WTC Dublin issue 2 by wtcdublin

DECEMBER 2021

World Trade Center Dublin EXPORT SUPPORT FOR SMES

Get in the Holiday spirit Take a look at our Holiday Gift Guide here

INTERVIEW WITH

THE NAKED COLLECTIVE PLUS FINANCE & GRANTS FOR EXPORTERS HOW INVOICE FINANCE CAN HELP SMES WHEN EXPORTING

MARKET ENTRY

SECOND STEP FOR EXPORTING TO THE U.S. - REGISTERING A TRADEMARK

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Get Ready to Be Ready to Export.

Unlimited Call Support on Your Export Journey Market Insights for exporting Marketing and Exposure International Trade Shows and Training

Contents

CONTENTS 04

MARKET ENTRY CONFECTIONARY INDUSTRY IN SWEDEN

MEMBER SPOTLIGHT THE NAKED COLLECTIVE, SHARES THEIR EUREKA MOMENT

06 MARKET ENTRY

16 FINANCE & GRANTS

08 MARKET ENTRY LABELLING

19 ONE TO WATCH

REGISTERING A TRADEMARK IN THE U.S

IN THE U.S

12 MEMBER PRODUCTS FOUR

WTCD MEMBERS TO LOOK OUT FOR IN 2022

FOR EXPORTERS ADVICE ON INVOICE FINANCE

20 INTERNATIONAL TRADE NEWS 25 INTERNATIONAL TRADE SHOWS

@wtcdublin

@DublinWTC

MARKET ENTRY CONFECTIONARY INDUSTRY IN SWEDEN As reported by Globe Newswire, the “global chocolate confectionary market is expected to grow from USD 135.8 billion in 2020 to reach USD 161.1 billion by 2026 at a 3% annual CAGR growth during forecast period of 2021 – 2026.” The growing availability of different varieties of confectionary products, both chocolate and non-chocolate, has led to the high demand for confectionary products fueled by the impulsive purchase behavior of consumers.

In general, children and young adults seeking a sugar rush like no other will continue to serve as the main consumer demographic for these products. We l l n e s s Tre n d s : m a n u fa c t u re r s o f c h o co l a te a n d n o n - c h o co l a te confectioneries alike are keeping an eye on growing consumer affinity for health and wellness lifestyle trends. To that end, producers are shifting toward recipes that employ more natural and organic ingredients, in addition to eliminating GMOs, artificial additives, and high fructose corn syrup. Furthermore, candy companies are expected to incorporate more nutritious add-ins like nuts, seeds, and fruits to appeal to older, more healthconscious demographics. Eco-Conscious Consumers/Sustainable Initiatives: in addition to higher quality ingredients, consumers are increasingly eco-conscious and looking for improved transparency and sustainability in the food production and supply chain, and confectioneries are no exception. Some major candy companies have taken note and adapted their sustainability strategies to address these concerns, including Mars, Hershey, and Mondelez.

Candy products have acquired a prominent place in households across the globe due to COVID-19 lockdown implementations and lockdown extensions. The preference for sweet indulgence has increased due to more consumers working from home. Furthermore, the change in traditional patterns of food consumption may also open a pathway for innovation across the candy market across the globe as countries are recovering from the impact New Flavours: Today’s consumer is more adventurous than ever, constantly seeking of the global pandemic. new culinary experiences. When it comes What are the most prominent trends in to candy, fruit flavours reign supreme right now. Fruit flavours offer a great way the Confectionary Industry? to experiment with new tastes because These are the key trends expected to drive there’s always a new fruit arriving on the the candy industry in the years to come, scene to try. Raspberry is an old favourite that’s on the rise alongside newer additions namely: to the fruit sector such as yuzu and dragon Candy Companies increasingly focus on fruit. Novelties: for non-chocolate confectionery producers in particular, novel experiences What’s Sweden Candy Consumption? will serve as a propellant for growth. Producers of these candies are expected Sweden has the highest candy consumption to emphasize fun, more flavourful products per capita in the world -about 35 pounds per person per year. to catch consumers’ eyes and dollars.

