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The Australian Financial Review
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data-testid="breadcrumb-category"><a class="_3764f7449fdd83320b98" href="/work-and-careers/leaders">Leaders</a></li></ul><h1 class="_437366dc6b418d7ebdc9">Why this Swisse CEO fasts for 19 hours a day</h1><p class="f8c00ff0c514d0793d7d">Nick Mann, regional CEO of the parent company that owns Swisse, has stepped up into the role of global group CEO on a nine-month rotation. Just as the wellness industry is booming.</p></header><section class="ae754da393b38cf0f618"><div class="d5dfe5984973a371f244"><section class="_368ce47922cc50406182" id="endOfArticle"><section class="_79ac355651a627afaf4b"><div class="_0744a0c2b755cec1309d"><span class="_4daa2b7c6a2abbd8337c"><span class="bad9c5476c04fb14be3e" data-testid="AuthorNames"><strong><a class="e8a3a96a1d96e42394a5" data-testid="AuthorURL" href="/by/euan-black-p536fx">Euan Black</a></strong></span><span class="_9d1c61c1b7efcc9b8f44">Work and careers reporter</span></span></div><section class="_288fb9f2c1f978e951fd"><div class="_4d22830be8e035459d36" data-testid="ArticleTimestamp"><time data-testid="ArticleTimestamp-time">Nov 8, 2024 – 5.00am</time></div><div class="_2a6dc840ff6bc204ff53" data-testid="ArticleTools"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleToolsLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" 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headquarters of vitamins company Swisse in the gentrified inner-Melbourne suburb of Collingwood, a throng of staff are drinking smoothies and testing a new range of prebiotic and collagen products in an open-plan kitchen.</p><p>Having ushered us from the basement carpark to the company’s office on the six and seventh floors, Nick Mann, group chief executive of H<!-- -->&<!-- -->H Group, the Hong Kong-listed health and wellness company that owns Swisse, is telling me about the difference between prebiotics and probiotics and why he thinks the future is bright for products designed to improve gut health.</p><div class="_398b6c5e39701f15a1a2">Loading...<figure></figure><figure></figure><figure></figure><figure></figure></div><div></div></section><div class="a3b28a4f67a674b57863 _641fb672692d5313992a" data-testid="ArticleFooter"><div class="_9e5858bb5e9aa47354b4"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleFooterLoginTooltip" class="_13dba38c2689588db954 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https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c 2x" data-pb-im-config="{"urls":["https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c"," https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c 2x"],"width":140,"aspectRatio":1,"type":"square1x1"}"/><img alt="Euan Black" class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-src="https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c, https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c 2x" sizes="(max-width: 767px) 140px" data-id="aa523f74f0e0ee79f21d072c440cc10b01d6c77c" data-pb-im-config="{"urls":["https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c"," https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/aa523f74f0e0ee79f21d072c440cc10b01d6c77c 2x"],"width":140,"aspectRatio":1,"type":"square1x1"}" width="140" height="140"/></picture></figure><span class="_1b861ab323f41ec0b7ca"><strong><a class="a189e4281d1ef17b0b4e" data-testid="AuthorURL" href="/by/euan-black-p536fx">Euan Black</a></strong></span><span class="_502fdc96c2c81588de6d">Work and careers reporter</span><span class="_528a6daccc86ac482af4">Euan Black is a work and careers reporter at The Australian Financial Review.<span class="ebf04f7a6858148cabbd _1abef93fc6602c02bcb2" data-testid="Author-Social"><span> <!-- -->Email <!-- -->Euan<!-- --> at <a class="c5a5b7d2f686623f7687" href="mailto:euan.black@afr.com">euan.black@afr.com</a></span></span></span></div></div></section><section class="_7497db783171f2944740"><div class="_12071acfb60f663a6d6c" data-testid="keyPath-driver-wrapper-pos-1"><header class="_1d6911d24a4d542dc6f9"><h3 class="_7ce50a196b2b714ebd75"> Executive Education</h3><span class="_46db990dafd7b7b8f800"><span class="f6746d217698aa979e67">Powered by</span><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 100 16" class="dd6db77aa2c85e94be85 _50ca2fd8010d27506ec0" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#46A593" d="M49.663 4.147h-.676v.836l1.949 1.93-1.949 1.93v.85h.675l2.026-2.02.767-.76zM46.364.729l2.623 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& careers","Leaders"],"categoryId":115,"asset":{"about":"Nick Mann, regional CEO of the parent company that owns Swisse, has stepped up into the role of global group CEO just as the wellness industry is booming.","allowComments":false,"body":"\u003Cp\u003EWhen BOSS arrives at the headquarters of vitamins company Swisse in the gentrified inner-Melbourne suburb of Collingwood, a throng of staff are drinking smoothies and testing a new range of prebiotic and collagen products in an open-plan kitchen.\u003C\u002Fp\u003E\u003Cp\u003EHaving ushered us from the basement carpark to the company’s office on the six and seventh floors, Nick Mann, group chief executive of H&H Group, the Hong Kong-listed health and wellness company that owns Swisse, is telling me about the difference between prebiotics and probiotics and why he thinks the future is bright for products designed to improve gut health.