WEBVTT - Heywell Making Wellness Simple and Accessible

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio about the

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<v Speaker 1>global flavored water market. Did a little bit of research.

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<v Speaker 1>The size of it is expected to reach nearly thirty

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<v Speaker 1>billion and a compound annual growth rate of ten over

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<v Speaker 1>that forecast. Here. This is according to report ten that's

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<v Speaker 1>out by grand View Research earlier this year. They say

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<v Speaker 1>the major factor that it's growing consumer demand for alternatives

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<v Speaker 1>to sugary soft drinks. According to their findings, Well, a

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<v Speaker 1>lot of new entrants coming into the space as well,

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<v Speaker 1>trying to take advantage of that growth. One of those

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<v Speaker 1>new entrants is Hey, well, the co founders Ashley Selman

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<v Speaker 1>and britt Aherty join us now on the phone from Chicago. Ashley,

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<v Speaker 1>britt how are you? Thanks for having us? Yeah, well,

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<v Speaker 1>thanks so much for joining us. Hey, Frett, I want

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<v Speaker 1>to start with you because the two of you work

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<v Speaker 1>together at Miller Course and you left to start the

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<v Speaker 1>beverage brand, and it's the idea is making wellness approachable

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<v Speaker 1>for everyone. How would you describe Brittain? Hey? Well, well, halo,

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<v Speaker 1>are we make Sparkling a diptagenic water. They're made with

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<v Speaker 1>adaptogens antioxidants. Wait, wait, wait, what's an adaptogen? I'm not

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<v Speaker 1>the only one who didn't know that. You didn't know that?

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<v Speaker 1>Was sorry, No, I didn't, So help me out here. Sure.

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<v Speaker 1>An adaptation is a class of plants that help us

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<v Speaker 1>adapt to stress, and they really just help people meet

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<v Speaker 1>the demands of modern life. Our drinks, you know, when

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<v Speaker 1>you need a little energy, immunity, focus, or stress. I

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<v Speaker 1>need those things. No, listen, I think you guys are

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<v Speaker 1>tapping into something Tim and I talked about a lot.

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<v Speaker 1>I see it with my my daughter. I mean, we're

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<v Speaker 1>looking at we're constantly turning around the things we eat,

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<v Speaker 1>we drink and really want to understand. We want TRANSPARENC

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<v Speaker 1>people understand it, and we really want to eat things

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<v Speaker 1>that are better or drink things that are better. Um

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<v Speaker 1>for us. Um, you know, actually come on in on

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<v Speaker 1>the conversation here in terms of what the work that

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<v Speaker 1>you're doing and the demand that you're seeing for this.

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<v Speaker 1>You know, we definitely have seen the shift from people

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<v Speaker 1>moving away from things that are bad for them to

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<v Speaker 1>certainly moving to things that have been more neutral. And then,

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<v Speaker 1>especially since COVID, people are looking for increased support, especially

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<v Speaker 1>a stress and immunity support from food and beverages. UM.

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<v Speaker 1>So we're seeing a huge amount of growth their adaptations.

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<v Speaker 1>We get that a lot like adapt or what and

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<v Speaker 1>so it's simply a class of plant. It just supports you.

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<v Speaker 1>We use things like UM Shashandra, it's a berry. It's

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<v Speaker 1>really great for helping manage stress. We use things like

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<v Speaker 1>LC and the omlaberries a great natural source of UM

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<v Speaker 1>an occidental vitamin C. So we we've taken these things

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<v Speaker 1>that are really good for you and we've packaged them

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<v Speaker 1>in these convenient ready to drink UM sparkling waters that

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<v Speaker 1>are low and triser and calories UM and just made

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<v Speaker 1>it easy to find the right occasion for you, whether

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<v Speaker 1>that's a little extra energy and immunity, or UM energy

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<v Speaker 1>and focus, or maybe you know, calm and restore. So

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<v Speaker 1>UM we have this line of UM for sparkling waters

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<v Speaker 1>that we've made and that we UM launched the market,

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<v Speaker 1>and I feel like it's just right on time in

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<v Speaker 1>terms of what people are looking for. Yeah, the line

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<v Speaker 1>includes energy and calm. I'm curious about the distribution strategy

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<v Speaker 1>here because, uh, you know, how how do you actually

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<v Speaker 1>make sure that this gets to the actual convenience stores.