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That means that the average Swede eats over half a pound of candy every week. On average a normal family of two parents and two children eat 1.2 kilos of candy every week. Moreover, not only Sweden is the country that consumes more candy than any other major country in the world but it is also a great candy importer.

Every Saturday, corner stores and supermarkets have bins filled with mixed candies for people to choose from. This tradition isn’t just limited to children, in fact, adults of all ages join in on the sweet fun and indulge their sweet tooth every week as well. The per capita consumption of chocolate Moreover, Swedes have an and confectionary in Sweden has evolved individualised approach to over the years. candy selection meaning that their candy choice is mostly influenced by their In 2018, the per capita consumption volume of chocolate mood and weather. Lack of sun, especially during winters, make Swedes eat more and confectionary was nearly sugar as well as coffee.

15 kilograms in Sweden. By comparison, in 2012, more than 17 kilograms of chocolate and confectionary per capita were consumed.

Since that year, the total consumption volume of chocolate and confectionary in the country decreased generally with some ups and downs. According to preliminary figures for 2018, it amounted to roughly 150 thousand metric tons, while in 2019 the consumption volume of chocolate and confectionery in Sweden amounted to 155.6 thousand metric tons.

How to Access the Confectionary Industry in Sweden? In Sweden, the main sales channels for confectionary are hypermarkets and supermarkets which account for half of all sales, and convenience stores that account for 28% of all confectionary sales.

When it comes to attracting buyers, Swedes may be very picky especially regarding chocolate. If it is a new brand, they may be hesitant to buy it because the customers are not familiar. So, finding a way for your brand to be known and adapt Cultural facts about Sweden and their to the Swedish market is essential. This is best done in a store check visit to Sweden, “candy culture” along with market research, a market entry The huge amount of confectionary plan, and social media targeted for the consumed by Swedes would suggest they market. Moreover, to be successful in the have a strong candy culture and, indeed, Swedish market, unique product offerings they have special celebrations for candies. are vital. “Lördagsgodis” is a Swedish word that means “Saturday candy” and this is a For the chocolate market in Sweden, the most common chocolate is traditional national holiday. chocolate bars, while the pralines market The thinking in Sweden is that, in order is very small. There are many small craft to limit candy consumption, they would producers of pralines in Sweden, but they dedicate an entire day every week to eating do not produce in large volumes. Overall, candy, so that people would eat candy only there is also an opportunity for private once a week rather than daily. As a result, labelling, if your company can offer large that one day is chock-full of sweet treats. quantities.

MARKET ENTRY Second Step for Exporting to the U.S. – Registering a Trademark Irish companies who are planning to export to the U.S. must consider registering a U.S. trademark in their export strategy. What is a trademark? A trademark is generally a word, phrase, symbol or design, or a combination thereof, that identiﬁes and distinguishes the source of the goods of one party from those of others. A registered trademark is also an asset which can be sold or licensed. Why register a trademark? By registering a trademark, you attain an exclusive right to use the trade mark in association with the goods and/or services for which it is registered, and makes it easier to prevent others from using your trade mark without your permission.

US Trademark Registration Do I need to register an Irish trademark first? Companies should file for their Irish trademark through the Intellectual Property Office of Ireland before filing for U.S. protection. In the U.S., trademark must be “in use in commerce” to be registered unless there is a registration in another country for the same trademark. Therefore, if you own an Irish registration, the U.S. trademark can be registered prior to any actual “use in commerce” of your trademark in the United States. Then, once your U.S. trademark is registered, you would have five years to begin offering your product or service within the United States.

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Two routes to US Trademark Registration 1. National Registration – Registering a trademark speciﬁcally for the U.S. through the United States Patent and Trademark Office. If the U.S. is your only target country, National Registration is the best strategy. 2. International Registration – Allows companies to register trade marks in multiple countries through a single application through the World Intellectual Property Office. With an international registration, you can begin by selecting to register in the U.S., and thereafter you can constantly add on protection in different countries as you grow. If you plan on targeting multiple countries for export, including the U.S., international registration is the best route to go. How long does it take? Usually, the process takes 10 to 18 months. When am I protected? Although the entire trademark registration process may take over a year to complete, a trademark applicant attains trademark protection from the moment that the application is ﬁled.

