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Nowadays, young people consider their favorite pets as family. The love of this four-legged family member pleads with the younger generation to volunteer for the best pet care products on the market.
Vetresca, a young Chinese beginner, is offering this market. Founded in August 2017 by Chinese-born Nico Lee and Singapore’s Donald Ken, the company sells pet food and spare parts with unique concepts. Its products are popular Among young Chinese pet owners, mostly single city dwellers.
Tap the emotional side of pet owners
Lee and Kang first met during their first year at the New York Fashion Technology Institute. A.D. After graduating in 2015, they both entered the fashion industry, where they showed interest in their peers.
“We are seeing an increase in the number of people who are financially independent and have a higher income. In the next two to five years, we have seen a significant increase in women’s consumption, ”Ken said in an interview CASIA. “So we started talking about creating something different for women.”
Looking for a quick market, the two men explored every corner of the fashion industry. However, the founders say that the fashion industry was highly competitive and was already packed with big players. Keng and Lee noticed a trend Most single young women in China have pets, usually cats.
At that time, the Chinese pet market was growing rapidly but was not yet dominated by big people. Seeing the opportunity, Ken and Lee decided to start a pet company. A.D. They moved to Shanghai in 2016 and Vetresca started developing a concept by combining the names of their pets.
They did not want to be another drop in the Chinese pet market ocean. When buying their pets, most owners see it as the most important product quality to make decisions. However, young people are also starting to pay attention to product design. It was here that King and Lee’s knowledge of fashion was important.
“Our fashion background allows us to think outside the box and move beyond traditional boundaries of what pet products should be. We always challenge ourselves and ask ourselves what a product should be,” he said. .
In the early days, the company did a basic market research on consumer behavior by looking at the lifestyle of young wealthy Chinese women. Kng noted that details such as home decor preferences, fashion style and eating habits were taken into account in the production design process.
For example as very Chinese teens enjoy bubble tea and hot spots, and Vetresca has created a variety of pet products related to their lifestyle. The company, made of dried code and meat, has launched a special “bubble tea” snack for cats, allowing owners and pets to have a little tea break together.
Non-food items, such as cat litter and scraps, are designed to meet the owners’ beauty preferences. According to King, young Chinese professionals want to decorate their apartments in a minimalist style, especially with ornamental plants. This inspired Vetresca to create a cactus, one of the company’s best-selling products.
According to Keng, the item is now considered a “status symbol” for pet owners in China. “If you want to show that your cat lives a relatively luxurious life compared to other cats, you should buy a Vetreska cat cactus.”
Vetresca relies on these unique values to provide benefits to compete with similar but cheaper products.
“In this new age, independent women have higher incomes. They want the environment to be more interesting and beautiful. ” “I think customers feel more valued and less expensive if they feel that way. So they want to buy our products, not cheap.
The company’s products are often distributed in luxury. Cat food and snack products start at $ 4 per item, but the most popular cactus is over $ 100.
Large market, generous customers
As China’s middle class expands, the number of dogs and cats increases. In 2018, the total was 91.5 million. The cost of pets is also increasing rapidly. A report released by Goumin for pet owners on Pete Fair Asia and China social network is expected to cost city pet owners. RMB 202 billion ($ 28.6 billion) in 2019; Since 2018, it has increased by 19 percent.
According to Frost and Sullivan, Chinese pet owners spent an average of $ 4,000 ($ 570) on pets in 2018. The report estimates that the market is expected to triple by 2023 and reach 472 billion RMB ($ 67 billion), but this estimate does not take into account the impact of the CVD-19 epidemic.
However, the Chinese market offers many opportunities for pet attentionAnd S.Tartups to grow. For example, Boldman Sachs, an online pet retailer, is reportedly planning an IPO to raise at least $ 100 million. E-commerce is also growing in demand for pet products. Last year’s Singles Day Marketing Festival was the largest selling of cat food at the Alibaba sales event, surpassing other popular imported products such as baby formula and face serum. Similarly, online sales of pet health supplements increased by 50% annually from 2017 to 2019.
Vetresca is also growing. The company has a net profit of $ 9.5 million and a net profit of $ 720,000 in one year since its inception. Last year, the revenue tripled to $ 30 million. It has spread to Japan, South Korea, New Zealand, Canada, Australia, and the United States.
Ket said Vetresca’s products are available in about 40,000 brick and mortar stores in China, covering 60 cities. The company’s products are available on e-commerce platforms such as Alibaba Taobao and Amazon for global buyers.
Although the Covide-19 epidemic has slightly affected the company’s sales this year, King has confirmed that the decline was not significant. He predicted that the pet market would not suffer much from the epidemic, but noted that the company’s supply chain was experiencing some problems. “We had to rely on emergency supplies to carry out orders.”
However, the organization still has enough money to deal with the effects of the epidemic. Although the company tends to be smart about funding subsidies, King said the latest $ 10 million investment in November 2019 came from SIG China and other investors. The company is in the midst of a series of fundraising efforts to close this year.
As the Chinese offline market has been slowly recovering from the Covide-19 epidemic since May, customers are once again crowding malls, cafes and restaurants, Vetreska He decided to rape In the offline business as if Establish the first cat cafe in June. According to King, who lives in Shanghai, the establishment is gaining popularity with an average of more than 40 customers a day.
“Customers can’t resist taking photos and sharing them on social networks. It’s a place where people can have fun with cats and have fun,” he said. The company plans to open three more cafes. Cities It will strengthen its presence in the Chinese market this year.
King wants to expand Vetresca’s spirit by launching a person-centered product line. “For example, soft lenses, or, pet-inspired cosmetics, to make your eyes look sharp like a cat,” he said.
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