1 00:00:03,450 --> 00:00:07,260 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean Aylmer. Today, 2 00:00:07,260 --> 00:00:09,480 Sean Aylmer: I'm joined by the CEO of one of the most 3 00:00:09,480 --> 00:00:14,380 Sean Aylmer: recognised and respected brands in Australia. Natural health company, Blackmores, 4 00:00:14,670 --> 00:00:17,180 Sean Aylmer: has been selling vitamins and minerals for 90 years, and 5 00:00:17,180 --> 00:00:20,030 Sean Aylmer: in recent months, has seen its share price surge as 6 00:00:20,030 --> 00:00:23,140 Sean Aylmer: the pandemic puts a focus back on health. As it 7 00:00:23,250 --> 00:00:26,440 Sean Aylmer: enters its 91st year, Blackmores is now preparing for a post- 8 00:00:26,489 --> 00:00:30,970 Sean Aylmer: COVID wellness boom. Alastair Symington is the Blackmores Group CEO, 9 00:00:30,970 --> 00:00:33,360 Sean Aylmer: and my guest this morning. Alastair, welcome to Fear and Greed. 10 00:00:33,920 --> 00:00:35,379 Alastair Symington: Good morning, Sean. Thanks for having me. 11 00:00:35,850 --> 00:00:38,940 Sean Aylmer: Okay. Booming share price, 50% in the last six months, but 12 00:00:38,940 --> 00:00:40,960 Sean Aylmer: how do you manage your shareholders? 13 00:00:41,909 --> 00:00:46,650 Alastair Symington: Yeah, well, we've obviously got a wide variety of shareholders 14 00:00:46,650 --> 00:00:50,280 Alastair Symington: in our base, so everything from our major shareholder, Marcus Blackmore, 15 00:00:50,890 --> 00:00:54,930 Alastair Symington: through to institutional investors, and then a wide and long 16 00:00:54,930 --> 00:00:59,730 Alastair Symington: serving base of retail shareholders. And so we essentially take 17 00:00:59,730 --> 00:01:02,510 Alastair Symington: feedback from all of our shareholders as we move along. 18 00:01:02,510 --> 00:01:07,649 Alastair Symington: I mean, we launched our strategy 'Ignite for 2024', about 18 months ago. 19 00:01:07,650 --> 00:01:10,910 Alastair Symington: So we've been on quite a journey over the last 18 20 00:01:10,910 --> 00:01:14,530 Alastair Symington: months in terms of our transformation, and we're very pleased 21 00:01:14,530 --> 00:01:17,080 Alastair Symington: to share some of the results we did at the 22 00:01:17,080 --> 00:01:20,130 Alastair Symington: end of financial year '21. So our net sales are 23 00:01:20,130 --> 00:01:24,001 Alastair Symington: up 3%, our profit was up more than 60%, and we were able to 24 00:01:24,001 --> 00:01:28,330 Alastair Symington: deliver 71 cents in share dividends. So value to shareholders 25 00:01:28,330 --> 00:01:31,590 Alastair Symington: is the single most important thing, and the strategy seems 26 00:01:31,650 --> 00:01:34,520 Alastair Symington: to be really playing out the way that we really wanted it to, 27 00:01:34,520 --> 00:01:36,640 Alastair Symington: and I'm really pleased to see those results. 28 00:01:37,060 --> 00:01:39,970 Sean Aylmer: So Marcus Blackmore, who's the son of the founder, who 29 00:01:39,970 --> 00:01:43,240 Sean Aylmer: founded the business 90 years ago, he owns 23% of 30 00:01:43,240 --> 00:01:45,620 Sean Aylmer: the company, he obviously doesn't get on with the chair. 31 00:01:45,930 --> 00:01:47,570 Sean Aylmer: So the biggest shareholder doesn't get on with the chair, 32 00:01:47,890 --> 00:01:49,930 Sean Aylmer: I'm not trying to take sides, and clearly, you are 33 00:01:49,930 --> 00:01:51,880 Sean Aylmer: not going to take sides in that, Alastair, and so 34 00:01:52,100 --> 00:01:55,140 Sean Aylmer: we're making that very plain. But actually managing a company 35 00:01:55,440 --> 00:01:58,970 Sean Aylmer: when you have a tough dynamic, is it difficult? I mean, 36 00:01:58,970 --> 00:02:00,760 Sean Aylmer: it must make it more difficult when that's happening? 