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Why the Bubs (ASX:BUB) share price is down 5% to a multi-year low
James Mickleboro | May 10, 2021 10:09am |
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Bubs Australia Ltd(ASX: BUB) share price is sinking on Monday morning.
In early trade, the infant formula company’s shares are down 5% to a multi-year low of 35.5 cents.
This latest decline means the Bubs share price is now down 40% year to date.
Why is the Bubs share price sinking?
Investors have been heading to the exits this morning following the release of an update from one of its larger rivals.
Earlier today,
A2 Milk Company Ltd(ASX: A2M)downgraded its FY 2021 guidance for the umpteenth time due largely to weakness in the daigou channel and significant inventory issues.
Bubs - experienced dairy man takes COO role
Bubs Australia, which specialises in goat s milk infant formula, has hired dairy industry veteran Fabrizio Jorge as its chief operating officer.
Jorge, a Brazilian, brings 24 years of experience in the global consumer goods and dairy industry, much of it gained while working for New Zealand dairy giant Fonterra. Most recently, he was the general manager for Fonterra Brands in Thailand, Laos and Myanmar, while previously he had responsibility for Fonterra Australia s ingredients business with sales to more than 50 export markets.
Jorge has also been on the board of the Australian Dairy Industry Council and Australian Dairy Products Federation, where he helped to shape the policy direction of Australia s dairy industry.