品牌价值-尼日利亚最有价值和最强大品牌25强的2023年度报告

BrandFinance

Nigeria25

2023

TheannualreportonthemostvaluableandstrongestNigerianbrands

June2023

BrandFinanceNigeria252023/nigeria2

Contents.

AboutBrandFinance3

Foreword7

DavidHaigh,Chairman&CEO,BrandFinance

ExecutiveSummary

8

Ranking

Analysis

9

BrandValueRanking1

6

BrandSpotlights17

RiteFoods

18

InterviewwithSeleemAdegunwa,ManagingDirector,RiteFoods

Methodology

21

OurServices

28

©2023Allrightsreserved.BrandFinancePlc.

BrandFinanceNigeria252023/nigeria3

AboutBrandFinance.

BrandFinanceistheworld'sleadingbrand

valuationconsultancy.

Webridgethegapbetweenmarketingandfinance

BrandFinancewassetupin1996withtheaimof'bridging

thegapbetweenmarketingandfinance'.Formorethan25

years,wehavehelpedcompaniesandorganisationsofall

typestoconnecttheirbrandstothebottomline.

Wequantifythefinancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothe

testeveryyear.Rankingbrandsacrossallsectorsand

countries,wepublishover100reportsannually.

Weofferauniquecombinationofexpertise

Ourteamshaveexperienceacrossawiderangeof

disciplinesfrommarketingandmarketresearch,to

brandstrategyandvisualidentity,totaxandaccounting.

Weprideourselvesontechnicalcredibility

BrandFinanceisacharteredaccountancyfirmregulated

bytheInstituteofCharteredAccountantsinEnglandand

Wales,andthefirstbrandvaluationconsultancytojoin

theInternationalValuationStandardsCouncil.

Ourexpertshelpedcrafttheinternationallyrecognised

standardsonBrandValuation–ISO10668andBrand

Evaluation–ISO20671.Ourmethodologyhasbeen

certifiedbyglobalindependentauditors–Austrian

Standards–ascompliantwithboth,andreceived

theofficialapprovaloftheMarketingAccountability

StandardsBoard.

GetinTouch.

Forbusinessenquiries,pleasecontact:

RichardHaigh

ManagingDirector

rd.haigh@

Formediaenquiries,pleasecontact:

MichaelJosem

AssociateCommunicationsDirector

m.josem@

Forallotherenquiries:

enquiries@

+442073899400

in

/company/brand-finance

/brandfinance

/brandfinance

/brandfinance

s

t

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e

t

n

o

C

s

t

i

f

e

n

e

B

BrandValuationSummary

Education

Communication

Understanding

Competitor

Benchmarking

Benchmarking

Costof

CapitalAnalysis

Customer

ResearchFindings

RoyaltyRates

Brand

StrengthTracking

Requestyourown

BrandValueReport

ABrandValueReportprovidesa

completebreakdownoftheassumptions,

datasources,andcalculationsused

toarriveatyourbrand’svalue.

Eachreportincludesexpert

recommendationsforgrowingbrand

valuetodriveperformanceandoffers

acost-effectivewaytogainingabetter

Insight

understandingofyourpositionagainstpeers.

Strategy

Visit/request-a-valuation

oremailenquiries@brandfi

BrandFinanceNigeria252023/nigeria5

B

Brandirectory

istheworld’slargestdatabaseofcurrentandhistoricalbrandvalues,providingeasyaccesstoallBrandFinancerankings,reports,whitepapers,andconsumerresearchpublishedsince2007.

+Browsethousandsofpublishedbrandvalues

+Trackbrandvalue,strength,andratingacrosspublicationsandovertime

+Useinteractivechartstocomparebrandvaluesacrosscountries,sectors,andglobalrankings

+Purchaseandinstantlyunlockpremiumdata,

completebrandrankings,andresearch

Visit

tofindoutmore.

BrandFinanceGroup.

BrandFinance

Institute

BrandFinanceInstitute

BrandFinanceInstituteistheeducationaldivisionof

BrandFinance,whosepurposeistocreateandfoster

aprofessionalenvironmentforknowledge-sharingandnetworkingamongpractitionersandexpertsinthe

market.BFIorganisesevents,in-companytraining,andcorporateeducationalinitiativesaroundtheworld.Inthequestformarketingexcellenceandwiththepurpose

toequipthebrandvaluationandstrategypractitionerswiththenecessaryskillsandtools,wehavedevelopedawiderangeofprogrammesandcertificationsin

collaborationwiththemostcovetedbusinessschools,universitiesandthoughtleadersinthefield.