37 00:02:01,960 --> 00:02:04,280 Alastair Symington: I'm a director on the board as the managing director 38 00:02:04,280 --> 00:02:10,209 Alastair Symington: of the company. My focus is on my employees, and also on delivering results. 39 00:02:10,260 --> 00:02:12,790 Alastair Symington: That's the thing that I can focus on the most, it's the thing 40 00:02:12,790 --> 00:02:15,799 Alastair Symington: most inside my control. So if we look at the last 41 00:02:15,800 --> 00:02:19,610 Alastair Symington: two years in particular, during COVID, the ability to ensure 42 00:02:19,610 --> 00:02:23,630 Alastair Symington: that the workplace is safe, that our employees feel secure, 43 00:02:24,040 --> 00:02:27,580 Alastair Symington: that their health is most paramount to the company, and particularly, 44 00:02:28,160 --> 00:02:30,250 Alastair Symington: more so that we're a health company, we need to make 45 00:02:30,250 --> 00:02:33,320 Alastair Symington: sure that we lead by our purpose, which is to 46 00:02:33,320 --> 00:02:35,990 Alastair Symington: ensure that everybody has the opportunity to live a healthy 47 00:02:35,990 --> 00:02:39,260 Alastair Symington: life naturally, and that's no more important then for our employees. 48 00:02:39,260 --> 00:02:42,530 Alastair Symington: So my focus is on making sure that results in 49 00:02:42,530 --> 00:02:45,609 Alastair Symington: the health and wellbeing of employees is the most important thing. 50 00:02:46,150 --> 00:02:48,130 Sean Aylmer: Okay. So how did the company start? I mean, I 51 00:02:48,130 --> 00:02:50,240 Sean Aylmer: think you probably just answered the question, the first time 52 00:02:50,240 --> 00:02:52,290 Sean Aylmer: I heard of Blackmores, my family owned a health food 53 00:02:52,290 --> 00:02:54,760 Sean Aylmer: shop in the '70s, in country New South Wales, which was 54 00:02:54,880 --> 00:02:57,570 Sean Aylmer: a very unusual thing to do. And I seem to 55 00:02:57,570 --> 00:03:02,030 Sean Aylmer: remember Blackmores then, when it wasn't really as omnipresent as 56 00:03:02,030 --> 00:03:05,650 Sean Aylmer: it is now. It has grown, and had an incredible 57 00:03:05,810 --> 00:03:09,800 Sean Aylmer: period, really. How does it stay relevant when it's kind 58 00:03:09,800 --> 00:03:11,830 Sean Aylmer: of been doing the same thing for 90 years? 59 00:03:12,260 --> 00:03:15,030 Alastair Symington: Yeah, it's a great question. I mean, obviously, the one 60 00:03:15,030 --> 00:03:18,299 Alastair Symington: thing that we really need to ensure is that we 61 00:03:18,419 --> 00:03:21,130 Alastair Symington: not only stay relevant to our contemporary consumers, but we 62 00:03:21,130 --> 00:03:25,440 Alastair Symington: also have a very loyal base of long- term consumers 63 00:03:25,970 --> 00:03:28,840 Alastair Symington: and patients that have been using Blackmores for years. Most 64 00:03:28,840 --> 00:03:33,250 Alastair Symington: companies would envy a 90- year tradition and a track 65 00:03:33,250 --> 00:03:37,910 Alastair Symington: record of improving the health outcomes of Australians, and those 66 00:03:37,910 --> 00:03:40,640 Alastair Symington: in Asia- Pacific. So we build off that foundation, our 67 00:03:40,640 --> 00:03:44,040 Alastair Symington: company was founded on naturopathic principles, we stay very true 68 00:03:44,040 --> 00:03:48,140 Alastair Symington: to those principles, and that's really seen us successful over 69 