The rebranding of one of B.C.’s fastest growing companies reinforces the lesson that the best brand is one that resonates in consumers’ minds.
Sequel Naturals Ltd. ranked No. 19 on Business in Vancouver’s most recent list of B.C.’s fastest growing companies, increasing revenue 652% to $14.5 million between 2005 and 2009.
In 2011, the company’s revenue jumped to $40 million and president Charles Chang told BIV February 3 that he aims to reach $100 million in revenue by 2016.
About 80% of the company’s sales come from its Vega brand of natural health products; the balance comes from lesser brands such as SaviSeed, ChlorEssence and MacaSure.
So Chang has decided to change the entire company’s name to Vega.
“Consumers call us Vega even though we were really Sequel Naturals. So, why not just go with it?” Chang said.
“There is strategic value in having all our subbrands under the Vega brand. Otherwise we are competing with our limited resources and time. Each subbrand required some maintenance, upkeep, promotion and awareness.”
Chang, who employs 80 full-time and about 200 part-time staff, expects most of his company’s growth to come from sales in the U.S.
His company moved from being a small natural food product manufacturer in Canada to selling products through grocery, food and drug and mass retail channels. The company’s U.S. sales have jumped from 10% of overall revenue in 2009 to 40% of 2011 revenue. But its products are still sold through natural food product channels.
Within the next few years, Chang plans to expand its sales channels south of the border.
Glen Korstrom
@GlenKorstrom