The latest cosmetics and household goods producer to make a tilt at the ASX reckons rising interest rates and inflation fears aren’t going to stop Australians from filling up their trolleys.
The price of food, rent, utilities and coffee have all gone up with Australia’s inflation expected to peak at an annual rate of 7.75 per cent in the December quarter.“There is still a lot of consumer demand for everyday groceries.
The business is also working to reduce its reliance on selling into the big two supermarkets — Coles and Woolworths sales represent only 30 per cent of Hiro’s business, Chaur said. Aware Group already has contract manufacturing deals for local consumer brands like Thank You and Redwin at its Dandenong sites. Chaur says that despite rising manufacturing costs across the country, there will be more demand to use the company’s facilities.
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