Thankyou, which became a household name after taking on industry giants and a saturated market to launch a successful bottled water company and then leveraged that success to launch a body care, food and baby range, has decided to remove its food products from supermarkets across the country.
The “tough call”, as the company calls it, has been made in order to narrow its focus on its other products.
The social enterprise announced its plans on Thursday, saying that the remaining lines will be benefited by the move as they “are market leading, or showing potential to head in that direction”.
Thankyou’s food range is currently being phased out and will be off the market by April 2018.
In an open letter, co-founder and MD Daniel Flynn says it was his intent to make each range remarkable yet “the humbling and hard truth is though we innovated and fought hard for three years, we failed to produce a market-leading food range.”
“We put all four product ranges under the microscope and were faced with a tough choice: to invest again into our food range (at the expense of another range receiving less investment), or invest into the ranges that were already succeeding or showing early signs of heading in that direction. Ultimately, dropping the food range was the best decision for the future of Thankyou and our goal to help end global poverty in this lifetime,” he said.
Despite closing down its food category, the social enterprise will complete funding for all food projects its committed to, and continue to give 100% of profit to help end global poverty by funding access to safe water, toilets, safe births and healthcare for people in need.
Thankyou’s food range helped fund long-term food aid for over 130,000 people in need, on top of the 28.7 million days’ access to short term food aid for people in need. This includes 60,000 meals to Melbourne’s homeless and disadvantaged community through The Salvation Army’s Hamodava Café.
Also on the decline in FY17 is the brand’s water range.
Body care continues to overtake major brands in the category, and nappies and baby care are also on the rise.
Overall in FY17, Thankyou gave $853,458.80 to help end global poverty, and increased its total funding to $5.5 million to date.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.