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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Regulatory environments around the world, including in India, are "a little frustrating", says Amway Corp's Doug DeVos
Doug DeVos, global co-chairman of the Amway board of directors, and son of the $7.4-billion Amway Corp's co-founder Rich DeVos.
The direct selling company, which makes Nutrilite protein powder and Glister toothpaste, sells its products to consumers primarily through its distributors, and not through physical or online stores.
«There's a perception that there's something very different about direct selling or it's secret. I would say we've been the most transparent company; there are no secrets on how the business works; we just access the market slightly differently,» said DeVos.
Calling India, along with the United States and China as «three really strong, powerful markets in the world economy», DeVos said: «India's role will continue to grow and we want to be part of it.»
Addressing a query on the regulatory lens on direct selling companies, DeVos said:«We're like a retailer but a little different; we're pretty normal, our compensation plans are published, our products are front and centre. If someone doesn't want to listen, I don't know how to answer that.»
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Three years ago, the Enforcement Directorate had attached ₹750 crore worth of assets belonging to Amway India under the Prevention of Money Laundering Act (PMLA), alleging that Amway is running a 'pyramid fraud' in the guise of multi-level marketing, and that prices of most Amway products are «exorbitant compared to alternative products in the open market». At that time, the company had responded that «the investigation dates back to 2011 and
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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21.05 / 10:17
markets
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SpaceX
Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
markets
Digital
CEO
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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markets
IPO
Racing
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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markets
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UPS
Manufacturing
Mobile
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