00:03:48,550 --> 00:03:50,920 Alastair Symington: the first 90 years, and into the future. And as 70 00:03:51,310 --> 00:03:53,750 Alastair Symington: we think about staying relevant, it's really building on that 71 00:03:54,030 --> 00:03:57,270 Alastair Symington: idea of trust, quality, and assurance. And it's no more relevant 72 00:03:57,270 --> 00:04:00,080 Alastair Symington: today than in a sort of post- pandemic world, where 73 00:04:00,500 --> 00:04:04,760 Alastair Symington: health assurance is really important, and people are more interested 74 00:04:04,760 --> 00:04:06,740 Alastair Symington: in health outcomes than ever before. 75 00:04:07,180 --> 00:04:10,470 Sean Aylmer: Do you feel a responsibility being the holder of that, just for 76 00:04:10,790 --> 00:04:13,940 Sean Aylmer: a period, as CEO, of that 90- year history? 77 00:04:14,500 --> 00:04:19,099 Alastair Symington: Oh, there's tremendous responsibility. I think it's important that, and 78 00:04:19,100 --> 00:04:22,050 Alastair Symington: everything we do here at Blackmores starts and finishes with 79 00:04:22,050 --> 00:04:26,880 Alastair Symington: our purpose. Maurice Blackmore started our company in 1932, and 80 00:04:26,880 --> 00:04:30,900 Alastair Symington: his overarching principle was that to have healthy people, you need 81 00:04:30,900 --> 00:04:33,320 Alastair Symington: to have a healthy planet. So we not only have 82 00:04:33,320 --> 00:04:36,760 Alastair Symington: a very clear purpose around improving the health and wellbeing 83 00:04:36,830 --> 00:04:40,109 Alastair Symington: of people, but we do it in a way which protects the 84 00:04:40,110 --> 00:04:42,409 Alastair Symington: planet. And we tread lightly in terms of the way 85 00:04:42,410 --> 00:04:46,470 Alastair Symington: that we source our raw materials and ingredients, and that 86 00:04:46,470 --> 00:04:49,010 Alastair Symington: leads to products which are of high quality that are 87 00:04:49,290 --> 00:04:50,110 Alastair Symington: sourced from nature. 88 00:04:50,680 --> 00:04:53,480 Sean Aylmer: Okay. So you've committed to being net zero by 2030, 89 00:04:53,480 --> 00:04:55,540 Sean Aylmer: I think, is that right? Did you have to make 90 00:04:55,540 --> 00:05:01,609 Sean Aylmer: many changes given the upstream and downstream responsibility that with 91 00:05:01,610 --> 00:05:02,541 Sean Aylmer: that comes with that net zero commitment? 92 00:05:02,541 --> 00:05:07,430 Alastair Symington: Yeah, we made the net zero commitment in 2019. It gave us just on 10 years 93 00:05:08,770 --> 00:05:11,239 Alastair Symington: to reach those targets. There's many ways you can get 94 00:05:11,240 --> 00:05:14,339 Alastair Symington: to net zero. For us it was interesting, at the 95 00:05:14,339 --> 00:05:16,460 Alastair Symington: time we made those commitments, we also made an acquisition 96 00:05:17,300 --> 00:05:20,979 Alastair Symington: of a manufacturing facility down in Victoria, and so our 97 00:05:20,980 --> 00:05:24,029 Alastair Symington: emissions doubled at the same time we committed to reducing 98 00:05:24,029 --> 00:05:27,080 Alastair Symington: our emissions to zero. And for us that was clear 99 00:05:27,080 --> 00:05:30,480 Alastair Symington: responsibility, it was a statement that we wanted to make, that as 100 00:05:30,480 --> 00:05:34,539 Alastair Symington: a manufacturer here in Australia, and the manufacturing sector here 101 00:05:34,540 --> 00:05:36,940 Alastair Symington: in Australia continues to be very strong, but in our 102 00:05:37,490 --> 00:05:40,510 Alastair Symington: industry, we have an