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Exceptional Magazine : 2017 Exceptional Magazine
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19 Exceptional Australia 2017 Radek changed the face of the vitamins and supplements market in Australia, making it one of the largest markets in the world and Swisse one of the top 100 most desirable brands. Under Radek’s leadership, annual revenue went from $14 million to $650 million, while profits grew from just over $1 million EBITDA to more than $200 million EBITDA. His determination and belief in his product, team and vision led to the sale of Swisse to Biostime for $1.67 billion, one of the largest private sales in Australia’s history. Today, the Swisse product range stretches from top-selling men’s and women’s multivitamins and dietary supplements to sports nutrition, skincare and functional foods. Swisse plans to launch in 30 countries in the next five years. Bringing Hollywood to vitamins Industry category Q When you joined Swisse, how did you transform the business? A I spent the first few years building on the foundations of the previous CEO and business owner while simplifying the product offering and upskilling the workforce. I aimed to switch off the noise in the organisation – namely, brands that weren’t core to the business. We focused on reducing the cost of goods sold, while improving quality and product trading terms with customers. Q You have taken some risks both professionally and personally. Tell us about them. A After a few years at Swisse, I used my house as security and bought a 15% share in the company. Through significant investment in marketing, the company experienced phenomenal growth, but what followed was an overly ambitious plan to expand that saw the company recede into debt of $70 million. Q How did you overcome this? A The future was looking grim but, through sheer determination and dedication, I led the team that turned Swisse around. Changes to the supply chain resulted in the cost of goods sold being reduced by as much as 50%, and bonus stock offers – rather than discounts – increased volumes with suppliers. This made us one of the largest customers for many of our suppliers, enhancing our negotiating position. Q What challenges did you face when growing the business? A We took a unique approach to sponsorships, which involved taking huge risks through multimillion-dollar celebrity contracts and sponsorship of the Australian Olympic Team. Using Nicole Kidman and Ellen DeGeneres to launch in the US failed, but from that failure came extraordinary opportunity. The global brand thinking attracted Chinese customers, and with 1 million nationals, 1 million tourists and 1 million students present within the Australian market, the potential was huge. Colour Me Rad 5km Colour Run powered by Swisse
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