NU SKIN ENTERPRISES INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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COMPETITION
Products
The markets for our products are highly competitive. Our competitors include a broad array of marketers of beauty and wellness products and pharmaceutical companies, many of which have longer operating histories and greater name recognition and financial resources than we do. We compete in these markets by emphasizing the innovation, value and premium quality of our products and the reach, convenience and customer servicing of our distribution system.
Direct Selling
We compete with other direct selling companies, some of which have a longer operating history, and greater visibility, name recognition and financial resources than we do. Leading global direct selling companies include Amway, Natura & Co and Herbalife. We also compete with local direct selling companies in the markets in which we operate. We compete with these companies to attract and retain our sales force and consumers based on the strength of our product offerings, sales compensation, multiple business opportunities, management and international operations.
RHYZ COMPANIES
In addition to our core Nu Skin business, we also explore new areas of synergistic and adjacent growth through our business arm known as Rhyz Inc. Our Rhyz businesses, which are reported in two segments, primarily consist of the following consumer, technology and manufacturing companies:
Rhyz Manufacturing Segment:
| ● | Elevate Nutraceuticals LLC, dba Elevate Health Sciences—a manufacturer of private-label dietary supplements. |
| ● | Ingredient Innovations International Company, dba 3i Solutions—a manufacturer of dietary supplements. |
| ● | L&W Holdings, Inc., dba CasePak—a packaging company that consults with product developers to design and develop custom packaging. |
| ● | Wasatch Product Development, LLC—a developer and manufacturer of personal care products, dietary supplements and functional foods. |
Rhyz Other Segment:
| ● | Beauty Biosciences LLC—a beauty company that sells its products through digital and retail channels. |
| ● | LifeDNA, Inc.—a DNA assessment and recommendation technology company that we believe holds potential for our broader personalization strategy. |
| ● | MyFavoriteThings, Inc., dba Mavely—a social commerce platform that offers creators a suite of social selling tools to help them promote products from Mavely partner brands and retailers and earn a commission for their converted sales. |
In 2023, the Rhyz companies generated $216.6 million, or 11%, of our 2023 reported revenue (excluding sales to our core Nu Skin business). Rhyz is a key component of our business, and we anticipate its continued growth in the coming years both on an absolute basis and as a percentage of our consolidated revenue. These companies enable us to diversify our revenue mix, serve more customers where they shop, and create synergies for our owned and partner brands.
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