DALLAS, TX -- January 14th, 2026. Stonegate Capital Partners attended the 2026 ICR conference, highlighted by a fireside chat that we had the pleasure of moderating with Nu Skin (NYSE: NUS). We also took in presentations from LifeVantage (NASDAQ: LFVN), USANA Health Sciences (NYSE: USNA), Beachbody (NASDAQ: BODI), and Strauss Group (TASE: STRS) as well as an interesting Panel where RSM discussed “cutting through the AI hype”. Despite varying go-to-market models (retail/hybrid/DTC) across these nutrition, beauty, and wellness businesses, several common messages emerged:
Brand Awareness Remains Key: Management repeatedly framed brand trust and awareness as the key to unlocking the ~$1.1T nutrition industry. Once consumers get “on board,” behaviors appear sticky (repeat engagement / replenishment), and brands can extend LTV by continually opening new white space: BODi is leaning into legacy franchises while expanding the funnel with 10-Minute BODi and taking Shakeology beyond its historical “walled garden,” LifeVantage is widening the platform via LoveBiome (gut health) while keeping “activation” as the connective tissue, and Nu Skin is pushing deeper into “Intelligent Wellness” via Prysm iO to personalize solutions and drive recurring revenue. BODi also outlined a multi-channel build to extend reach beyond legacy channels on the back of existing brand recognition. USANA maintained the importance of selling premium products while keeping Hiya independently ran to maintain the brand’s strength.
Geographic Expansion is Accelerating: Whether a company sells through retail/DTC or partner-led channels, the playbook is the same: expand footprint and meet customers where they are. Domestically, USANA’s Protein Pop is a clear example of widening reach via national big-box doors (Target, Costco). Internationally, Nu Skin is preparing for a meaningful India entry leveraging its lessons learned in Latin America, and LifeVantage highlighted low-cost “turn-on” expansion by launching incremental countries where consultant demand exists. Importantly, this expansion theme doesn’t depend on channel—and several comments underscored that direct selling can take an unreasonable stock price valuation discount even as the model can function like a modern affiliate / micro-influencer engine. We also note GLP-1 adoption appears uneven by geography with an anecdote from Stauss Group noting that Israel adoption lags behind the U.S., creating incremental runway for LFVN’s GLP-1 adjacency as international markets mature.
Current-day Trends: AI enablement and GLP-1 adoption are reshaping product design and go-to-market. The most investable “AI” thread wasn’t hype—it was infrastructure: personalization, smarter recommendations, improved conversion, and better unit economics. This is premised on the reality that “garbage in, garbage out” makes proprietary, high-quality datasets a real advantage. This directly supports Nu Skin’s positioning, where Prysm iO pairs biomarker measurement with AI-driven insights to guide individualized wellness pathways. In parallel, GLP-1 adoption is increasingly influencing nutrition demand and innovation, with management commentary pointing to a consumer that is prioritizing protein intake, clean formulations, and convenience. USANA specifically noted GLP-1 users often need more protein and are looking for cleaner, easier formats beyond traditional shakes—an undercurrent that can broaden the TAM.
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