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<v Speaker 1>If what people want to do a single serve or

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<v Speaker 1>go direct consumer by selling on your website and jump

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<v Speaker 1>in here Ashley, Yeah, we've found a little bit of both.

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<v Speaker 1>I'd say, Um, you know, when during especially COVID, when

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<v Speaker 1>retail was a little bit harder to break through, we

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<v Speaker 1>really pivoted and moved into the e commerce space and

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<v Speaker 1>we were just seeing explosive growth there and we've had

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<v Speaker 1>some great partners, whether that's good Eggs or snack Magic

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<v Speaker 1>all across the US, and um, you know, people were

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<v Speaker 1>looking for convenient waste to shop that they didn't have

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<v Speaker 1>to go in the store. So we've done quite a

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<v Speaker 1>bit of the e commerce work and that actually took

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<v Speaker 1>our brand a little bit more national, little bit more

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<v Speaker 1>immediately than we had initially anticipated. But in terms of

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<v Speaker 1>actual retails retail locations, we've targeted you know, larger urban

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<v Speaker 1>markets and specialty retail within that, whether that's air Wan

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<v Speaker 1>or Foxtrot or degru Noes, um, you know, whether you're

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<v Speaker 1>in New York, l A or Chicago, those types of markets. Um,

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<v Speaker 1>so that people can find them, you know, at at

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<v Speaker 1>that point of purchase. Well on truth be told, Britt.

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<v Speaker 1>You know, we were our whole team here as we

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<v Speaker 1>were preparing for you know, chatting with you guys, were

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<v Speaker 1>talking in our newsroom and you know, looking at the

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<v Speaker 1>different places that you can buy the product, and I

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<v Speaker 1>think Target came up, Walmart, Amazon, lots of places. But

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<v Speaker 1>where is it, you know? And I am also curious

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<v Speaker 1>about your for rays, if it's happened or if it's

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<v Speaker 1>in the future in terms of restaurants, you know, and

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<v Speaker 1>and and the bar space, like what where are you

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<v Speaker 1>know the places that you're really really tapping into consumer

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<v Speaker 1>demand there and you're finding the biggest sales. Yeah. I

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<v Speaker 1>mean we do really well in specialty and and natural

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<v Speaker 1>retailers across the country, So places like Foxtrot and air

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<v Speaker 1>jan Um Yeah. Um, so you know, people where people

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<v Speaker 1>are putting priority you know, and spending against health. Um,

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<v Speaker 1>that's where we see you know, these you know, beverages

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<v Speaker 1>do the best. UM. You know, in particular, we see

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<v Speaker 1>a lot of momentum with UM gen Z and younger

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<v Speaker 1>age millennials. That group in particular is just much more

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<v Speaker 1>likely to put a priority on UM functional ingredients and

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<v Speaker 1>leverage functional ingredients to help them with things that actually

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<v Speaker 1>mentioned are critical community and struct Hey, guys, sit tied

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<v Speaker 1>for a second. We'll come back and we're going to

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<v Speaker 1>continue the conversation. We are talking with Ashley Selman and

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<v Speaker 1>Britt Doherty, co founders of Hey Well, It's a beverage brand. Uh.

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<v Speaker 1>They both worked at Miller Corps for a couple of

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<v Speaker 1>years and I'm also not a couple of years longer

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<v Speaker 1>than that. And when we come back, we can talk

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<v Speaker 1>about what that experience brought to uh, this brand in

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<v Speaker 1>terms of maybe what they wanted to do, what they

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<v Speaker 1>didn't want to do. I also want to hear more

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<v Speaker 1>about adaptagens and the source of these ingredients. I've just

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<v Speaker 1>been like kind of going down a rabbit hole a

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<v Speaker 1>little bit with this uh, and it is interesting lemon

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<v Speaker 1>um and at a lot of ingredients I can't pronounce.