BrandDialogue

BrandDialogueisapublicrelationsagencydeveloping

communicationsstrategiestocreatedialoguethatdrives

brandvalue.BrandDialoguehasover25yearsofexperienceindeliveringcampaignsdrivenbyresearch,measurement,andstrategicthinkingforavarietyofclients,withastrong

backgroundingeographicbranding,includingsupportingnationbrandsandbrandswithageographicalindication(GI).BrandDialoguemanagescommunicationsactivitiesacrossBrandFinanceGroup'scompaniesandnetwork.

VI360

VI360isabrandidentitymanagementconsultancy

workingforclientsofallsizesonbrandcompliance,brandtransition,andbrandidentitymanagement.VI360providestraightforwardandpracticalbrandmanagementthat

resultsintangiblebenefitsforyourbusiness.

GlobalBrand

EquityMonitor

Originalmarketresearchonover5,000brands

38countriesand31sectorscovered

Morethan150,000respondentssurveyedannually

Wearenowinour7thconsecutiveyearconductingthestudy

Visit/consumer-research

oremailenquiries@brandfi

BrandFinanceNigeria252023/nigeria7

Foreword.

DavidHaigh

Chairman&CEO,

BrandFinance

Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowit

contributestotheoverallvalueofthecompany.Thisimportantunderstandingcan

informdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovideabenchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asastrongbrandcanbeavaluableasset.

Additionally,brandvaluationcanbeusefulintheeventofamergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brandvaluationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.

Astrongbrandcanleadtoimprovedbusinessreturnsinseveralways.First,astrongbrandcanhelpacompanydifferentiateitselffromitscompetitorsandestablisha

uniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyand

retention.This,inturn,canleadtohighersalesandrevenue.Astrongbrandcanalsohelpacompanycommandahigherpriceforitsproductsorservices,asconsumersarewillingtopaymoreforabrandtheyperceiveashigh-qualityandtrustworthy.In

addition,astrongbrandcanhelpacompanyattracttoptalent,asemployeesmaybemoreattractedtoworkforawell-knownandreputablebrand.Finally,astrongbrandcanprovideacompanywithacompetitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.

Thisyear,BrandFinancehasinvestedmoreinresearchingandunderstanding

customerperceptionofbrandsacrosstheworldthaneverbefore,withoriginal

researchtakingplaceindozensofjurisdictionsglobally.Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindingsrepresentingacatalystforfurtherconversations.

Ifyouwanttohelpbuildastrongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandIanytime.Ilookforwardtotheconversationandhelpingtobuildamoreprofitablefutureforyourbrand.

BrandFinanceNigeria252023/nigeria8

AccessBankis

Nigeria’smost

valuablebrand

asthecountry’s

bankingbrands

surgeinvalue

+AccessBankisthemostvaluableNigerian

brand,valuedatNGN205.6billion

+BUACementisthefastest-growingNigerian

brand,up64%

+EnergydrinkbrandFearlessisthestrongest

Nigerianbrand,earningAAArating

+Bankingisthemostvaluablesectorinthe

ranking,up29%

+ZenithBankhasthehighestSustainability

PerceptionsValue,whileGTBankhasthe

highestSustainabilityPerceptionScore

Ranking

Analysis.

BrandFinanceNigeria252023/nigeria10

RankingAnalysis.

AccessBankisthemostvaluableNigerianbrand,valuedatNGN205.6billion

Followinganimpressiveyear-on-yearbrandvalue

growthof31%,AccessBankhasbecomethemostvaluableNigerianbrandwithavalueofNGN205.6

billion.Despiteaslightincreaseincoststhroughouttheyear,themultinationalcommercialbankmanagedtoboostitsgrossearningsin2022,underscoringthebrand'simpressivegrowthtrajectory.

Everyyear,leadingbrandvaluationconsultancyBrandFinanceputs5,000ofthebiggestbrandstothetest,

andpublishesover100reports,rankingbrandsacrossallsectorsandcountries.Theworld’stop25most

valuableandstrongestNigerianbrandsareincludedintheannualBrandFinanceNigeria252023ranking.

