Over the last 9 months, NZM has undergone a comprehensive strategic review to respond to the challenges we’re seeing today and those on the horizon. The steps we are taking now will set us, and our growers up to be insulated from extreme market shifts in the future.

We have refocused our efforts back to our core business – to be the world’s premier wool supplier. To this end, we have restructured our business to ensure we have the needed capabilities in place and instituted a clear profitability workstream to examine our costs and capital management.

Our business, like many, is still facing headwinds from the economic downturn, particularly in the EU and luxury markets. Our key role now is to identify the market segments that are recovering and ensure our growers’ wool is front of mind for those customers. We are seeing green shoots in the active outdoor, furnishings and athleisure segments with strong interest coming from Asia, particularly China and Japan where markets are recovering faster.

It is too early to say the market has turned, it is certainly showing signs of turning, however, global recovery is just one part of the puzzle. Our core model is well-placed to face the continued challenges of increased compliance, discussions of greenwashing and decreased consumer spend but in an ever-changing world, we must always be focused on what’s next. Despite the current challenges, we must continue to make considered investments in the future.

With fashion and textile companies operating in an increasingly tough regulatory environment, bolstering our science, governance, data and systems is crucial to the appeal of our grower’s wool. This goes hand in hand with rejuvenating our brand and marketing. Clear, traceable supply chains are essential for compliance reporting, but they are also a wonderful opportunity to win the hearts and minds of consumers.

I’ve already mentioned focusing on the right markets, as we are doing now in Asia, but we are also putting our efforts towards influencing and growing the size of the wool market itself, not simply our share of it.

We know New Zealand wool is the best quality available and the work we are undertaking today will secure our position at the forefront of bringing this special fibre to the world.