Saucy business: The billion-dollar brand you know by sight, if not by name

Add articles to your saved list and come back to them any time.Peek into your pantry or fridge and you’ll likely own at least a few glass-bottled Asian condiments with the rectangular gold label and red lid. But, if asked without any reference or context if you’re familiar with Lee Kum Kee, not everyone will immediately place the Chinese sauce giant that invented oyster sauce.

As each successive generation joins the business, the sauce company evolves the way it appeals to new consumers. Boomer and Gen X migrants who settled in other parts of the world, Lee Kum Kee’s core market, are likely to have a higher degree of familiarity with and loyalty to the brand. But this isn’t the case with their children, the latest generation, who executives say are cooking less and are more fickle.

When country manager Lam visits Australia, where he spends about a third of his time, he can sometimes be found standing in front of the Asian food aisle in a Coles or Woolworths supermarket to observe incognito how consumers make purchasing decisions. The majority of Australians seem to recognise the Lee Kum Kee brand, but the same proportion switch brands in front of the shelf, according to research the company commissioned.

Australians enjoy Asian flavours but don’t always know how to achieve the same results in the kitchen, Cleary said. “There’s definitely an educational piece around how different condiments work,” he said. “Australians are open to diverse flavours but often need a little guidance … are getting there, but there’s still a way to go.”

The new world of anything-on-demand has also created an unexpected enemy of cooking: food delivery. “Everyone’s just gaming,” Hung said of his university-age sons. “They don’t want to go out.”Lee Kum Kee is eager to promote the company’s long legacy, but as a family business, is secretive about much.

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Saucy business: The billion-dollar brand you know by sight, if not by nameA 136-year-old condiment company, Lee Kum Kee, is evolving to reach a new generation – but many trade secrets still stay in the family.
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