What’s the difference between a trademark, patent, and copyright? TRADEMARK A word, phrase, design, or a combination that identiﬁes your goods or services, distinguishes them from the goods or services of others, and indicates the source of your goods or services.

PATENT Technical inventions, such as chemical compositions like pharmaceutical drugs, mechanical processes like complex machinery, or machine designs that are new, unique, and usable in some type of industry.

What’s an example?

Coca-Cola® for soft drinks

A new type of hybrid engine

What are the beneﬁts of protection?

Protects the trademark from being registered by others without permission and helps you prevent others from using a trademark that is similar to yours with related goods or services.

Safeguards inventions and processes from other parties copying, making, using, or selling the invention without the inventor’s consent.

What’s legally protected?

COPYRIGHT Artistic, literary, or intellectually created works, such as novels, music, movies, software code, photographs, and paintings that are original and exist in a tangible medium, such as paper, canvas, ﬁlm, or digital format. Song lyrics

Protects your exclusive right to reproduce, distribute, and perform or display the created work, and prevents other people from copying or exploiting the creation without the copyright holder’s permission.

Is it Expensive?

Where to go for further help?

U.S. Trademark Registration is generally inexpensive. Furthermore, there are a number of grants available for companies looking to register a trademark, such as the EUIPO SME Fund and Enterprise Ireland’s IP Strategy Offer.

For more information on registering a trademark and protecting your intellectual property overseas, please contact us at admin@wtcdublin.ie

When do I use the ‘TM’ symbol or the ®? The ‘TM’ symbol can be used alongside a mark at any time, whether or not it is registered. The ® symbol may only be used with a registered trade mark.

MARKET ENTRY Distilled D istillled Spirits: S Labelling and the Certificate Certific of Label Approval (COLA) (CO OLA) in the t U.S. As with many man markets, the steps to exporting your yo product has layers of regulations regu re g lations an and certifications that need to clear c cl ear prior to y your product hitting the retail sshelves. sh elves. In thi this article, you will learn about tthe he process a and requirements of distilled spirits labelling for the U.S. market.

In some instances, qualifying the brand name with the word “brand” may be appropriate so that the brand name conveys no erroneous impression. Note that the class/type designation (e.g., “Rum”, “Bourbon” “Spiced Rum,” etc.), standing alone, may not be used as the brand name.

Type size: Minimum 2 mm for containers larger than 187 mL; Minimum 1 mm for Distilled spirits labelling must be compliant containers of 187 mL or less. The minimum with the U.S. Alcohol and Tobacco Tax type size applies to each numeral or letter and Trade Bureau (TTB) requirements, in the statement, including both upper-case regulated under the U.S. Department of and lower-case letters. Treasury. There are both mandatory and non-mandatory elements to display in the product label as well as placement FANCIFUL NAME: a fanciful name is a requirements and type sizes. There are descriptive name or phrase used in addition number of mandatory and non-mandatory to the brand name to further identify a elements as outlined below. product. It’s only required for Distilled Spirits Specialty (DSS – see below for more information) and it must appear on MANDATORY ELEMENTS the brand label along with the statement of composition. BRAND NAME: It’s mandatory to display the brand name and this must appear on the brand label (the one displaying the alcohol content). If the distilled spirits are not sold under a brand name, then the name of the bottler, distiller, processor, or importer will be treated as the brand name if it is shown on the designated brand label. The brand name may not create a misleading impression.

The fanciful name may not mislead the consumer about the age, origin, identity, or other characteristics of the distilled spirits. An example of fanciful name would be “Captain John’s Spiced Rum” where “Captain John” is the brand name and “Spiced Rum” is the fanciful name.

