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SECOS repackages as MyEco Group to reflect its sustainable mission
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- SECOS Group to rebrand as MyEco Group to better support its expanding operations and reflect its commitment to sustainability
- MyEco Group is best known for its compostable caddy liners, bin and shopping bags
- Since January 2024 the MyEcoBag brand has increased its presence to more than 2400 Australian stores.
Special Report: Producer of sustainable packaging MyEcoBag and its parent company SECOS Group Ltd (ASX:SES) have announced a rebrand to MyEco Group Ltd (ASX:MCO) to better support its expanding global operations, range of products and reflect its commitment to sustainability.
The company is best known for its compostable caddy liners, bin and shopping bags with increasing demand seeing the brand grow consistently and with pace across Australia’s supermarket and wider retail sector.
CEO Richard Tegoni said the company had adopted the MyEco Group branding to adapt to an evolving market landscape, support its expansion goals and present a revitalised brand identity that further positions it for leadership in the eco-conscious landscape.
“We are here to develop and deliver eco-friendly innovations that make it easy for society to transition from harmful conventional packaging and products to high-quality sustainable alternatives that nurture the planet,” Tegoni said.
“We believe that by making sustainable alternatives accessible and practical, we enable society to take meaningful steps that will lead to a profound collective impact on the prosperity of our planet.
“The move to MyEco Group embodies our commitment to sustainability and innovation, aiming to resonate powerfully with today’s environmentally conscious market.”
Record quarter for MyEco branded global sales
The rebrand announcement follows a record Q1 FY25 for MyEco branded global sales, which increased 62.8% on pcp and 20% QoQ.
The company’s trademarked MyEcoBag products achieved 33% growth in FY24 compared to FY23.
Since January 2024, the MyEcoBag brand has increased its presence in more than 2400 Australian stores, including 970 Woolworths stores, 850 Coles stores, 76 Ritchies IGA and other independent retail distributors.
The company said MyEcoBag had solidified its position as the top brand in Woolworths compostable bin liner sales, capturing over 50% share in Q1 FY25.
The brand also recently became the market leader at Coles, with over 40% share in the compostable bin liner and kitchen caddy category.
Recently, the group launched a new partnership with Ritchies IGA, introducing reusable compostable shopping bags as an alternative to traditional plastic and paper.
This follows an eight-week trial in five Ritchies IGA stores in Victoria, where the bags were exceptionally well received.
The partnership is now rolled out across all 76 Ritchies IGA stores in Victoria, New South Wales and Queensland.
$2.2bn market opportunity in Australia
MyEco Group has highlighted replacing paper and plastic retail checkout bags with compostable alternatives as a $2.2 billion market opportunity in Australia.
Additionally, it expects increased bag and film manufacturing production in Malaysia and China, leveraging partnerships with converters to expand production capacity without significant additional CAPEX (capital expenditures) investment.
In collaboration with converter partners, the group is advancing new product development using its trademarked Cardia resins and in-house product development capabilities to drive growth in new sustainable packaging categories.
Growth initiatives in Q1 FY25 extended to the US and Canada, with distributor Jewett Cameron Company onboarding KeHe and United Natural Foods Inc., two of North America’s largest wholesale distributors, to supply MyEcoWorld sustainable bags.
Lead partner in federal government initiative
Earlier this year, the company became a lead partner in the federal government’s Collaborative Research Centre (CRC) for Solving Plastic Waste.
The group is contributing $600k in cash and $300k of in-kind activity over three years, unlocking $1.6min additional funding from the CRC’s $140.6m allocation.
Tegoni said CRC projects for the group include developing compostable barrier film for food packaging and a social licence project to educate the community and policymakers on the importance of compostable plastics in solving plastic waste.
“In addition to the CRC, our global R&D centre is driving collaboration with high-profile companies seeking sustainable alternatives,” he said.
“This has enabled us to lead discussions opposing the Victorian government’s proposed ban on certified compostable bin caddy liners in Victoria’s FOGO system – a debate we are eager to continue with the government and other industry bodies to drive impactful reform.”
Looking forward, Richard believes the rebrand will further support the group’s mission to address the plastic problem with safe and certified compostable alternatives that leave no microplastics or toxic waste behind.
“At MyEco Group, we are more steadfast than ever in our vision to become a major player in sustainable packaging and products,” he said.
“The level of interest in our MyEco products and technology has never been greater.
“We are very excited about the company’s future and look forward to continuing this momentum in Australia and globally into 2025 and beyond.”
This article was developed in collaboration with SECOS Group (now MyEco Group), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