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<v Speaker 1>Well done, We'll continue our conversation just a moment. You're

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<v Speaker 1>listening to Bloomberg Business Week, Carol Master Tim Stanevik right

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<v Speaker 1>here on Bloomberg Radio. I want to get back to

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<v Speaker 1>our guest with us, Ashley Selman and Britt Doherty, co

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<v Speaker 1>founders of hay Well It's a beverage brand. UM. Actually,

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<v Speaker 1>by the way, it was a VP of Brand Marketing

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<v Speaker 1>and Senior director of Crafts and Imports at Miller Core's.

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<v Speaker 1>Britt was a VP of Marketing, Insights and Engagement at

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<v Speaker 1>the company as while they were there for several years.

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<v Speaker 1>They're both with us separate lines, but on the phone

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<v Speaker 1>in Chicago. Actually, Britt, one thing I want to ask you,

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<v Speaker 1>and actually let me start with you. What was it

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<v Speaker 1>about your time and experience at Miller Core's that you

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<v Speaker 1>brought with you guys to creating Hay Well, what was

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<v Speaker 1>it that you knew you wanted to do differently? And

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<v Speaker 1>obviously they're not apples to apples, they're different things, you know,

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<v Speaker 1>different times of beverages. But I'm just curious about that

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<v Speaker 1>time and experience, you know, what it taught you in

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<v Speaker 1>terms of what you wanted to do or what you

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<v Speaker 1>learned and what you wanted to do differently. Yeah, we

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<v Speaker 1>you know, we spent a lot of time that millar

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<v Speaker 1>core is looking both at our immediate industry but also broadly,

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<v Speaker 1>and what we found really exciting was just um a

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<v Speaker 1>lot of change that consumers were looking for and that

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<v Speaker 1>there was just opportunity in the marketplace that wasn't fulfilling

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<v Speaker 1>it and we we're finding that just not only from

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<v Speaker 1>you know, a person's perspective, but also personally so Brita Night.

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<v Speaker 1>You know, we're working along demanding hours and UM managing

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<v Speaker 1>you know, UM just crazy lives and we just were

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<v Speaker 1>looking for things to help us on our wellness journey.

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<v Speaker 1>And you know, we found that UM something that was

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<v Speaker 1>UM simple to understand, that was accessible UM also that

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<v Speaker 1>was good tasting, and that had the functional benefits we

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<v Speaker 1>were looking for. UM. We just found that there was

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<v Speaker 1>an opportunity and so you know, we took UM. We

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<v Speaker 1>took a lot of the great learnings that we had

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<v Speaker 1>from our time at milar Cores. And you know, one

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<v Speaker 1>of the most important things with starting with you know

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<v Speaker 1>what what was our mission and what was really kind

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<v Speaker 1>of the reason for being UM. And our mission is

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<v Speaker 1>to help make wellness more simple and accessible for everyone

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<v Speaker 1>every day. And our name is just hey, well is

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<v Speaker 1>a simple invitation to that wellness UM. So when we started,

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<v Speaker 1>it was and what it means to be more simple

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<v Speaker 1>and accessible for us was taking these great ingredients that

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<v Speaker 1>are really good for you, making it taste really delicious

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<v Speaker 1>so that you'll actually drink it UM, and making it

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<v Speaker 1>convenient for you, um and fitting into your lifestyle. So

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<v Speaker 1>that was kind of our starting point when we you know,

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<v Speaker 1>we developed brands for this company for a long time.

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<v Speaker 1>When we finally decided, well, if ever there's a moment,

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<v Speaker 1>we're just gonna you know, go for it and make

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<v Speaker 1>our own brands because we were just really energized by this,

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<v Speaker 1>you know, we did, and so we started with that point,

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<v Speaker 1>um and spent a lot of time in formulation making

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<v Speaker 1>sure that we got all those things right before we

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<v Speaker 1>launched into market. You know, from brand development, a lot

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<v Speaker 1>of brand development for the companies that the large companies

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<v Speaker 1>that we talk about, you know, Coca Cola and Pepsi, Molson,

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<v Speaker 1>cores a b in Bev. A lot of that brand

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<v Speaker 1>development that that happens actually happens outside of the company,

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<v Speaker 1>and then a company comes in and acquires those startups,