CLASS/TYPE DESIGNATION: Distilled Spirits must be labelled with the class A brand name is misleading if, whether and/or type of distilled spirits (such as standing alone or in combination with “Vodka” or “Chocolate Flavored Brandy,” other printed or graphic material, it creates in accordance with an established standard a misleading or erroneous impression or of identity). inference as to the age, origin, identity or other characteristics of the distilled spirit. Distilled spirits that do not ﬁt into one of the standards of identity are referred to as

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“distilled spirits specialty” products and the fanciful name and statement of composition (e.g., “Spiced Rum, Rum with natural ﬂavors added”) act as the designation on the label.

additional, optional phrases authorized in the regulations. Type Size: Minimum 2 mm for containers larger than 200 mL; Minimum 1 mm for containers of 200 mL or less.

ALCOHOL CONTENT: The alcohol content is a numerical indication of the alcohol content of the distilled spirits stated in terms of percent alcohol by volume.

The name and address statement is not required to be in all capital letters; however the minimum type size applies to each numeral or letter in the statement, including In addition, the label may also state the both upper-case and lower-case letters. alcohol content in degrees of proof if this information appears in direct conjunction NET CONTENTS: The net contents (i.e., with no intervening material) with the statement indicates the volume of distilled statement expressed in percent-alcohol- spirits in the container (bottle) on which the by-volume. label appears (on the front, back, or side of If both forms of alcohol content are shown, the optional statement in degrees of proof shall be placed in parentheses, in brackets, or otherwise distinguished from the mandatory statement in percent-alcoholby-volume to emphasize the fact that both expressions of alcohol content mean the same thing.

the container) and it should be expressed in Liters and Milliliters (ml). Moreover, One COLA may be used for additional bottle sizes. Net contents indicated on a label may be changed without applying for a new COLA.

Type size: Minimum 2 mm for containers larger than 200mL, Minimum 1 mm for For example you can write: 20% alcohol containers of 200mL or less. by volume (40 proof). Therefore the acceptable formats are the following: “Alcohol ___ % by volume”; or “ ___% HEALTH WARNING STATEMENT: By law, Alc. By Vol.” “ABV” is not allowed as an a specific health warning statement is abbreviation of “alcohol by volume” in the required to appear on all alcohol beverages containing 0.5% or more alcohol by volume. mandatory alcohol content statement. The warning statement may appear on the Type Size: For containers with a capacity front label, back label, or side label, making that is larger than 200 mL, the type size sure it is separate and apart from all other must be a minimum of 2 millimeters. For information. The health statement is the containers with a capacity of 200 mL or following: less, the type size must be a minimum of 1 GOVERNMENT WARNING: (1) According millimeter. to the Surgeon General, women should not drink alcoholic beverages during pregnancy NAME AND ADDRESS: The name and because of the risk of birth defects. (2) address (city and state) of the bottler, Consumption of alcoholic beverages distiller, processor (rectiﬁer), or importer impairs your ability to drive a car or operate must appear on the label. The name (or machinery, and may cause health problems. trade name) and address on the label The words “GOVERNMENT WARNING” must be identical to the name and address must appear in capital letters and in bold that appear on the bottler’s or importers type; the remainder of the statement may basic permit; and you may not add words not appear in bold type. It must appear as within the name and address statement as a continuous paragraph. it is required to appear, except to use the

