Polish-born Australian swimmer Michael George Klim has lived the most part of his dream as an Olympic Gold medalist and co-founder of Milk & Co. Now, he wants to up his company’s game by expanding into untapped markets. Klim spoke to FPJ’s Jescilia Karayamparambil about his plans. Edited excerpts from an interview
What prompted you to enter the Indian market?
As a company, it was important for us to expand into newer markets that will help us grow. The decision was made after understanding the connect Milk and Co. products could have in India. Certainly, India was the right market due to the growth coming from e-commerce which encouraged us to set our foot in the country. There is great connection with India and Australia. And I thought it was the right time and opportunity for us to launch the brand in India.
So far, how much have you invested in India?
More than financial investment, it is probably more about time and effort. We partnered with Ador Group’s Sublime Factory for launching our brand in India. We are looking at spending more time to create visibility of the brand right now.
What is the kind of growth you expect?
Any question around growth and opportunities is a million dollar question. It would be pretty good if the growth was in million dollars but it’s difficult question to answer at this point. If you see the growth in e-commerce and how consumption is taking place, one can use this opportunity to grow. It is about getting the right influence and making the product accessible. It is also about communicating that it is an Australian made and owned product to the end-user. It is hard to predicate growth figures but I am looking at strong growth.
Which other markets are you eyeing in Asia?
The brand has a very strong presence in the Asian market. After India, we will be heading to China and then Rio. We are looking at opening our first store in Hong Kong and then we also have a presence in Singapore. Our strongest market is Denmark and its Scandinavian neighbours, and we will continue to explore other European nations too. The US is also on our radar. It is not about ticking off the countries but it is about finding the right partners, like Sublime Factory.
Also read: Q&A with Kiran Murthi – The rise and rise of AskMe
Are there any India-specific products?
There will be some products especially for the Indian market. We are awaiting registration which would take a few months.
Being in a premium product space, what challenges do you expect to face?
Pricing is the biggest challenge. Also, it is important for a product to be accessible and affordable at the same time. With the growth of the Indian economy and the middle class, we are looking at more consumers using premium products. Through our local efforts here, we are looking at creating more brand awareness and provide the positive aspects of the brand to the consumers. By increasing accessibility of the product, we are hoping for good results.
Looking for any investors, partners in your company?
Milk and Co. as a company had a private equity injection about two and half years ago, domestically. We have been growing at a rate of 28 per cent for last one or two years and we hope to continue the growth. We are able to reinvest the money that we are making. So, we will continue following that track. We are hoping with right partners we can reach the next level. At this stage, we are enjoying the fruitful period. So, we are not looking at investment at this point of time.
What would your advice be to those who are trying to enter the skincare product space?
I have made lot of mistakes in my business. I didn’t have much understanding of sales and skincare products. But I started understanding the market especially knowing my numbers. My advice would be, to be professional and to make the brand grow in every level. It is important to deliver very high quality product. Being innovative is very important through ingredients, functionality and productivity. I think innovation it is a key. If you have any ideas turn it into reality rather than delaying it.
