JAMAICA'S largest distributor, Wisynco Group Limited, is to be the new distributor of the world's leading energy drink, Red Bull. This move sees Wisynco taking over the coveted distributorship from Mark Hart's Caribbean Producers, as Red Bull seeks to deepen its presence in the Jamaican market.
Speaking with Sunday Finance from Miami, Wisynco's chief executive officer, William Mahfood, said: "Red Bull came to us looking for better penetration of its product in Jamaica. They were impressed with our distribution capabilities as well as our network and concluded that we were the best distributor in the country. They were also looking for a company that could fend off the proliferation of competitors coming unto the market and establish the brand as the unassailable leader and thought we could do that job. Red Bull also thought we could form amicable relationships with clients that would showcase the brand."
Red Bull is the leading energy drink in the world, spawning many imitators. Founded in 1984 in Austria by toothpaste salesman Deitrich Mateschitz, a leading research firm at the time concluded of the caffeine-laced concoction that, "no other product has ever failed this convincingly." Today Red Bull enjoys annual sales of US$4.6 billion with its annual growth rate for several years topping 45 per cent. Market research firm Packaged Facts says Red Bull has captured 50 per cent share of both the United States and European energy drink market.
In Jamaica, Mahfood is expecting to see Red Bull volumes up in dollar sales to J$1.8 billion by next year. Wisynco, an integrated family business is not only a distributor, but a manufacturer of plastic products. Wisynco Group Limited, the holding company, is divided into four divisions: * Manufacturer and distributor of beverages: this arm distributes world brands such as Budwiser, Coca Cola, Diet Coke, Sprite, Ocean Spray Cranberry Juice and now Red Bull. There are its own brands such as its energy drink, Boom, Wata, Cran Wata, and Bigga soft drinks.
* Manufacturer of plastic products: Here Wisynco makes foam plates, cups, plastic bags and bottles.
A trading division: * This centres on household brands such as Kellogg's, Welch and Pillsbury together with Jamaican produced goods driving this arm of the business.
* Restaurants: Wisynco has over the years formed a stable of world renowned branded restaurants making them dominant players on the local landscape. These include Dominos Pizza, Hagen-Daz and Wendy's Hamburgers.
"We now distribute four of the top beverage brands in the world, namely Coca-Cola, Diet Coke, Budwiser and now Red Bull. I am extremely proud of that. Last year our revenues came close to US$100 million with our local production growing by 40 per cent. This year we are projecting revenues of US$130 million with our local production growing by 50 per cent. We will be opening a Wendy's restaurant in the Fairview Plaza in Montego Bay and be looking to increase the number of Domino Pizza locations. Going forward, our focus now will be on our distribution operations," said Mahfood.