LifeVantage Introduces New Product Line and Announces New Markets at its Global Convention
SALT LAKE CITY, Oct. 30, 2018 (GLOBE NEWSWIRE) -- LifeVantage (Nasdaq:LFVN ) concluded its Global Convention over the weekend after four days of company updates, trainings, and introducing a new product line. The event drew over 4,700 registrants from more than 10 countries to the Salt Palace Convention Center in Salt Lake City, Utah.
LifeVantage CEO Darren Jensen kicked off the convention by recapping the company’s recent success in Europe, its successful launch in Taiwan, and being recognized with a Stevie Award at the International Business Awards in London earlier this month. His attention, however, quickly turned to three key strategic initiatives the company is currently focused on, including an ongoing effort to “transcend transaction,” continue to turn technology into a competitive advantage, and better tell the company’s opportunity story.
“In order to continue to succeed, we must transcend transaction,” Jensen said. “We have to offer our customers more than products – we need to continue to create a movement.”
It’s a movement that, according to the numbers, is gaining traction. LifeVantage has seen a significant increase globally in basket size the past 12 months in the wake of the company’s Vitality Stack launch and increased customer and distributor retention across the board.
LifeVantage’s biohacking community now has another tool at its disposal after the company announced a completely new product line during the Convention – the TrueScience Hair Care System®. The system, which features an Invigorating Shampoo, Nourishing Conditioner, and Scalp Serum, differentiates itself by specifically targeting biohackers and standing out in a hair care market that typically forces consumers to choose between cleanliness and effectiveness.
“We started asking ourselves back at the office – does it have to be this way?” LifeVantage CMO Ryan Goodwin said. “Initially our response was, ‘Maybe one day.’ Our brand strategists and researchers were just not content with ‘Maybe one day’, so they went into the lab to see if they could solve the issue of both performance and cleanliness in formula and specifically looked to see if we could answer that question for our hair. Can the best science the world has to offer create an uncompromising hair care system that both reduces your toxic burden and actually works like you would expect? After months in the laboratory, the answer is a resounding yes. It’s no longer ‘one day,’ it’s day one.”
With a “Think Dirty” app score of 2 or less for all three products and engineered with Nrf2 ingredients, the TrueScience Hair Care System® gives customers the best of both worlds.
The new product was made available for purchase for the first time to Global Convention attendees and nearly sold out. The new hair care system will hit the market in mid-December. According to a recent market study1, hair care is currently an $89 billion-dollar industry globally and is expected to grow to $110 billion by 2024.
Goodwin also gave an update on the company’s ongoing efforts to put new technology into the hands of its distributors and make building a business at LifeVantage as simple as ordering a ride from Uber. More than 16,000 have downloaded the app so far since the new app launched in the U.S. in May and in Canada and Australia this fall. Early indications show that those actively using the new app are enrolling new distributors three times faster than those not actively using it.
“We don’t intend to rewrite how network marketing works,” Goodwin continued. “But we do want to be the first to disrupt network marketing using technology. We are off to a great start but plan to continue to leverage the power of mobile communication to take our community of biohackers to a place no other company has gone before.”
In addition to a new product line and advances in technology, the company announced that it will aggressively expand its footprint in Europe and open five new markets – France, Greece, Belgium, Ireland, and Spain – in 2019.
“We’ve made a lot of progress,” Jensen said. “The future is looking bright. But we’re just getting started.”
1) Zion Market Research, https://globenewswire.com/news-release/2018/07/09/1534543/0/en/Global-Hair-Care-Market-Expected-to-Reach-USD-110-70-Billion-by-2024-Zion-Market-Research.html
About LifeVantage
LifeVantage Corporation (Nasdaq:LFVN) is a pioneer in Nutrigenomics – a new science dedicated to biohacking the human aging code. The company is engaged in the identification, research, development, and distribution of advanced nutraceutical dietary supplements and skin and hair care products, including Protandim®, a line of scientifically-validated dietary supplements; TrueScience®, a line of Nrf2-infused skin care and hair care products; Petandim™ for Dogs, a companion pet supplement formulated to combat oxidative stress in dogs; Axio® Smart Energy Drink mixes; PhysIQ™, a Smart Weight Management System; and Omega+, a 3-in-1 fish oil supplement. LifeVantage was founded in 2003 and is headquartered in Salt Lake City, Utah. For more information, visit www.lifevantage.com.
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Investor Relations Contact:
Scott Van Winkle
Managing Director, ICR
(617) 956-6736
scott.vanwinkle@icrinc.com
Media Relations Contact:
Chris Taylor
Director of Communications
(801) 432-9170
chtaylor@lifevantage.com