Take 2015, for example. To continue their growth and increase their impact on the market, they decided to expand their business into the United States.
“Because competition is strong, the market is big, consumer behaviours vary by region, and resources are limited, it took us time to adapt our strategy and product line to the U.S. reality,” she recalls of the huge learning curve they faced.
“We’re still working hard to grow this market, but see many opportunities. Today, we’re in much better position and have a better understanding of this vast market,” Richer says.
Through major retailers, like Costco, Soriana in Mexico and U.S.-based PriceSmart, Prana was able to expand into stores around the world, including Ireland, Mexico, Japan and South Korea.
“Your products need to be accessible in order to make an impact,” says Richer.
Fast-forward to 2022 and again, the couple was confronted by more business obstacles.
“I won’t lie. It was very challenging for us last year,” says the weary mother of three “very energetic” boys, ages eight, 10 and 12. “Raw material costs were through the roof—same with transportation costs—and there was a deep shift in consumer behaviours. It was very tough on our cash flow.”
Despite their business hardships and evolving strategies to keep pace with the changing economic environment, Richer hasn’t lost her sense of humour and positive outlook.
“It’s made me realize this life has an end, so let’s make the most of it. Let’s have fun,” she says, another big grin sweeping across her face.
“Being an entrepreneur is to welcome a life with uncertainties, risks and insecurities. It’s been a roller-coaster, we’re learning every day and trying to do our best. I trust we now have a great team and a solid plan in place to continue our expansion and positive impact.”
The Toltecs would be proud.