opportunity here to really lead in this 103 00:05:40,510 --> 00:05:45,430 Alastair Symington: area. So we started with very small steps, we understood 104 00:05:45,430 --> 00:05:48,460 Alastair Symington: our carbon footprint, a couple of years later, we started with a 105 00:05:48,460 --> 00:05:52,640 Alastair Symington: new clean energy strategy. We've done climate resilience, risk assessments 106 00:05:52,640 --> 00:05:55,500 Alastair Symington: over time, now we've tied some of our net zero 107 00:05:55,500 --> 00:06:00,610 Alastair Symington: targets to our executive remuneration, and the conversations continue across 108 00:06:00,610 --> 00:06:02,510 Alastair Symington: the organization. It's something that we're learning a lot about as we go along. 109 00:06:02,511 --> 00:06:02,512 Sean Aylmer: Yeah. 110 00:06:02,512 --> 00:06:08,290 Alastair Symington: I don't think anybody's written the playbook but we have made quite a lot of progress in a very 111 00:06:08,290 --> 00:06:09,170 Alastair Symington: short period of time. 112 00:06:09,390 --> 00:06:11,550 Sean Aylmer: Stay with me, Alastair, we'll be back in a minute. 113 00:06:16,589 --> 00:06:21,909 Sean Aylmer: I'm speaking to Blackmores Group CEO, Alastair Symington. Okay, so you operate in 13 markets 114 00:06:21,910 --> 00:06:24,339 Sean Aylmer: across the Asia- Pacific, which are the big ones? Australia 115 00:06:24,380 --> 00:06:25,330 Sean Aylmer: and New Zealand, presumably? 116 00:06:25,710 --> 00:06:28,180 Alastair Symington: So Australia and New Zealand is just under half of our sales, 117 00:06:29,010 --> 00:06:33,140 Alastair Symington: the other half is split between, China's just under 20% of 118 00:06:33,140 --> 00:06:36,580 Alastair Symington: our sales. Indonesia is our fastest growing market, it's now 119 00:06:36,580 --> 00:06:39,540 Alastair Symington: our number market in South- East Asia. Thailand, we've been 120 00:06:39,540 --> 00:06:42,900 Alastair Symington: in Thailand for more than 30 years. Malaysia, we've been 121 00:06:42,980 --> 00:06:46,010 Alastair Symington: there for more than 30 years, so Marcus was a real 122 00:06:46,010 --> 00:06:50,380 Alastair Symington: pioneer up into Asia- Pacific. We've just launched, in the 123 00:06:50,380 --> 00:06:53,589 Alastair Symington: last two months, into India, so that's our new market, and 124 00:06:53,589 --> 00:06:55,800 Alastair Symington: we're really excited about the opportunities that we see in 125 00:06:55,800 --> 00:06:58,610 Alastair Symington: India as the middle class rise, and there's more of 126 00:06:58,610 --> 00:07:01,480 Alastair Symington: an awareness around the options you have for health, in 127 00:07:01,480 --> 00:07:04,670 Alastair Symington: relation to your family and personal health and wellbeing. So those 128 00:07:04,670 --> 00:07:08,500 Alastair Symington: markets are really the opportunity for growth for our company. 129 00:07:08,500 --> 00:07:11,070 Alastair Symington: I mean, as you know, we're an Australian company, we've 130 00:07:11,070 --> 00:07:15,610 Alastair Symington: been exporting for a long, long time, but really, our opportunity here 131 00:07:15,610 --> 00:07:19,460 Alastair Symington: is to stand firmly in front of some of these 132 00:07:19,460 --> 00:07:22,610 Alastair Symington: global competitors, and be a global operation in our own right. 