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With rapidly growing sales, new markets coming on scene and a new CEO, the future looks very healthy indeed for Vit Hit, its founder Gary Lavin says
The strong performance has helped to push overall revenues at Vit Hit to almost €25m last year, founder Gary Lavin told the Sunday Independent.
“This is one of those brands that if you stick it on the shelf, it sells, but it’s getting it on the shelf that has been the tough job,” said Lavin.
“We’ve broken the back of the UK now with stellar growth again of 47pc in 2023. Our UK figures are really impressive and we are picking up some really heavyweight listings now because they are starting to get some Fomo [fear of missing out].”
‘This is one of those brands that if you stick it on the shelf, it sells, but it’s getting it on the shelf that has been the tough job, Above, Vit Hit
During 2023, the brand added listings in Asda, BP, Co-op, MFG and Morrisons across the UK, on top of existing Sainsbury’s, WHSmith, Boots, Spar and Shell, pushing sales there to £8m (€9.27m).
Lavin believes the opportunity for Vit Hit in the UK is a multiple of that as it continues to add listings.
“The UK is the real banker for us. That is where we’re gonna get massive growth, which we have had in the last two or three years. Co-op has already been huge for us and I think Morrisons can be too,” he said.
The Irish drink now has a 57pc market share for vitamin drinks in the UK, according to figures from Nielsen IQ. Indeed, the strong sales of the drink helped overall sales in the vitamin drink category grow by 20pc despite the delisting of a vitamin water by a big global rival.
If we were to partner with someone it would not really be about the money
“Without Vit Hit, the category would actually be in decline,” said Lavin.
He said he has had a number of recent approaches from large brands interested in acquiring VIt Hit.
“I will always have a conversation but we are not interested. We are a profitable company, so if we were to partner with someone it would not really be about the money and would be more about strategy and getting those listings faster than we could ourselves.”
Lavin said the plan for the company was to grow turnover to €50m over the next three years.
“Until then we are closing the door on those kinds of conversations.”
Lavin, who is now based in Dubai, has appointed his brother Troy Lavin – who is also a business lecturer in Trinity College – as CEO. The move allows Lavin to focus on building the brand, he said.
During 2023, the brand added listings in Asda, BP, Co-op, MFG and Morrisons on top of Sainsbury’s, WHSmith, Boots, Spar and Shell
“That’s the part I’m good at. I don’t like the admin side of things.”
Lavin was initially wary of appointing his own brother to the top role because of how it might have been perceived.
“Troy came in as a consultant initially and he was just fantastic. It is amazing to have someone you can really trust to do a job. A lot of entrepreneurs are not good at getting out of their own way. But Troy is now the engine of the car and I drive and it works really well.”
Over the next year, the company will also focus on growing its presence in new markets such as Kuwait, Qatar, and across Scandinavia, having just launched in Norway. Launching in new markets always requires a lot of hard work, he said.
You have got to plant the seed before a tree grows
“When we launched in Australia, for the first two years we actually lost money. But last year we sold over three million units. An accountant would have looked at it back then and said, ‘you’re losing money’ but I saw it as an investment and that’s paid off. You have got to plant the seed before a tree grows.”
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