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Amway expects strong growth
By Sam Riley |
March 30, 2009, Monday
|
Print Edition
Print Edition
DESPITE the economic downturn, global direct selling giant Amway Corp is looking to China and the developed world to continue growing a business that now extends its reach to 80 countries around the world.
Speaking in Beijing last week, Amway President Doug DeVos, said he expected the US$7.1-billion company to post double-digit growth in most of its key markets in the developing world, despite the troubled economic times.
While many consumer-based businesses have seen their balance sheets shrink recently, DeVos said the company expects to keep 10 percent growth in China, which now makes up more than one third of Amway's global sales.
"In China we expect double-digit growth around that 10 percent number, and markets around the world that will be at this growth level will be Latin America, India, Russia, Eastern Europe, Thailand and the Philippines," he said.
DeVos, who was in Beijing to attend the China Development Forum, said the United States and Japan represented "the greatest challenges" for Amway.
Despite contracting consumer demand around the world, DeVos said the company still expects global growth to be between 5 percent and 7 percent this year.
Echoing the consensus of the forum, which called for the enhancement of global free trade, DeVos said he hoped governments would support the successes of trade globalization and reject protectionist measures.
Amway China posted a 25-percent growth last year and now has more than 6,000 employees and sales of more than 17.6 billion yuan.
The company will continue to boost its investment in China and expand its manufacturing facilities in Guangzhou in Guangdong Province, says DeVos.
Amway operates a 141,000-square-meter state-of-the-art production facility in Guangzhou Economic and Technological Development District and is set to expand its operations to manufacture home filtration systems.
DeVos said the firm was also looking at new technologies to boost its business.
Speaking in Beijing last week, Amway President Doug DeVos, said he expected the US$7.1-billion company to post double-digit growth in most of its key markets in the developing world, despite the troubled economic times.
While many consumer-based businesses have seen their balance sheets shrink recently, DeVos said the company expects to keep 10 percent growth in China, which now makes up more than one third of Amway's global sales.
"In China we expect double-digit growth around that 10 percent number, and markets around the world that will be at this growth level will be Latin America, India, Russia, Eastern Europe, Thailand and the Philippines," he said.
DeVos, who was in Beijing to attend the China Development Forum, said the United States and Japan represented "the greatest challenges" for Amway.
Despite contracting consumer demand around the world, DeVos said the company still expects global growth to be between 5 percent and 7 percent this year.
Echoing the consensus of the forum, which called for the enhancement of global free trade, DeVos said he hoped governments would support the successes of trade globalization and reject protectionist measures.
Amway China posted a 25-percent growth last year and now has more than 6,000 employees and sales of more than 17.6 billion yuan.
The company will continue to boost its investment in China and expand its manufacturing facilities in Guangzhou in Guangdong Province, says DeVos.
Amway operates a 141,000-square-meter state-of-the-art production facility in Guangzhou Economic and Technological Development District and is set to expand its operations to manufacture home filtration systems.
DeVos said the firm was also looking at new technologies to boost its business.
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