'New' GNC Tag Sticks With Turnaround Results Still In 'Early Days'
This article was originally published in The Rose Sheet
Acting CEO Robert Moran says' GNC's investment in two loyalty programs, store redesigns in pilot locations, opening an Amazon online storefront and training store clerks to help customers pick products is in "still early days … but it looks like we are headed in the right direction."
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As GNC reports substantially trimming its net losses in its 2017 fourth-quarter and full-year results, it announces Harbin Pharmaceutical will invest around $300m in GNC, becoming the single largest shareholder, and the two firms will form a JV for manufacturing, marketing and distributing GNC-branded products in China. With the investment, GNC's board expands from six to 11 members, comprising GNC CEO Ken Martindale, five appointed by Harbin and five by GNC.
The nutritional, health and wellness manufacturer and retailer ended Q3 with more than 9m loyalty program members, including around 550,000 in fee-based PRO Access and "millions of members" from GNC's discontinued Gold Card program who had not re-registered.
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