Nigeria’stopbankingbrands’

exceptionalbrandvaluegrowthisatestamenttotheirstrongfinancialperformance,andsustainedhighlevelsofbrandequity,evenamidstchallengingeconomicconditions.Theseresultsdemonstratethe

considerableresilienceofNigeria’sbanks,whocontinuetodominatetheranking,andreflectsthe

industry'ssignificantcontributionstothecountry'seconomy.

BabatundeOdumeru

ManagingDirectoratBrandFinance,Nigeria

o

1015h

606

NGN48.4bn

-59%

NGN123.6bn

+20%

RankingAnalysis.

Top10MostValuableNigerianBrands

101g

access

NGN205.6bn

+31%

223

g

ZENITH

NGN201.5bn

+45%

312

m

NGN186.9bn

+27%

©BrandFinancePlc2023

404

g

UBAb

unitedBankforAfrica

NGN161.6bn

+28%

527

g

NGN142.5bn

+62%

728

g

8211

h

9217

F

NGN116.9bn

+37%

NGN53.6bn

+29%

NGN52.0bn

+52%

Fellowbankingbrand,ZenithBank,isNigeria’s

secondmostvaluablebrandwithabrandvalueof

NGN201.5billion,marginallybehindleaderAccess

Bank.Itsbrandvaluegrew45%year-on-year,makingitthefifthfastestgrowingbrandintheranking.

ZenithBank’srevenuesincreased24%in2022despitechallengingoperatingconditionsandanuncertain

economicenvironment.

Thebankhasremainedresilient,allowingittoachieveincreasesinbothinterestandnon-interestincome.

TheseimpressivefinancialshavedrivenZenithBank’sbrandvaluegrowth.

Movingforward,thebankintendstofurtherexpandandreorganiseintoaholdingcompanystructure,

addingnewverticalsanddrivingforincreasedgrowthacrossallitsmarkets.

BUACementisthefastest-growingNigerianbrand,up64%

BUACementclinchesthetitleasNigeria’sfastest

growingbrandin2023afteranincreaseof64%took

ittoabrandvalueofNGN43.9billion.Asdemandforcementsurged,thebrand’srevenueshaveincreasedby40.5%,whileitsforecastshavealsogoneup.

BUACement’sincreaseinsalesofbaggedcement

havehelpeditoffsettheimpactsofinflationand

currencyeffects,whichhavebeenwidelyfeltbymanybrandsthroughout2022.

Thebrandalsohadaneight-pointBrandStrength

Indexscoreincrease,to67/100.ThiswasthehighestBSIhikeofanybrandintherankingandhasfurthercontributedtoBUACement’sbrandvalueincrease.

BrandFinanceNigeria252023/nigeria11

BrandFinanceNigeria252023/nigeria12

64%

-59%

62%

RankingAnalysis.

BrandValueChange2022-2023(%)

-34%

52%

-21%

45%

-19%

©BrandFinancePlc2023

404

505

g

g

ZENITH

77.9-4.3

AA+

H

77.2-0.6AA+

327

UBA

unitedBankforAfrica

79.4+4.2AA+

RankingAnalysis.

©BrandFinancePlc2023

Top10StrongestNigerianBrands

122

E

86.5+0.0AAA

223

g

83.4+1.2

AAA-

728

g

811

h

9211

m

76.3

AA+

ess

+3.2

69.5-17.1AA

68.8+0.3AA

1019g

606

g

68.8-3.8AA-

77.0+1.0

AA+

EnergydrinkbrandFearlessisthestrongestNigerianbrand,earningAAArating

PopularenergydrinkbrandFearless(brandvalueup1%toNGN28.2billion)isthestrongestNigerianbrandwithaBrandStrengthIndexscoreof87outof100andcorrespondingAAArating.Fearlesshasadominant

four-pointleadatthetopoftherankingforbrand

strengthoverNigeria'ssecondstrongestbrand,UnitedBankforAfrica(83/100,AAA-).

Thebrandunveileditsnewsloganin2022,asking

consumerstogobeyondtheirlimitsandEmbracetheThrill.Thisbrandidentityhasbeenfurthersupportedbyengagementwithanumberofpopulareventsacross

Nigeria,includingthecountry’slargestauto-sportsevent,re-namedfor2022astheFearless-FanfaroAutofest.

