Norway's Marine Harvest, the world's biggest fish farmer, will change its name to Mowi and also use the name for its premium salmon brand, the company said in a strategy update on Tuesday.
"The new name is building on our history and Mowi was the name when we were established in 1964," Chief Executive Alf-Helge Aarskog told Reuters.
"Mowi is a short and catchy name which we believe will work all over the world," he said.
The company farms salmon in Chile, Scotland, Ireland, the Faroe Islands, Iceland and Canada as well as Norway. While its main markets are in Europe, the most significant sources of growth are currently in Asia and North America.
Brand Building
The first Mowi-branded salmon should be in the shops in early 2019, Aarskog said, while estimated investment in the new brand name would amount to €35 million ($39.31 million) over the next two years.
"Sales from the Mowi brand will increase gradually. It takes time to build a new brand," he said.
In 2025, sales of Mowi-branded salmon should exceed €1 billion, while the operating profit generated from the brand should be at least €100 million higher than from more basic salmon brands, the company said.
"All our salmon will be good, but the Mowi brand salmon will be the very best and top 25% in quality," Aarskog said.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
