Amway’s full year 2022 financial report showed sales of $8.1 billion, an overall decrease from 2021 sales, which totaled $8.9 billion. The company pointed to the strength of the U.S. dollar, the sale of its non-direct selling asset Metagenics, Inc. and the shuttering of its Russian operations for this decline.
On a constant currency basis, however, Amway’s direct selling business was up by 1%, with top markets including Mainland China, South Korea, Hong Kong, Malaysia, Taiwan and Vietnam. This increase represents the third consecutive year of growth for the company.
“Amway remains committed to using the best of our business and the passion of our people to impact communities in every market where we do business,” said Amway Chief Executive Officer Milind Pant. “In 2023, we will complete a $35 million investment in nutrition manufacturing in our hometown and continue the revitalization of Amway’s Ada World Headquarters that began in 2022 and is scheduled for completion in 2025.”