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CategoriesIn the past year, we have seen a dramatic increase in popularity of Myprotein in other European countries. The Myprotein philosophy of offering high quality products, backed up with excellent customer service at low, direct prices quite clearly is universally very attractive.
We are really pleased to see more and more European customers trying Myprotein and enjoying the experience. We therefore took the decision to invest a lot of time and money in creating local platforms for our growing community of customers in France, Germany, Ireland, Italy and Spain. This is a complex process and we accept there are some issues we need to address. Our core commitment of offering premium supplements at low prices remains at the heart of this key step for our business.
From a legal viewpoint, we must also comply with EU law which states that a company must charge local VAT on products when a certain sales level is reached. We are now at this level. Finally, like any other international business, we must take into account exchange rate fluctuations and build in a level of tolerance to ensure pricing is both equitable and commercially viable.
We are committed to maintaining the Myprotein philosophy in each country we serve and we acknowledge that in this instance our pricing is incorrect and must be reviewed. We always listen to feedback from our customers and as a result we are looking again at pricing across all countries.
Two main reasons for the current issues are:
1. VAT applicability in each country is complex. Some ingredients are VAT applicable and some are not. Some are VAT applicable when part of a blended product. Some are simply unclear. As a result, we are currently working with our VAT experts to confirm the categorisation of products in each country’s VAT structure. We absolutely have no wish to make money on the inclusion of VAT. This is purely a legal requirement that we must comply with.
2. The exchange rate between Sterling and the Euro has been quite volatile over the last few months. When we set European pricing, the exchange rate was much higher than its current level. This has resulted in pricing being set higher than it should have been, based on the current exchange rate. As a business, we must build in a level of exchange rate fluctuation but we recognise that this is currently set too high. We are working right now to reformulate our pricing based on more realistic and up to date exchange rates.
We would like to apologise for any alarm and frustration that has been caused by our initial pricing. Myprotein place the utmost importance on getting our pricing right as soon as possible. This means pricing that is unbeatable in the market place, complies with local country regulations and is fair for our customers.
Please bear with us while we conduct this review and we can assure you that we are absolutely committed to resolving this issue as soon as possible and maintaining our core brand values.
MP
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