If you’re going to come at the “king of the online sports nutrition market,” you better not miss! THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2025 Q1 trading statement. I’ll be utilizing that financial information, along with notes I took listening to the earnings conference call, and any relevant publicly disclosed information to obviously update you on the recent performance of THG Nutrition division that includes the world's largest online sports nutrition brand MyProtein, but also utilize everything to provide insights surrounding the global supplement markets. For those unaware, after the THG Ingenuity demerger...THG would now be described as a global, cash generative, health and wellness consumer brands group. During the first quarter of 2025, divisional revenue for THG Nutrition was approximately $196 million, which was basically flat YoY. And while those aren’t necessarily great results…THG leadership noted that the segment saw month-on-month sales improvement throughout the quarter. Moreover, momentum was said to be demonstrated in categories outside of the core protein range, especially in activewear, vitamins, bars, and snacks. But I'll dive into several strategic decisions impacting MyProtein including: its global digital sales channel strategy, retail partnerships in physical retail, global "in real life" community events (i.e. HYROX and MyProtein Move Club) and let’s just say A LOT is riding on the success of the MyProtein global rebrand. But basically 18 months after the start of its initial staggered market rollout, the transitionary impacts from the rebrand are now behind Myprotein. THG leadership reaffirmed that customer feedback continues to be promising, with unaided brand recognition for MyProtein now at its highest level to date. More importantly though…THG Nutrition leadership needs to pay close attention to key commercial metrics over the next year because to continue moving upstream in positioning (and unlocking sales channel diversification opportunities within the U.S. market) it needs to ensure this rebranding decision is well received by and generates brand affinity with those less price-sensitive customers. Interestingly, THG leadership noted that MyVitamins, which makes up around 9% of the total THG Nutrition online revenue, delivered record quarterly growth. But what’s maybe most intriguing is how different the customer demographics of MyVitamins are compared to MyProtein…and its possible synergistic value with the other THG branded products segment THG Beauty. Finally, about a week prior to this earnings release, the board of directors at THG rejected an unsolicited proposal to acquire Myprotein. According to reports, THG turned down the (upwards of $800 million) offer from Selkirk, an investment vehicle, saying it “fundamentally undervalued” the MyProtein business. Additionally, the deal structure carried significant execution complexity and risks...but maybe the most interesting element was that Selkirk is run by a former THG board member and backed by Kelso Group, an activist investor in THG.