Utah has long been a hot spot for direct selling companies, and a new list from Utah Business magazine recognizes the fastest-growing of the bunch.
Four direct selling companies appear on this year’s Utah Business Fast 50, an annual ranking based on five-year compound growth as well as a revenue component. Financial data is submitted to an independent accountant for analysis.
Three of the honorees are established direct selling firms, perennially ranked on DSN’s own Global 100, a list of the top companies in the channel by revenue. The fourth, at No. 49 on the Fast 50, is Lehi-based Xyngular, a health and wellness company founded in 2009. Xyngular’s network of nearly 33,000 distributors generated revenue of $49.7 million in 2015.
Another health and wellness company hailing from the Salt Lake City area, LifeVantage, leads the direct selling contingent on this year’s list. LifeVantage came in at No. 6, despite 2015 sales that fell 11 percent to $190 million. In a recent Top Desk feature, CEO Darren Jensen explained how the company is implementing new technologies and training to expedite the process of bringing new products to market.
Salt Lake City’s USANA and Provo’s Nu Skin also lead the state in growth. USANA, No. 38, has broken its own revenue records for 13 straight years. In 2015, the nutrition company recorded sales of $918 million. Nu Skin’s wellness and beauty offerings brought in $2.2 billion last year. The 32-year-old company ranked No. 42 on the Fast 50.