ParentcompanyRiteFoods,whoalsoownBigi

(brandvalueup1%toNGN39.4billion)amongstotherfoodanddrinksbrands,hasexpressedinterestin

expansionforFearlessacrossAfrica.Thismovehasthepotentialtofurtherboostbrandequityamongstawiderconsumerbasedanddrivefuturebrandvaluegrowth

forFearless.

BrandFinanceNigeria252023/nigeria13

BrandFinanceNigeria252023/nigeria14

RankingAnalysis.

Bankingisthemostvaluablesectorintheranking,up29%

Thecollectivebrandvalueoftheninebankingbrandsincludedintherankingwasup29%year-on-year

toNGN888billion.Thismakesbankingthemost

valuablesectorintherankingbyasignificantmargin,worthalmostNGN633billionmorethanthenextmostvaluablesector-Engineering&Construction(NGN255billion).

AswellasAccessBank(1st)andZenithBank(2nd),UnitedBankforAfrica(brandvalueup28%to

NGN161.6billion),GTBank(brandvalueup62%toNGN142.5billion),andFirstBankofNigeria(brandvalueup37%toNGN116.9billion)wereallfirmly

amongstthetop-tenmostvaluableNigerianbrands.

FirstBankofNigeria’sbrandvaluegrowthcomes

primarilyasaresultoftheBank’sstellarfinancial

performancein2022,inwhichitdoubledprofitbeforetaxacrossthefirstthreequartersof2022.Thegroup'sstrategicfocusoncarefullyexpandingthebusiness

anddrivingprofitabilityhaspaidoff,asevidencedbya26.6%year-on-yearincreaseingrossearningsacrossthesametimespan.

ThebrandhasalsoannouncedthatitwillundertakeaphasedupdateoftheidentitiesofitsUKandAfricansubsidiaries.FBNBankUKwillbecomeFirstBankUK,withtheGroup’sothersubsidiariesfollowing

suitinthesamemanner.TheGrouphopesthiswill

betteralignsubsidiarieswithitsparentbrand,betterleveragingthestrongbrandequityandfamiliaritythatFirstBankholdsinNigeria.

TheNigerianbanksincludedintherankingalso

performedwellintermsofbrandstrength,withGT

Bank(83/100,AAA-),UnitedBankforAfrica(79/1000,AA+),andZenithBank(78/100,AA+)allrankingwithinthetop-fourstrongestNigerianbrands.

BrandFinanceNigeria252023/nigeria15

RankingAnalysis.

ZenithBankhasthehighest

SustainabilityPerceptionsValue,whileGTBankhasthehighestSustainability

PerceptionScore

Sustainabilityisincreasinglyabusinessimperative,yetithasbeendifficulttodeterminethevalueofESGeffortsinrelationtoreputationandbrandequity.Aspartofitsanalysis,BrandFinanceassessestherolethatspecificbrandattributesplayindrivingoverallbrandvalue.

Onesuchattribute,growingrapidlyinitssignificance,is

sustainability.BrandFinanceassesseshowsustainable

specificbrandsareperceivedtobe,representedbya

‘SustainabilityPerceptionsScore’.Thisisanindexedscorethatprovidesaviewoftheroleofsustainabilityindriving

positivebrandreputation.Thevaluethatislinkedto

sustainabilityperceptions,the‘SustainabilityPerceptionsValue’,isthencalculatedforeachbrand.

AswellasbeingNigeria’ssecondmostvaluable

brand,ZenithBankalsohasthehighestSustainability

PerceptionsValue(SPV)ofanybrandincludedinthe

Nigeria252023ranking–NGN16.1billion.ZenithBank’spositionatthetopoftheSPVtableisnotanassessmentofitsoverallsustainabilityperformance.Rather,itindicateshowmuchbrandvalueithastiedupinsustainability

perceptions.ZenithBankalsohasthethirdhighestSustainabilityPerceptionsScoreintherankingof4.69outof10.

FellowBankingbrand,GTBankhasthehighest

SustainabilityPerceptionsScoreintheNigeria252023rankingat5.03outof10.ThisequatestoaSustainabilityPerceptionsValueofNGN12.2billion.

GTBankhaslookedtofullyincorporatesustainabilityintoitsstrategyandoperateamodelthatgoesbeyondeconomicconsiderationstoevaluatetheimpactofitsbusinessoperationsandactivitiesonbothstakeholdersandtheenvironment.