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<v Speaker 1>they let them do the actual heavy lifting in a

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<v Speaker 1>lot of cases and finding distribution and and building that

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<v Speaker 1>customer base. Britt, how are you thinking about, you know,

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<v Speaker 1>the next step here in terms of of of what

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<v Speaker 1>happens when the company does get bigger and when if

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<v Speaker 1>it does, if it does grow, is this a company

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<v Speaker 1>that's going to get acquired by a larger company. Well,

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<v Speaker 1>we're really excited about that mission that actually mentioned. We

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<v Speaker 1>think that it's something that consumers really see themselves in

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<v Speaker 1>and our growth plan you know, really reflects that demand

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<v Speaker 1>that we're seeing. You know, you guys mentioned the size

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<v Speaker 1>of the sparkling water segment at eight you know, thirty billion,

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<v Speaker 1>functional beverages eighteen billion and adaptations you know, really driving

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<v Speaker 1>the size of that segment. And we do think that

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<v Speaker 1>we're on the front foot of this trends. The space

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<v Speaker 1>is really emerging, and we do think it would be

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<v Speaker 1>really interesting for bigger beverage companies like the ones you

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<v Speaker 1>mentioned to UM. You know, round out there there's portfolio

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<v Speaker 1>UM with functional uh, with focial beverages that really have

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<v Speaker 1>become you know, eighteen billion dollar segments. Yeah, it's a

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<v Speaker 1>really good point in terms of we watch the evolution

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<v Speaker 1>certainly of the beverage market. Where do you guys go

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<v Speaker 1>with this? It sounds like is there other brand additions

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<v Speaker 1>or not brand additions, but maybe building out the existing

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<v Speaker 1>brand actually go ahead take that. Yeah, you know, we

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<v Speaker 1>see UM, we still see a lot of opportunity and

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<v Speaker 1>UM we have a pipeline that we're working on right now.

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<v Speaker 1>That starts to you know, we started with beverage because

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<v Speaker 1>that's an area that UM we have a lot of

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<v Speaker 1>experience in and a lot of passion for UM. But

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<v Speaker 1>we think that there are UM you know, there's still

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<v Speaker 1>a lot of occasions that we have been addressed yet

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<v Speaker 1>and we feel like there's other UM ways of address

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<v Speaker 1>seeing wellness and making it simple and more accessible, more inclusive,

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<v Speaker 1>and so UM many in terms of product offerings are

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<v Speaker 1>or what you write in terms of products offerings and

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<v Speaker 1>UM UM in terms of just UM also walking and

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<v Speaker 1>living our mission. So you know what's important to us

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<v Speaker 1>and this is really you know what's important to consumers

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<v Speaker 1>is we give back one per cent the nonprofits to

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<v Speaker 1>advocate for inclusion. And you know what we find is

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<v Speaker 1>that UH and this is where we were too, is

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<v Speaker 1>that we you know, people want to engage with brands

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<v Speaker 1>that UM that have this mission that maybe don't start

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<v Speaker 1>as a big corporate brand, but that start, as you know,

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<v Speaker 1>with entrepreneurs that are UM really creating a community that

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<v Speaker 1>believes in the same things that they do. And so

0:11:46.400 --> 0:11:48.400
<v Speaker 1>UM that's you know, our growth plane is really just

0:11:48.440 --> 0:11:51.959
<v Speaker 1>to focus on building that continuity community and providing you know,

0:11:52.000 --> 0:11:55.240
<v Speaker 1>additional product lines down the road that um that meets

0:11:55.240 --> 0:11:57.040
<v Speaker 1>those means. So I said, I wanted to talk more

0:11:57.040 --> 0:11:58.880
<v Speaker 1>about the ingredients. I want to do that, brit And

0:11:58.880 --> 0:12:01.240
<v Speaker 1>and just learn a little bit about sourcing these um.

0:12:01.320 --> 0:12:03.679
<v Speaker 1>Alma berry, a gooseberry that's rich in natural vitamin C.