\u003C\u002Fp\u003E\u003Cp\u003E“I’ve been here seven-and-a-bit years now, and I’ve never seen more interesting science coming out in the category,” he says of vitamins more broadly.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"4963c74430da2952dc171434abcd5b266c78f60c\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003ESwisse, the company he has led in some capacity since 2019, is Australia’s biggest vitamins, minerals and supplements provider, based on total market unit sales compiled by independent research company IQVIA. (Its rival Blackmores says the IQVIA data shows it is the No. 1 manufacturer and No. 1 brand in the category based on total value of sales.)\u003C\u002Fp\u003E\u003Cp\u003ESince 2015, Swisse has been part of a much bigger story. That’s when Health and Happiness International Holdings, or H&H Group, bought Swisse for $1.67 billion amid surging Chinese demand for Australian-made vitamins and supplements.\u003C\u002Fp\u003E\u003Cp\u003EPart of that surge was driven by daigou traders, entrepreneurs who bought large volumes of vitamins in Australia and then would sell them on various e-commerce sites in China.\u003C\u002Fp\u003E\u003Cp\u003EBut while that trade has since died, Chinese demand for Australian-made supplements remains strong. On the mainland, Swisse is now the second-largest brand in the overall vitamins, herbal and mineral supplements market, and the No. 1 seller of these products online.\u003C\u002Fp\u003E\u003Ch2\u003EA tale of three businesses\u003C\u002Fh2\u003E\u003Cp\u003EH&H Group has a market capitalisation of $1.3 billion and a share price of roughly $2, down from a post-acquisition high of $12.12 (62.30HKD) in April 2018.\u003C\u002Fp\u003E\u003Cp\u003EMann blames the share price fall, at least in part, on increased debt-servicing costs eating into the group’s net profit. He tells \u003Cem\u003EBOSS\u003C\u002Fem\u003E the group has also been hit by the broader trend of offshore investors retreating from the Shanghai and Hong Kong markets due to the weakening Chinese economy.\u003C\u002Fp\u003E\u003Cp\u003EH&H is split into three main business units: one makes nutrition and care products for adults, one for babies, and one for pets.\u003C\u002Fp\u003E\u003Cp\u003EThe baby business, based mostly on the Biostime brand, is struggling. Its revenue fell 22 per cent over the six months to June 30 as China’s declining birth rate led to fewer mothers needing to buy formula and probiotics for babies. But H&H Group’s other units are growing.\u003C\u002Fp\u003E\u003Cp\u003EThe pet and nutrition care business – which owns Zesty Paws and Solid Gold – reported a 6.3 per cent increase in revenue, accounting for 14.7 per cent of group revenue. And the adult nutrition and care business segment – which Mann says is “essentially Swisse” – reported an 11.5 per cent jump in revenue, and makes up half of overall group revenue.\u003C\u002Fp\u003E\u003Cp\u003EArguably, that’s at least partly because Swisse is in the right place at the right time.\u003C\u002Fp\u003E\u003Cp\u003EPeople are popping pills, plunging into ice baths and spending thousands of dollars each year on flashy gym memberships in the pursuit of living longer and healthier lives.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"ef7f7c10e08fc91136679a7d6fb69d448cb06195\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EConsultants McKinsey valued the global consumer wellness market this year at $US1.8 trillion ($2.7 trillion), finding that the US market alone was worth $US480 million and growing between 5 and 10 per cent annually.\u003C\u002Fp\u003E\u003Cp\u003EWellness also appears to have become a national obsession in Australia, helping H&H Group’s local business (also essentially Swisse) increase its revenue by 17.6 per cent over the six months to June 30.\u003C\u002Fp\u003E\u003Cp\u003E“We’ve been growing faster than the market [in Australia] for a few years – quite significantly faster – and so we continue to grow our market share,” Mann says. “But there’s still opportunity on the back of that.”\u003C\u002Fp\u003E\u003Ch2\u003EHead over heels for brands\u003C\u002Fh2\u003E\u003Cp\u003EMann joined Swisse as a sales and export director back in 2017, having spent much of his career in sales and marketing.\u003C\u002Fp\u003E\u003Cp\u003EHe got his start as a part-time sales representative for razor maker Gillette in 1993 while studying a science degree in his hometown at the University of Melbourne.\u003C\u002Fp\u003E\u003Cp\u003EIt wasn’t what he had envisioned for his career: he didn’t get good enough grades to pursue an earlier ambition of becoming a physiotherapist.\u003C\u002Fp\u003E\u003Cp\u003EBut perhaps fate had a better idea of what he actually wanted anyway.\u003C\u002Fp\u003E\u003Cp\u003E“From the first day, I just fell in love with brands, with the competition that happens out in the market, with trying to create and find insights to consumers, and create great products that consumers can really resonate with,” Mann says. “Literally, from the start, I said, ‘I want to do this for my whole life’.”