NON-MANDATORY ELEMENTS GRAPHICS/PICTORIAL IMAGES: They are not mandatory; however, if displayed, they may appear on any label but they must not be misleading (they should not create a misleading impression). Moreover, Nonmandatory information, like graphics and The US Alcohol and Tobacco Tax and Trade images, may be deleted or repositioned Bureau (TTB) is the body responsible for reviewing and approving, or rejecting, every without applying for a new COLA. single wine, beer, or spirit label that appears on a bottle. A label application is therefore WEBSITE ADDRESS and OTHER DIGITAL required to be submitted to, and approved CONTENT LINKS: They are not mandatory by, the TTB prior to the product’s sale at and if included, they may appear on market. The purpose of the COLA is to any label. However, they should be prohibit the use of misleading statements compliant with TTB’s alcoholic beverages on labels and to make sure that consumers advertisement regulations. are provided with adequate information such as on the quality and identity of the beverage products. ADDITIONAL / OPTIONAL INFORMATION: Labels frequently contain additional Mandatory information that must appear (optional) information that describes the on the label is to be contained in either distilled spirits or provides information the brand label and/or back label based relevant to the distilled spirits. Statements on statutory requirements and include the like “Raise your glass to toast the exotic following (reference mandatory and nontaste of the spiced rum!” are an example mandatory summary for details): of additional and optional information. • The brand’s name (it may not be This can be included but must be truthful, misleading as to the age, origin, identity, accurate, and speciﬁc, and it may not be or other characteristics of the product) misleading. It may also be deleted without • The class and type (ex: class: whiskey, applying for a new COLA. type: malt whiskey. In addition, this can include a designation of geographical or varietal significance such as an UPC and BOTTLE RETURN INFORMATION: appellation of origin or grape type) UPC barcodes and bottle return information are not mandatory and may appear on any • label. Moreover, they can be added, deleted, or changed on product labels without applying for a new COLA. •

Alcohol content (this must be stated in terms of percentage of alcohol by volume, % ABV)

CERTIFICATE OF LABEL

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Existence of any colouring, ﬂavouring or additives used in the beverage

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Health warning statement

APPROVAL (COLA) • Importers of beer, wine and distilled spirits need to apply for a Certiﬁcate of Label Approval (COLA), and obtain the certiﬁcate • prior to the importation of any product into the United States.

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Net contents (ex: 750 ml, which is the most common net content statement)

Country of origin (if the product is imported) Name and address of the bottler or importer of the spirit

The process is not always straightforward and can take some time. The TTB website estimates the processing time for COLA applications to be 35 days for distilled spirits labels, 25 days for wine labels and 17 days for beer labels. In addition, a label submitted to TTB often entails a lot of back and forth between the agency and the applicant, as well as corrections made to the label, before an approval is obtained. Once the application has been received, its status can be updated to one of the following: received, assigned, in review, and hold for research. The TTB will send the applicant a notice in case the label requires any corrections or there are problems with the application. Once the label has been approved by the TTB, the label never expires unless speciﬁed; however, this is not common practice. Moreover, all approved labels are registered within 48 hours in the TTB’s COLA registry, which is public and therefore can be accessible by anyone.

submission of a new COLA application to TTB. In addition, if you are sending products as samples or for trade shows purposes, you do not need to apply for the COLA. In such cases, you’ll be entitled to a COLA waiver. Prior to applying for, or obtaining COLAs, the TTB must have issued a basic permit to a distilled spirits plant or importer applicant Applicants ﬁling for label approval for the ﬁrst time will need to provide a copy of their approved TTB permit along with their COLA application. The application can be submitted for free on TTB’s COLAs Online website and requires samples of the labels for which the applicant is seeking approval. Finally, you can submit your online application for the COLA, prior to the creation of an account, at the following website: www.ttbonline.gov/ttbonline. The application is free of charge.

It is also possible to bring some changes to approved labels without the need of notifying TTB and/or submitting a new application. Below are some of the allowed changes you can make to your label: •

Graphics/pictorial images

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Website address and other digital content links

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Net contents

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Additional (optional) information

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UPC and bottle return information

For a complete list of allowable revisions to approved labels please see here. Any other changes made to labels, which are not included in that list, will require the

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Learn how to make this classic coffee cocktail. Our easy recipe uses freshly brewed cold brew coffee concentrate, vodka, a dash of coffee liqueur and sugar syrup.

Method: STEP 1: You can buy sugar syrup in the shops or make your own. To make the sugar syrup. Its simple enough, just put 100g of caster sugar in a small pan over medium heat and pour in 50ml water. Stir, and bring to a boil. STEP 2: Turn off the heat and allow the mixture to cool. Put 2 martini glasses in the fridge to chill. STEP 3: Once the sugar syrup is ready and cool, pour 1 tbsp into a cocktail shaker along with a handful of ice, 100ml vodka, 100ml of the STUDIO coffee Cold Brew coffee concentrate, 50ml of coffee liqueur & shake until the outside of the cocktail shaker feels icy cold. STEP 4: Pour into the chilled glasses. Garnish each one with coffee beans if you like.

