By Patrick Avenell
Competition and innovation have been and will continue to be the winner from Sunbeam owner GUD Holding’s investment in, and divestment from, the Breville Group Limited, according to acting CEO Jack Lord.
GUD Holdings held an almost 20 per cent stake in the Breville Group for around 2.5 years. During that time, Breville excelled, releasing innovative new products under its eponymous brand, and its Kambrook and Philips brands.
Lord, who was formerly the CEO of Sunbeam at GUD Holdings, resigning in August 2008, has been instrumental in the recent growth of the Breville Group. He has been acting CEO since November 2011, after first joining the company in February 2009.
"Since GUD made a bid for Breville in 2009, our company has gained 50 per cent in value,” Lord told Current.com.au. “Our focus on 'food thinking' and creating an international brand is paying off. We are proud of our growth and the confidence shown in our business by new investors.
"In the Australian and New Zealand businesses, the exit of GUD should send an unequivocal message to our customers that the strong competitiveness in the market has benefited consumers and retailers with innovative new products and marketing.
"The strengthened competition in the Australian marketplace has allowed us to develop products that can compete against the best in the world. This will continue as we seek to apply creative design and innovation to our range and leverage market communication to maintain profitable price points."
The Breville Group’s most substantial shareholder is the Solomon Lew chaired Premier Investments.