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Kindred Group is set to leave the North American market by Q2 2024, following a strategic review aimed at enhancing profitable growth.
This exit, involving areas like Ontario, Arizona, and New Jersey, comes as part of Kindred’s reevaluation of its global footprint, initiated in April.
After leaving Iowa last year, Kindred’s efforts in multi-product states like New Jersey and Pennsylvania, despite deploying advanced tech, did not significantly penetrate the competitive market.
Kindred is reducing its workforce by 300, as part of a cost-saving measure expected to save £40m annually. Nils Andén, Interim CEO, describes these steps as critical for the company’s future growth in key markets.
Following the North American market exit, Kindred will redirect its focus towards its mainstay markets in Western Europe and the Nordics. The group acknowledges the need to regain its footing in key European markets.
Kindred’s forward strategy includes expanding local brands, reallocating marketing funds, and differentiating products in its primary markets. The ongoing strategic review also leaves open possibilities for a company sale.
Kindred Group’s decision to exit the North American market represents a significant strategic pivot, aiming to fortify its presence and growth in its traditional, core markets.
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