Comvita hitches Caravan for celebrity brand promotion in North America

Comvita has joined with Caravan to promote its products in North America. Photo / Hawke's Bay Today

Mānuka honey exporter Comvita said it had formed a strategic partnership with Caravan, a joint venture with entertainment and sports agency, Creative Artists Agency (CAA).

Comvita said central to the partnership was the formation of a celebrity-backed lifestyle brand, using what it said were the "natural healing properties" of mānuka honey and propolis - a compound produced by bees - for topical use.

Chief executive David Banfield said Comvita was seeking opportunities to extend its global leadership in the mānuka honey trade.

"Our partnership with Caravan, and its celebrity reach, has some significant and far-reaching benefits for Comvita," he said.

Banfield said the benefits of mānuka honey and propolis are relatively unknown in North America.

Comvita last month resumed its dividend payment after posting a near 200 per cent turnaround to make a net profit of nearly $10 million for the 2021 financial year.

The Bay of Plenty exporter, based at Paengaroa, has completed an 18-month transformation programme and is producing sales growth, particularly in its main markets of China and North America.

Banfield said at the time the company, which has a history of volatile earnings, had stabilised its performance.

He said a simplified Comvita was now set up for long-term, profitable growth.

Comvita's shares last traded at $3.69, having gained 12.5 per cent over the last 12 months.