N E W P R O D U C TS

RECIPE

THE STUDIO COFFEE ROASTER COLD BREW COFFEE CONCENTRATE

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MEMBER SPOTLIGHT The Naked Collective, speaks to us about their eureka moment that led to the creation of Mude and So.Beer Tell us a little about your background before setting up The Naked Collective?

Tell us about The Naked Collective and how it came to fruition?

Catherina and Niall have over 50 years experience between them working on top tier fmcg food and drink brands. Niall has held senior roles in Nestle & Molson Coors, and Catherina has held senior roles in Ikea, Lifestyle sports and United Drug.

Cat and Niall we’re looking at a project and over a coffee, chatted about the type of company they’d like to build, culturally and form a legacy perspective. As they talked about their hectic schedule and trying to ﬁnd healthy choices for their daughters, they had a eureka moment. How could they change the face of soft drinks and beer with a completely different approach to business and drinks. And so TNC was born.

What do you enjoy about running your own business? Everyday is completely different. You are running the gauntlet between growth, fire fighting and innovation. Days can start one way and finish completely different, with any amount of twists in between. Like Irish weather on any day in April.

What has been the biggest challenge you have faced on your journey so far? Covid, Brexit, supply chain crisis…..and on. Its been a journey of world firsts and we’d be happy if we only saw one more world first in our journey. And that is our brands sitting at the top of the sales charts. How has COVID-19 impacted your business and what do you think will be the longlasting affects for Irish business and consumption trends? We basically lost 2021. It was planned to be a big launch and growth year, but it has taken us till Q4 to really build momentum. The big change is that consumers are putting their health and wellness first whilst also looking for little indulgences.

You have two products Mude and So.Beer which you distribute to retail outlets nationwide. As more and more consumers turn to online shopping do you see this as an opportunity for your business to grow both nationally and internationally? We are already in USA, Canada, Italy and UK. Our plan is to continue to invest and grow our brands. Ireland is generally a slower adopter on beverages so we think it’ll take a bit longer to gain scale in Ireland. We have been growing on Amazon and on our own platforms and we see an opportunity, but Cans of liquid are not ideally suited to a direct to consumer model as they’re heavy and bulky. Watch this space though.

How do you find juggling the work life balance? What advice would you offer to readers thinking about setting up a business? There is no work life balance in a start up. It’s either fully integrated into your life or the business will fail. You have to be prepared to make huge sacrifices personally in order to succeed. There will be a time in the future when a balance can be struck, but thats not in the first 5 years. What are you ambitions for The Naked Collective over the next few years? We aim to get the business to over $100m revenue per annum in around 7-8 countries in total. We have some seriously ambitious plans including some real innovation for both categories we play in.

You are a carbon neutral beverage How have the WTCD helped you achieve company. Why is sustainability such an your exporting ambitions so far? important element of your company? The team in WTCD have been very proactive The company was born out of a desire in ﬁnding us international opportunities, to leave a long lasting positive impact on particularly in the USA. people , community , environment and planet. Its in our DNA. We don’t always get it right but we do adapt quickly and we are determined to be different.

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FINANCE & GRANTS FOR EXPORTERS How Invoice Finance can help Irish What we offer to help your export SMEs when Exporting

ambitions: Accelerated Payments provides working capital to SMEs by accelerating payment on • I m m e d i a t e release of 80% of invoice value while you their outstanding invoices. Based in Dublin wait for your customer to pay with offices in London and Toronto, AP, through its innovative selective invoicing • Bad debt protection so you’re covered platform, supports a variety of Irish SMEs for at least 90% of the invoice value if who face particular cash flow hurdles. your customer defaults AP puts the SME in control. The SME can • No restriction on the level of foreign choose which invoices they wish to finance, sales – you choose which invoices to and when to finance, with cash available in fund and when as little as 24 hours for approval. There is no requirement for personal guarantees, long • Fast decisions, fast funding, and a simple term contracts or onerous paperwork. online process Operating across multiple geographies and jurisdictions, Accelerated Payments supports Irish SMEs that export their products overseas and has funded half a billion euros in invoices to date.