133 00:07:22,960 --> 00:07:25,470 Sean Aylmer: So just quickly, I mean, India, I always find fascinating, 134 00:07:25,470 --> 00:07:28,430 Sean Aylmer: because very few Australian companies have managed to breach the 135 00:07:28,430 --> 00:07:31,470 Sean Aylmer: bureaucracy of India, if I put it that way. And 136 00:07:31,470 --> 00:07:35,470 Sean Aylmer: Indonesia's another one, 300 million people, or thereabout, it's the fact that you can 137 00:07:35,710 --> 00:07:38,660 Sean Aylmer: get into that market. What is the trick? Is it persistence 138 00:07:38,660 --> 00:07:42,430 Sean Aylmer: or something, getting into India and Indonesia as markets? Because between 139 00:07:42,430 --> 00:07:44,790 Sean Aylmer: them, you're not that far off a couple of billion people. 140 00:07:45,390 --> 00:07:48,380 Alastair Symington: Well, that's right. Actually, our ambition is to reach one 141 00:07:48,380 --> 00:07:51,510 Alastair Symington: billion consumers by 2025. And if we can reach a 142 00:07:51,510 --> 00:07:54,490 Alastair Symington: billion, and we can convince them that natural health solutions 143 00:07:54,490 --> 00:07:56,240 Alastair Symington: are a good alternative, for them, even at 1%, it means 144 00:07:56,240 --> 00:07:58,890 Alastair Symington: that we can be a billion dollar company by that 145 00:07:58,890 --> 00:08:02,540 Alastair Symington: timeframe. And it means that we can influence, and make 146 00:08:02,540 --> 00:08:05,600 Alastair Symington: a difference in the lives of many consumers up into Asia- 147 00:08:05,600 --> 00:08:08,720 Alastair Symington: Pacific. So coming back to your question on the pathway 148 00:08:08,720 --> 00:08:11,420 Alastair Symington: there, and the road through some of the bureaucracy, I 149 00:08:11,420 --> 00:08:14,530 Alastair Symington: mean, we operate in heavily regulated environments- 150 00:08:14,540 --> 00:08:14,560 Sean Aylmer: Yeah. 151 00:08:14,630 --> 00:08:17,470 Alastair Symington: In most of our markets. So when you start out in these 152 00:08:17,470 --> 00:08:20,880 Alastair Symington: new markets, you need to spend the time understanding what those 153 00:08:21,480 --> 00:08:25,380 Alastair Symington: regulatory frameworks look like, and how you need to operate 154 00:08:25,390 --> 00:08:28,780 Alastair Symington: within those, so really understanding the playing field. Indonesia, for us, 155 00:08:28,780 --> 00:08:31,790 Alastair Symington: we've been there for just on five years. It's been 156 00:08:31,790 --> 00:08:35,300 Alastair Symington: in the last two years, where we've really started to see very good, 157 00:08:35,300 --> 00:08:40,050 Alastair Symington: consistent growth rates in Indonesia. And it's ensuring, in that situation, 158 00:08:40,050 --> 00:08:43,170 Alastair Symington: we have a very good partner in Kalbe Pharmaceuticals, and 159 00:08:43,179 --> 00:08:46,939 Alastair Symington: that's helped us access more consumers through traditional pharmacies. In India, 160 00:08:47,860 --> 00:08:49,760 Alastair Symington: our entry point is in through Amazon. 161 00:08:49,850 --> 00:08:50,070 Sean Aylmer: Right. 162 00:08:50,150 --> 00:08:53,689 Alastair Symington: And the market in India is roughly three billion in 163 00:08:53,690 --> 00:08:56,780 Alastair Symington: Aussie dollars, the category size, but the total addressable market's 164 00:08:56,780 --> 00:08:59,780 Alastair Symington: about a billion. And we feel if we can provide 165 00:08:59,780 --> 00:09:03,460 Alastair Symington: awareness, and the right information around products through e- commerce, 166 00:09:03,460 --> 00:09:05,150 Alastair Symington: that's a good starting point for us in a country 167 00:09:05,150 --> 00:09:05,700 Alastair Symington: like India. 