\u003C\u002Fp\u003E\u003Cp\u003EHe spent almost eight years at Gillette, before a seven-year stint at Motorola and four years at Foster’s Group, working across both Carlton and United Breweries and Treasury Wine Estates.\u003C\u002Fp\u003E\u003Cp\u003E“The same theme’s coming through, right? Just the most beautiful, most premium products ... and great marketing that just manages to connect with consumers,” Mann says.\u003C\u002Fp\u003E\u003Cp\u003EHe took a detour into the commercial glass industry for a few years, before joining ASM Liquor, an alcohol company majority-owned by Consolidated Press Holdings and selling the third-bestselling vodka in Australia at the time in Vodka-O. Mann decided to give it a go as he wanted to try something different: working in a fast-growing small business.\u003C\u002Fp\u003E\u003Cp\u003E“It was so much fun,” he says about his three years with the company. “We launched a vodka brand with Robert De Niro in New York and grew that business substantially … and then we sold that business to Asahi.”\u003C\u002Fp\u003E\u003Ch2\u003E‘Team-first’ culture\u003C\u002Fh2\u003E\u003Cp\u003EThen along came Swisse.\u003C\u002Fp\u003E\u003Cp\u003EThe opportunity came knocking just as Mann, who by that point had spent the better part of a decade selling alcohol, started to become more conscious of his own health and wellbeing.\u003C\u002Fp\u003E\u003Cp\u003EMore than seven years later, now with wife Suzi and three children, he says he’s loved every minute of it, motivated by the mission of making millions of people happier and healthier, and ensuring the company achieves that aim “in the right way”.\u003C\u002Fp\u003E\u003Cp\u003E“We spend a lot of time and energy on the minds, health, movement and nutrition of our team.”\u003C\u002Fp\u003E\u003Cx-placeholder id=\"91efee48ca5b77c2cd7ea95a74aa1f5ec1fbcfc9\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EThis no longer involves daily meditation sessions, after the company scrapped the perk following the switch to hybrid working after the pandemic.\u003C\u002Fp\u003E\u003Cp\u003EBut the company still puts on a healthy team lunch every Tuesday, and employees are given $150 each quarter to spend on anything that supports their physical or mental health, whether that be Pilates classes, gym memberships, skin checks, therapeutic massages or acupuncture.\u003C\u002Fp\u003E\u003Ch2\u003E19-hour fasts\u003C\u002Fh2\u003E\u003Cp\u003EMann, who grew up racing 125 sailing dinghies in Victoria with his dad Lawrie, walks the Swisse talk.\u003C\u002Fp\u003E\u003Cp\u003EHe’s not the type of CEO who starts his day with an ice bath at 5am and a 15-minute meditation. But he does do a few things you might expect the leader of a major wellness company to do. He plays AFL Nines (a non-touch version of Aussie rules), coaches his kids’ football team, limits his alcohol intake and fasts for 19 hours every day.\u003C\u002Fp\u003E\u003Cp\u003E“[I get] all my calories in a five-hour window, whether it’s lunch or dinner depends on the day. I just find my body’s adapted to it, and [I have] high energy,” Mann says.\u003C\u002Fp\u003E\u003Cp\u003EHe tells BOSS that fasting also sharpens his focus and helps him get a better night’s sleep.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"ee4f9299ef3bc59b4291029a8f2801e4edc1d342\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EFor the next eight months, Mann will also frequently travel overseas. He started his nine-month rotation as group CEO of H&H Group a few weeks before this interview. Supported by a permanent CEO office comprising H&H Group’s chief financial and operating officer, chief people officer and chairman of the board, the group’s three regional CEOs take turns in the top job as part of a rotating group CEO model introduced in November 2023.\u003C\u002Fp\u003E\u003Cp\u003EMann, who is also the regional CEO for Asia, Australia and New Zealand, says the model is about getting the most out of the three CEOs’ different skills sets and in no way a power-sharing arrangement designed to keep them happy.\u003C\u002Fp\u003E\u003Cp\u003E“All the teams around the world who I’ve spoken to love the fact that their CEO gets a turn in the top job,” Mann says. “They’re excited for me to have my rotation and to maybe put Asia and Australia just a little bit more at the top of the agenda.”\u003C\u002Fp\u003E\u003Cp\u003EHe is particularly excited about the imminent launch of Zesty Paws in Australia and the opportunities for growth that a burgeoning middle class offers Swisse in South-East Asia.\u003C\u002Fp\u003E\u003Cp\u003EAnd he’s also committed to growing the Swisse brand locally, through partnerships with brand ambassadors such as Hollywood star Chris Hemsworth and comedy duo The Inspired Unemployed.\u003C\u002Fp\u003E\u003Cp\u003EHis plans include product innovation in emerging categories like “beauty from within” and “healthy ageing”, and the expansion of novel product formats such as tablets that dissolve on the tongue and adult chewable gummies.\u003C\u002Fp\u003E\u003Cp\u003E“None of us [regional CEOs] are driven by, ‘what legacy can I leave in nine months’, or anything like that, right? There’s nothing distinct that needs to be achieved in each of the [rotations], other than progress the strategic agenda as much as you can,” Mann says.\u003C\u002Fp\u003E\u003Cp\u003E“I’m just passing through. 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