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Goat milk baby formula maker Bubs Australia says third-quarter revenue tumbled 40 per cent compared with a year ago when COVID-19 spurred major stocking up of pantry items.
The $270 million company also flagged a major strategic shift by cutting its joint venture with Chinaâs Beingmate and establishing a wholly-owned operating subsidiary in China.
Bubs Australia chief executive Kristy Carr has extra challenges to combat a big fall-off in the number of daigou operators.Â
Chris Hopkins
Bubs suffered over the past 12 months, as did larger rivals such as The a2 Milk Company, as the key daigou market fell away as the pandemic hit international travel.