168 00:09:06,200 --> 00:09:09,339 Sean Aylmer: What about China? How is your business performing there? Listeners, 169 00:09:09,340 --> 00:09:12,500 Sean Aylmer: keeping in mind that certainly some others like infant formula makers, 170 00:09:12,500 --> 00:09:15,610 Sean Aylmer: and that have really struggled in China, in recent times. 171 00:09:15,960 --> 00:09:20,200 Alastair Symington: Yeah, so China, again, these markets, India, Indonesia, China, we're 172 00:09:20,200 --> 00:09:21,949 Alastair Symington: there for the long- term. It's not something that you 173 00:09:21,950 --> 00:09:24,120 Alastair Symington: can just be in and out of over a short 174 00:09:24,120 --> 00:09:26,179 Alastair Symington: period of time, you've really got to commit to the markets. We 175 00:09:26,179 --> 00:09:30,260 Alastair Symington: entered into China around 2014, so we've been there for 176 00:09:30,260 --> 00:09:33,150 Alastair Symington: a relatively short period of time. The business is really 177 00:09:33,150 --> 00:09:35,170 Alastair Symington: important to us, there was a lot of focus a 178 00:09:35,170 --> 00:09:38,760 Alastair Symington: few years ago around different types of channels into the 179 00:09:38,760 --> 00:09:41,370 Alastair Symington: China market, so there was a multitude of ways of entering 180 00:09:41,370 --> 00:09:44,370 Alastair Symington: into China. We've really simplified the strategy where we are 181 00:09:44,370 --> 00:09:47,760 Alastair Symington: really focusing our investments and efforts against the cross border e- 182 00:09:47,760 --> 00:09:50,809 Alastair Symington: commerce channel, which is where most of the international brands 183 00:09:50,809 --> 00:09:54,689 Alastair Symington: play. And having that focus, looking at key hero items, 184 00:09:54,690 --> 00:09:57,390 Alastair Symington: just on the cross border platforms is paying dividends for 185 00:09:57,390 --> 00:10:01,640 Alastair Symington: us. Last year China grew 28%, there's a lot of consistency 186 00:10:01,640 --> 00:10:04,390 Alastair Symington: in terms of the sustainable business results in China. Now, 187 00:10:04,710 --> 00:10:07,790 Alastair Symington: there's always a risk that there may be some changes 188 00:10:07,790 --> 00:10:12,340 Alastair Symington: to the regulatory environment, and obviously geopolitical circumstances cause us 189 00:10:12,350 --> 00:10:15,900 Alastair Symington: to ensure that we have the right risk assessment around 190 00:10:15,900 --> 00:10:19,050 Alastair Symington: our business in China. But there's one thing, even through 191 00:10:19,050 --> 00:10:25,290 Alastair Symington: geopolitical turmoil, controversy around financial crisis linked to collapse of 192 00:10:26,670 --> 00:10:28,690 Alastair Symington: Evergrande. The one thing that stays consistent is, consumers are 193 00:10:28,690 --> 00:10:32,719 Alastair Symington: always looking for high quality natural products from markets like 194 00:10:32,720 --> 00:10:35,740 Alastair Symington: Australia. So if we have the right proposition there, we 195 00:10:35,740 --> 00:10:38,730 Alastair Symington: feel like we can be very successful ongoing in China. 196 00:10:39,200 --> 00:10:43,150 Sean Aylmer: Alastair Symington, CEO of Blackmores, why has it taken you 197 00:10:43,150 --> 00:10:44,900 Sean Aylmer: so long to get into pet health? 198 00:10:47,600 --> 00:10:52,050 Alastair Symington: Marcus acquired, and the company acquired PAW back in 2008, 199 00:10:52,450 --> 00:10:53,540 Alastair Symington: I think it was. 200 00:10:53,540 --> 00:10:53,610 Sean Aylmer: Right. 201 00:10:53,610 --> 00:10:59,270 Alastair Symington: So we've had the business for some time. Look, this area 202 00:10:59,270 --> 00:11:02,270 Alastair Symington: is dominated by very large companies, Mars, Nestle. 