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Multiple currencies covered

Client Case Study One of our clients, Kinahan’s Irish Whiskey doubled the number of global distributors it works with through the help of our Export Finance product.

Are you an Irish SME looking to export your products, or did you recently get offered a new overseas contract but cash ﬂow Zak Oganian, owner of Kinahan’s Irish challenges prevent you from capturing the Whiskey, required a financing partner opportunity? who could provide liquidity to help meet Export Finance might help you. At the unique needs of the spirits business: Accelerated Payments, we provide a Kinahan’s customers include retailers and product tailored to suit the financial importers in 25 countries. demands of individual companies with “If you dig deep, the fact that 60 to 90 overseas customers. A simple, cost- days credit is standard in our industry effective way to fund your reach into new is easy to understand, because of geographical markets, including the US.

what our customers face on their end. We knew we wanted an invoicing ﬁnance partner, and only Accelerated Payments offered everything: fees at the right level, no hidden costs, and exceptional ﬂexibility.”

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Coming up to Christmas, Zak notes that having AP as a ﬁnancing partner is key to meet peak seasonal demand.

“With AP we can produce more and faster – every Christmas we see bigger product volumes, and every penny matters. We have doubled production and revenue each year, we’ve doubled our headcount, and we’re serving twice the number of global distributors.” Beneﬁts for Kinahan’s: •

Gives the company a way to leverage the value of its appreciating asset – whiskey – to access cost-effective export ﬁnance

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It receives a more personal service and a more ﬂexible ﬁnancial utility than is available from a bank

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Provides working capital to let Kinahan’s meet seasonal demand and the credit needs of global customers

If, like Kinahan’s, you are looking to export but need the working capital to do so, please get in touch. Our team is here to help your business and back your export ambitions. Simply visit our website at acceleratedpayments.com/contact and ﬁll out our contact form, or give us a call on +353 1554 3940.

INDIVIDUAL EXPORT FINANCING, SIMPLY DONE

ACCELERATED PAYMENTS Release working capital from overseas transactions ĵȶʠ ƃǠȶȶɽơ ˁǠǫƃǠ ǫȥʽȶǫƃơɽ ʋȶ ǉʠȥƎ ŔȥƎ ˁǠơȥ zȟȟơƎǫŔʋơ ɭơȍơŔɽơ ȶǉ ǉʠȥƎɽ ˁǠǫȍơ ˊȶʠ ˁŔǫʋ ǉȶɭ ˊȶʠɭ ƎơŹʋȶɭ ʋȶ ɢŔˊ bŔɽʋ Ǝơƃǫɽǫȶȥɽ࡬ ǉŔɽʋ ǉʠȥƎǫȥǌ࡬ ŔȥƎ Ŕ ɽǫȟɢȍơ ȶȥȍǫȥơ ɢɭȶƃơɽɽ %ŔƎ ƎơŹʋ ɢɭȶʋơƃʋǫȶȥ ǫȥƃȍʠƎơƎ ࢛ ǌǫʽǫȥǌ ˊȶʠ ŔƎƎǫʋǫȶȥŔȍ ɢǫơƃơ ȶǉ ȟǫȥƎ ¥ȶ ȍȶȥǌ ʋơɭȟ ƃȶȥʋɭŔƃʋɽ ȶɭ ŔƎƎǫʋǫȶȥŔȍ ɽơƃʠɭǫʋˊ ɭơɩʠǫɭơƎ ¡ʠȍʋǫɢȍơ ƃʠɭɭơȥƃǫơɽ ƃȶʽơɭơƎ

