Youngevity continues to add to its global portfolio with the acquisition of BeneYOU, whose assets include nail wrap brand Jamberry, health and wellness and skincare brand Avisae, and health and wellness brand M.Global. According to Steve Wallach, Youngevity’s founder and CEO, the brands will be added to Youngevity’s existing portfolio within its direct selling business segment, which allows for cross marketing of all brands.
Youngevity has announced the execution of a non-binding letter of intent to purchase certain assets of nutritional and beauty products company BeneYOU LLC. The companies have acknowledged plans to close a transaction by the end of October defining the specific assets to be purchased.
For the first quarter ending March 31, Youngevity reported a record-breaking increase of 30.9 percent over the same period in 2018. The company reported that 59 percent of it revenue was derived from its direct selling segment and approximately 41 percent of its revenue from its commercial coffee segment. The company’s direct selling segment revenues decreased 5.4 percent to $33.4 million compared to $35.3 million for the same time last year. Commercial coffee increased by 196.9 percent in the quarter, increasing from $7 million to $23 million. The increase was primarily attributed to the company’s CLR coffee contract for $250 million over five years.
Youngevity is expected to begin shipping its first CBD Isolate Powder this month.