Thisincludesencouragingfinancialliteracyamong

childrenacrossNigeria,makingsignificantcontributionstohumanitarianorganisationTheSwissRedCross,aswellaslaunchinganumberofenergyefficiencyinitiativesto

reducethebrand’scarbonfootprintandensureresourceoptimisation.TheseactionshavelikelycontributedtoahighsustainabilityperceptionamongststakeholdersandGTBank’spositionatthetopoftheSPSranking.

SustainabilityPerceptionValues(SPV)

©BrandFinancePlc2023

1g

2g

access

NGN15,966m

4.57

4g

5g

3g

UBA

ZENITH

NGN16,085m

4.69

unitedBankforAfrica

NGN12,191m

5.03

NGN9,584m

4.82

NGN12,627m

4.60

BrandValueRanking(NGNm).

Top25mostvaluableNigerianbrands1-25

2023

Brand

2022

2023

2022

20232022

Brand

Value

Brand

Brand

Brand

RankRankBrandSector

Value

Change

Value

Rating

Rating

1

1

“AccessBank

Banking

205,564

+31.1%

156,857

AA+

AA

2

3

2ZenithBank

Banking

201,507

+45.3%

138,664

AA+

AAA-

3

2

1DangoteCement

Engineering&Construction

186,942

+26.7%

147,559

AA-

AA-

4

4

“UnitedBankforAfrica

Banking

161,560

+28.4%

125,842

AA+

AA+

5

7

2GTBank

Banking

142,547

+61.7%

88,153

AAA-

AAA-

6

6

“FlourMillsNigeria

Food

123,649

+20.3%

102,800

A+

A+

7

8

2FirstBankofNigeria

Banking

116,853

+37.1%

85,225

AA+

AA+

8

11

2LifeContinentalLager

Beers

53,604

+28.5%

41,706

AA-

AA-

9

17

2Orijin

Spirits

51,978

+51.6%

34,286

AA-

A+

10

5

133Export

Beers

48,427

-59.5%

119,499

A+

AA-

11

16

2GloMobile

Telecoms

45,102

+26.9%

35,540

AA+

AA+

12

13

2HoneywellFlourMill

Food

44,227

+15.0%

38,453

A

A+

13

20

2BUACement

Engineering&Construction

43,947

+64.4%

26,737

AA-

A

14

10

1HeroLager

Beers

43,751

+4.7%

41,793

AA-

AA

15

12

1Bigi

SoftDrinks

39,449

+0.6%

39,204

A

A

16

9

1Star

Beers

34,502

-21.3%

43,835

AA-

AAA

17

18

2SeplatEnergy

Oil&Gas

33,431

+10.2%

30,347

AA-

AA-

18

15

1StanbicIBTC

Banking

30,356

-19.3%

37,596

AA-

AA

19

21

2FidelityBankNigeria

Banking

29,662

+26.4%

23,472

AA-

AA-

20

19

1Fearless

SoftDrinks

28,227

+0.7%

28,039

AAA

AAA

21

14

1Goldberg

Beers

25,276

-34.2%

38,414

AA-

AA-

22

25

2JuliusBerger

Engineering&Construction

24,431

+45.4%

16,803

A

A

23

-

3Oando

Oil&Gas

22,422

-

-

A-

-

24

22

1DangoteSugar

Food

18,560

+2.2%

18,157

A+

A

25

-

3Jumia

Retail

18,444

-

-

A-

-

BrandFinanceNigeria252023/nigeria16

Brand

Spotlights.

BrandFinanceNigeria252023/nigeria18

RiteFoods.

E

Bigi

Rank

151

Rank

2

23

BrandValue

NGN$39.4bn

+0.6%

BrandStrength

54.9

-

Rank

201

BrandValue

NGN$28.2bn

+0.7%

Rank

1

2

BrandStrength

86.5

-

BrandFinanceNigeria252023/nigeria19

InterviewwithSeleemAdegunwa.

SeleemAdegunwa

ManagingDirector,

RiteFoods

TheRiteFoodssloganisTrulyWorld-Class,ProudlyNigerian.WhatdoesthatmeanforthebrandandhowdoesthatlinktohowyoumightexpandacrossAfrica?

ThevalueoftheslogansTrulyWorld-ClassandProudlyNigeriandescribesthequalityofwhatwearetryingtoachieveandcompeteontheworld-classstage.ButthemainthingisthattheDNAandtheheritageare100%Nigerian.