203 00:11:02,340 --> 00:11:02,360 Sean Aylmer: Yeah. 204 00:11:03,460 --> 00:11:07,230 Alastair Symington: And a lot of the nutritional benefits that are talked 205 00:11:07,280 --> 00:11:10,830 Alastair Symington: about come through the food products. We are offering nutraceuticals 206 00:11:10,830 --> 00:11:14,410 Alastair Symington: of vitamins for pets, and if you think about just the 207 00:11:14,410 --> 00:11:17,990 Alastair Symington: evolution of our engagement and our relationship with our pets, 208 00:11:17,990 --> 00:11:21,179 Alastair Symington: I mean, these days, working from home, we're more connected 209 00:11:21,179 --> 00:11:22,870 Alastair Symington: to our animals than we've ever been. Gone are the 210 00:11:22,870 --> 00:11:24,840 Alastair Symington: days where you go off to work, put your dog 211 00:11:24,860 --> 00:11:26,530 Alastair Symington: out the back, make sure it had a bowl of 212 00:11:26,800 --> 00:11:29,480 Alastair Symington: water, and come back in the evening, and maybe take- 213 00:11:29,610 --> 00:11:32,610 Sean Aylmer: Really? That's what happens to our dog, to be perfectly honest. 214 00:11:33,860 --> 00:11:37,000 Alastair Symington: Well, these days there's a lot of pampering that goes with a dog. 215 00:11:37,070 --> 00:11:37,071 Sean Aylmer: Yeah. 216 00:11:37,071 --> 00:11:41,130 Alastair Symington: And we're spending more time with our pets, we can 217 00:11:41,130 --> 00:11:44,469 Alastair Symington: see if they've got hip issues, or maybe they've got 218 00:11:44,510 --> 00:11:48,130 Alastair Symington: an upset stomach, I mean that one's pretty obvious, but 219 00:11:49,000 --> 00:11:52,270 Alastair Symington: we have ailments with our pets that are very similar to humans. 220 00:11:52,270 --> 00:11:56,700 Alastair Symington: And our philosophy around recommendations through vets is very consistent 221 00:11:56,800 --> 00:11:58,890 Alastair Symington: with the way we deal with some of our other 222 00:11:58,890 --> 00:12:02,350 Alastair Symington: practitioners in the more human space. So finding those synergies, 223 00:12:02,420 --> 00:12:07,040 Alastair Symington: understanding where those crossovers are in terms of special conditions 224 00:12:07,040 --> 00:12:10,520 Alastair Symington: that we think can benefit pets. And this business in pets, 225 00:12:11,300 --> 00:12:12,860 Alastair Symington: a lot of it is sold online as well. 226 00:12:12,860 --> 00:12:12,890 Sean Aylmer: Right. 227 00:12:12,960 --> 00:12:17,280 Alastair Symington: So if you think about people buying pet food or accessories, if they 228 00:12:17,360 --> 00:12:21,370 Alastair Symington: can put a $30 or $40 bottle of PAW into the basket, then 229 00:12:21,370 --> 00:12:23,350 Alastair Symington: it's good for the retailer, and it's also good for 230 00:12:23,950 --> 00:12:24,610 Alastair Symington: the consumer. 231 00:12:24,940 --> 00:12:26,900 Sean Aylmer: Well, good luck with it, Alastair. Thank you for talking to 232 00:12:26,900 --> 00:12:27,230 Sean Aylmer: Fear and Greed. 233 00:12:27,900 --> 00:12:28,069 Alastair Symington: Thank you. 234 00:12:28,690 --> 00:12:31,790 Sean Aylmer: That was Blackmores Group CEO, Alastair Symington. This is a 235 00:12:31,790 --> 00:12:34,140 Sean Aylmer: Fear and Greed daily interview, join me every morning for 236 00:12:34,140 --> 00:12:36,670 Sean Aylmer: the full Fear and Greed podcast, with all the business 237 00:12:36,670 --> 00:12:39,710 Sean Aylmer: news you need to know. I'm Sean Aylmer, enjoy your day.