0:12:03.920 --> 0:12:08.400
<v Speaker 1>There's an urban here, an amino acid and antioxidant, superberry,

0:12:08.480 --> 0:12:11.840
<v Speaker 1>lemon berry, pincome ale and sea salt, potassium magnesium. Britt,

0:12:11.840 --> 0:12:13.520
<v Speaker 1>how hard does it taket these ingredients? Where do you

0:12:13.520 --> 0:12:18.200
<v Speaker 1>get them? Well, you know, we don't know anyone who

0:12:18.200 --> 0:12:20.800
<v Speaker 1>hasn't had you been impacted by supply chain in some

0:12:20.880 --> 0:12:23.959
<v Speaker 1>ways over the last two years. UM, But we're really

0:12:24.200 --> 0:12:27.120
<v Speaker 1>UM delighted to work with partners that help us procure

0:12:27.360 --> 0:12:30.240
<v Speaker 1>and UM. You know, we get them from the US,

0:12:30.280 --> 0:12:33.040
<v Speaker 1>but also from all over the world, and our goal

0:12:33.120 --> 0:12:34.760
<v Speaker 1>is really to make sure that they're sourced in a

0:12:34.800 --> 0:12:37.160
<v Speaker 1>way that aligned to the mission that actually mentioned we

0:12:37.160 --> 0:12:39.800
<v Speaker 1>have behavile making them is more simple and accessible, which

0:12:39.840 --> 0:12:42.960
<v Speaker 1>means you know, getting these ingredients in a way that

0:12:43.520 --> 0:12:45.760
<v Speaker 1>have a scene supply chain, so you know, are they

0:12:46.200 --> 0:12:49.880
<v Speaker 1>eximally sourced? UM? Can we can we trace back to

0:12:49.920 --> 0:12:52.920
<v Speaker 1>the makers? We want to put things in our drinks

0:12:52.960 --> 0:12:54.840
<v Speaker 1>that are good for you, but that people can feel

0:12:54.880 --> 0:12:58.320
<v Speaker 1>good drinking. And UM, go ahead, no, you know, just

0:12:58.440 --> 0:13:02.240
<v Speaker 1>before we go, UM curious, we're Bloomberg. How big is

0:13:02.240 --> 0:13:04.319
<v Speaker 1>your market? I mean, how much growth have you seen

0:13:04.920 --> 0:13:07.960
<v Speaker 1>in terms of sales? Ashley like, how much? You know?

0:13:08.040 --> 0:13:09.800
<v Speaker 1>Just give us an idea of the growth that you're

0:13:09.800 --> 0:13:14.040
<v Speaker 1>seeing just quickly. Yeah, we're seeing we're seeing great growth

0:13:14.120 --> 0:13:16.680
<v Speaker 1>and our plan for next year. What's great growth though?

0:13:16.760 --> 0:13:18.719
<v Speaker 1>Is it? Is it high teams or is it something

0:13:18.760 --> 0:13:21.920
<v Speaker 1>more significant than that? No, it's way more significant than that.

0:13:21.960 --> 0:13:24.400
<v Speaker 1>We will triple our business next year. We're bringing on

0:13:24.480 --> 0:13:28.000
<v Speaker 1>great accounts like Central Market and us Fair, and we're

0:13:28.000 --> 0:13:32.680
<v Speaker 1>continuing to expand and e commerce and so um. We're

0:13:32.720 --> 0:13:35.880
<v Speaker 1>just seeing really exciting growth for for hay Well and

0:13:36.280 --> 0:13:38.640
<v Speaker 1>UM and we've got some great partners, like Brick said,

0:13:38.679 --> 0:13:41.280
<v Speaker 1>that helps us make sure that we can well supply

0:13:41.400 --> 0:13:43.120
<v Speaker 1>that demand. We'll be sure to check in with us

0:13:43.120 --> 0:13:45.200
<v Speaker 1>and let us know as things down the road, as

0:13:45.240 --> 0:13:47.560
<v Speaker 1>you guys continue to build it out, and I'll love

0:13:47.640 --> 0:13:50.040
<v Speaker 1>to get a check an update with you. Actually. Salman

0:13:50.080 --> 0:13:52.240
<v Speaker 1>Britt already co founders of Haywell on the phone from

0:13:52.320 --> 0:13:52.800
<v Speaker 1>Chicago