Wehaveanindigenousbrandthatoperatesineverythingitdoesontheworld-classstage,sotheseslogansareexactlywhatweare,butputintowords,itshowsour

intentionofexpandingacrossAfrica.

WhilstwestartedwithTrulyWorld-Class,wenowalsouseaslogantoshowthatitisAfrican-based,andthereforemoreProudly-African.ThishasbeenintentionaltonotjustlimitustoNigeria,especiallyastheproductisalreadyexpandingacross

theborders.

WeareintentionallyusingtheProudly-Africansloganacrosscommunicationsso

thatwedon'talienateothercustomersonthecontinent.Overtime,wehavehada

verydeepappreciationforthebrand.BeyondtheworkwehavedonewithBrand

Finance,whichwasthoroughlydetailedandinsightful,wehaveagoodappreciationforthefactthatthebrandsdoactivelyaddtoourbottomline.Theyhelptoachieveobjectivessuchassalesgrowthandpricing,andenablethebusinesstobecome

moresuccessful.Theimportanceandvalueofworkingonthemistoensurethatweareimprovingthebrandequity,hencetheneedforappropriateslogans.

Basedonourresearch,93%oftherespondentswerefamiliarwithCoca-Cola,whileBigihad89%thatwerefamiliar.Howdoyoucompetewith

Coca-ColainyourlocalmarketandwhatdrivesyourcustomerchoicevsCoca-Cola?

Mostlybyinnovation.Whenyoulookacrossourproductrange,itismuchmore

thanwhattheydoandquiteafewofthose,especiallyTropical,areleadersinflavourinnovation.So,youknowwhileontheColaitself,thereisaclearedgewiththe

competition,butonotherflavourslikeAppleandTropical,youwillseethatweleadinthosesegments.So,wecancompetewithCoca-Colawithourotherflavoursandrelatedproducts.Ourbrandisalsoenhancedbyhavingmanyseparateproductsunderonebrand.Tohaveintroducedthosebrandsseparatelywouldhavebeenamuchweakerstrategy,andtoday,Ithinkitenhancestheproductstheylookalot

bolderandbiggerontheshelf.

HowmuchvaluedoesRiteFoodsplaceonresearch,productdevelopment,andinnovationtokeepaheadofcompetitors?

Itisessentialforus.Wedoitfrequentlywithourpartnersandsuppliers.Wecurrentlyhaveanumberofresearchfinalizedandhavelotsofflavoursandproductstounveil,withonly10%ofourfullrangecurrentlyoutinthemarket.

Wearethereforepreparedtorolloutnewbrandsatourownperil,duetotheresearchwehaveembarkedupon.Wehaveregisteredeverything,andhavecontroloverwhen

InterviewwithSeleemAdegunwa.

doingregardingitsstrength.ForRiteFoods,wemustbealotmoreconscious,whichgoesbeyondon-off

partnershipsandsponsorships,indeed,weneedtobecollaboratingforthefuture.

Buildingonthat,weknowthatemployingbrandpartnershipsandsponsorshipsarebigwaysofexpandingtheRiteFoodsbrandacrossNigeria,andonbrandpartnerships,whatdoyouintendtogainfromit,isitexposureorchangeof

productperception?

Both!Normallywelookforpartnershipsthatareseentobedoingsomethingvaluable.Exposureisn'tevenahugeprioritybutit'sbeingassociatedwithsomethingwebelievetobevaluable.Forexample,oneofourtoppartnershipsiswithatopbeachresort,forclean-up

ofplasticandotherwastematerialswhichwefinance.Forthisinitiative,theexposureisquitelittlebutit's

veryimportant.Butatthesametime,welookforotherpartnershipsthathaveawiderreach.

Thisshowswehavearangeofpartnerships,thosethatarenotattainingahugereachbutareimportantand

meaningful,andothersthatincreaseourperception,accolades,andmediavisibility.

RiteFoodsisexpandingandwehopetowidenour

exposure,distribution,aswellasproductrange,and

itisimportantatthispointtostartmovingintoother

spaces.WehavealonglistofareastoexploreandthatiswhyRiteFoodsispluralratherthanRiteFood,to

showthatwe'replanningtogrowtowidenourofferings.

tomakeanentrantintothemarket.So,researchis

extremelyimportanttousandwevaluethatalot.

Sosa,RiteFoods'