Apply now! www.acceleratedpayments.com/export 28

ONE TO WATCH ANCIENT CIVILIZATIONS SCARVE BY LIZ CHRISTY. HAND-WOVEN IN IRELAND Liz Christy’s new Herringbone Scarves take their inspiration from the building patterns found in ancient civilizations. ‘The Cromagh Hoard’, which was dug up by Liz’s experience in the underground city of turf cutters in Co Antrim in 1904, and dates Naples kindled her interest in this pattern. from the Late Bronze Age, includes a woven From the jewellery of the Pharaohs and herringbone twill horsehair sash. A pin and the roads of the Roman Empire to ancient axe which were found with the sash, date indigenous North American basketry, the the piece of woven textile. herringbone pattern appears across the So, herringbone has its origins in the world. This pattern is called “Herringbone”, Ancient Civilizations across the world due to its visual similarity to the bone including Ireland. This new collection of Liz structure of a herring fish. Christy Scarves carries within each piece, Herringbone woven cloth features a a part of this ancient heritage story. Yet geometric pattern that is sometimes called these scarves are modern and wearable for twenty-first century style. Limited Edition a ‘Broken Twill Weave.’ and available to buy only from Liz’s website, www.lizchristy.com

INTERNATIONAL TRADE NEWS Title

THE SUBSCRIPTION & GIFT BOX BOOM The world has been experiencing a ‘subscription and gift box boom’ over the past ﬁve years.

According to a UBS report, in the U.S., the subscription box market is expected to be worth $1.5 trillion by 2025, doubling the $650 billion it’s worth today.

The UK Subscription Box Market report by Royal Mail shows that food witnessed the highest growth year-over-year in 2020. Another area of high growth has been in essential non-food items, such as male grooming and other predictable replenishment items. The male grooming subscription market grew 108% between 2017 and 2020 to reach a value of £41.7 million.

Closer to home, the subscription box market in the U.K. is expected to be worth €2.13 billion by 2025, compared to €648m in 2017. On average, companies offering subscription services grew four times faster than the S&P 500 in 2020.

Elsewhere, other everyday health and beauty products are also seeing strong growth. This sector has grown from being worth £43 million in 2017 to £79 million in 2020. It is forecast to grow to £92 million by 2025.

In Europe, the U.K. has been the market leader in this sector and Irish companies should look to trends in the U.K. to predict consumer behaviour in Ireland.

While competition between companies offering subscription boxes is stiff in the UK, the market potential for growth is still immense across the EU.

The sector had seen high growth in the years preceding the Covid pandemic and sky rocketed in 2020 due to retail closures, work from home mandates and increased disposable income.

In 2020, a report found that only 20% of EU citizens were aware of the concept of a subscription box, as opposed to 30% of U.K. citizens who were already signed up to at least one.

IMRG recently reported that almost half (44%) of U.K. online shoppers, 30% of the overall population, now subscribe to some kind of subscription box service, up from 27% in 2017. Of them, 74% are signed up to multiple services and 56% are signed up to four or more.

Over half (56%) of EU companies in a recent poll say they plan on introducing a subscription box in the next 12 months.

Over half of 25 to 34-year olds (52%) are signed up to at least one, compared to 12% of 55 to 64-year olds and just 8% of those aged over 65.

For companies looking to introduce a subscription offering, a useful place to start is looking at the three different types of subscription boxes, Curation, Replenishment and Access.

CURATION (55%): A company sends collections of new items for customers to sample and use. Tips for success: Personalization is the most important aspect that respondents cited for the curation box. The success of these boxes is driven by understanding every consumer’s unique needs, whether it’s taste, style preferences, size, cost or even psyche. Engaging with their consumers in real-time, gathering feedback, through customer surveys, feedback and data and adjusting offerings is critical.

WTC Dublin issue 2

Articles inside

Member Products

MARKET ENTRY

INTERNATIONAL TRADE NEWS

FINANCE & GRANTS FOR EXPORTERS

MARKET ENTRY

ONE TO WATCH

MEMBER SPOTLIGHT

MARKET ENTRY