry in India will invest over $20 million or ₹170 crores in the country to boost research and development, manufacturing automation, innovation and science and strengthen digital capabilities in India, Amway Global CEO, Milind Pant said.
The over 60-year-old American direct selling company sells its products in over 100 markets globally. Amway India, a wholly owned subsidiary of Amway, sells 140 daily use products across categories like nutrition, beauty, personal care, home care and consumer durables through Amway Direct retail and Direct sellers who make personal recommendations of its products to their network of shoppers. It sells brands such as Nutrilite, a vitamins and dietary supplements brand, and Artistry, a premium skin care brand here.
India is one of the key growth markets for the company.
"India is among the top three preferred investment destinations for Amway with a focus on digital, manufacturing automation, innovation, and nutrition segment," the company said in a statement.
Globally, the company has a network of over 550,000 direct sellers and retailers. By 2024—65% of Amway's business will be driven by the nutrition category, Pant said.
“Amway’s global growth trajectory is focused on health and wellness and entrepreneurship. Today, entrepreneurship is being democratized like never before. And, at Amway, as an entrepreneur-led social idea, our vision is to unleash the next generation of entrepreneurs with our all-inclusive business opportunity, making it 10x easier for them to acquire and retain a community of engaged consumers," said Milind Pant, Amway global CEO.
India is one of the potential markets to drive work in digital innovation and research to meet Amway’s global business needs, the company said.
"Aligned with this, our India team is relentlessly working on products and experiences while focusing on simplifying nutrition with differentiated formats. Through this, we are targeting the masses, especially the youth. Lastly, we are also strengthening scientific capabilities with digital innovation, research and development centre, and nutrition labs in the country," Pant said.
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