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Verimark targets offshore markets — the bigger, the better
Verimark CEO Mike van Straaten says plans are afoot to identify possible offshore markets
Direct retailer Verimark says it is determined to revisit plans for international expansion in a bid to curb exchange rate vagaries. Verimark is notoriously vulnerable to rand weakness as it cannot always pass on the higher cost of its mostly imported product lines to the local consumers. Speaking after the release on Monday of strong results for the year to February, Verimark CEO Mike van Straaten said plans were afoot to identify possible offshore markets. In the past financial year, no revenue was generated from international business. Van Straaten said it was difficult to quantify the financial effect of an offshore thrust at this early juncture, reminding that 12 years ago Verimark traded in as many as 40 overseas countries. "Obviously, the bigger, the better. A medium-term target would be to generate 25% of revenue from offshore business. "We would probably look at 30% to 40% of the business coming from offshore over the longer term," he said. The decision to pursue offshore b...
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