I already predicted the massive MyProtein rebrand would face a “no pain, no gain” reality, so what is THG CEO Matthew Moulding all fired up about? THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2024 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, THG is self-described as “a vertically integrated, digital-first consumer brands group, retailing its own brands in beauty and nutrition, plus third-party brands, via its complete digital commerce solution, Ingenuity, to an online and global customer base.” During the first quarter of 2024, divisional revenue for THG Nutrition was approximately $188 million, which was down 5.8% YoY. Maybe what’s more concerning is that revenue dropped about 10.5% from last quarter. That’s a bit abnormal, as the “New Year, New You” Q1 seasonality boost of new buyers into the marketplace usually helps supplement companies grow revenues QoQ. So, what’s up with these poor growth rates when the overall global supplement market continues to grow? I'll dive into several things going on here at MyProtein including: its global digital sales channel strategy and retail partnerships in physical retail, integration of supply side acquisitions, the effect the previous pricing strategy had on the sports nutrition brand's customer file, and let’s just say A LOT is riding on the success of the MyProtein global rebrand. Early results of the biggest rebrand in the 20-year history of MyProtein is said to be promising in that brand awareness has grown four percentage points higher since rolling out in its home market of the UK. 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 American market) it needs to ensure this rebranding decision is well received by and generates brand affinity with those less price-sensitive customers. Additionally, I've provided a few recent marketplace actions made by MyProtein that could be associated with unlocking future winning chess moves. Finally...I'll provide you with another funny Matthew Moulding LinkedIn moment that directly tossed shade at all the flip-flopping pundits and analysts for being stupid and suggesting THG should “sell or close the Beauty and Ingenuity divisions, and just keep Nutrition because then the company would be valued at least double.” I’m sure this is the type of stuff that the British media, financial, and business worlds hate…but it further supports my belief that it’s inevitable that all (or parts of) THG will be listed in the American stock markets soon enough.

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