Nuchev secures exclusive national rollout of Kuci women’s health range through Chemist Warehouse
Nuchev Limited (ASX: NUC) has entered an exclusive distribution agreement with Biomera Biotics Pty Ltd, supporting the exclusive national rollout of the Kuci women’s health range through Chemist Warehouse.
Announced on 28 August 2026, the deal expands Nuchev into a new category, women’s health, alongside its existing infant nutrition, practitioner health and functional nutrition businesses. For investors, it signals a fresh retail growth platform built on infrastructure the Company already operates.
When big ASX news breaks, our subscribers know first
Inside the Kuci women’s health range
Kuci is described as a science-led women’s health brand offering a range of targeted probiotic products developed around the changing health needs of women across all life stages.
The range brings together clinically researched probiotic ingredients with a modern consumer brand. The stated goal is to make targeted women’s health therapeutic complementary medicine products more accessible through a national pharmacy channel.
Key attributes of the range include:
- Science-led brand positioning
- Probiotic-based product formulations
- Products developed for women across all life stages
- National pharmacy accessibility via Chemist Warehouse
Why the deal strengthens Nuchev’s path to profitable growth
The strategic rationale centres on scale. Kuci adds a new retail growth platform and draws on Nuchev’s existing sales, distribution and customer infrastructure to grow revenue across new products, categories and channels.
Kuci is expected to contribute incremental revenue and margin as the brand builds through Chemist Warehouse, Practitioner and Health Channels. Investors should note the qualifications carefully. Nuchev is not providing separate earnings guidance in relation to the Agreement, and there are no minimum purchase commitments. The financial contribution will depend on consumer demand and product sell-through.
Nuchev FY26 full year results showed Group revenue climbing 12% to $25.7m, though gross margin compressed 3.7 percentage points and closing cash fell to $2.1m, providing useful context for assessing the incremental revenue contribution Kuci will need to deliver against a tightening financial backdrop.
CEO Commentary
“Kuci is a strong strategic fit for Nuchev. It brings a differentiated women’s health range into a national retail channel and allows us to use the infrastructure and customer relationships we already have in place. This is the type of opportunity we have been focused on as part of our path to profitable growth — adding new products and categories through our existing platform while remaining disciplined around working capital,” said Nathan Cheong, Chief Executive Officer.
A capital-light consignment structure
Under the Agreement, Biomera will supply the Kuci range to Nuchev on consignment and will remain responsible for product supply and agreed brand and channel investment.
Nuchev will manage the sale and distribution of the range through Chemist Warehouse and other agreed channels, and will earn a margin on products sold. The consignment structure is expected to limit Nuchev’s inventory and working capital exposure compared with a traditional buy-and-sell distribution model.
The Kuci consignment structure is notably different from Nuchev’s earlier full distribution agreement with H&S Global, under which the company took on greater inventory ownership and working capital exposure in exchange for improved margin capture across Brauer, Skin Physics, and Rapid Loss.
| Feature | Arrangement | Investor Impact |
|---|---|---|
| Supply model | Consignment via Biomera | Reduced inventory risk |
| Brand/channel investment | Biomera responsible | Lower cost exposure for Nuchev |
| Nuchev’s role | Sale & distribution via Chemist Warehouse | Earns margin on sell-through |
| Purchase commitments | None | No downside working capital lock-in |
Education — What consignment distribution means for investors
A consignment model differs from a traditional buy-and-sell distribution model in one important way: ownership of the stock.
The consignment structure is expected to limit Nuchev’s inventory and working capital exposure compared with a traditional buy-and-sell model.
For Nuchev, this structure helps de-risk the expansion into women’s health. It aligns directly with management’s stated intention of remaining disciplined around working capital while adding new categories through its existing platform.
Related-party disclosure and Board approval
Biomera is a related party of Nuchev. The ownership structure and conflict declarations are set out below:
- Biomera is wholly owned by Biomera Group Pty Ltd.
- Biomera Group Pty Ltd is owned 40% by CS Mana Pty Ltd (as trustee for the CS Mana Trust) and 60% by H&S Global Holdings Pty Ltd (as trustee for the H&S Investment Unit Trust).
- Craig Silbery (by virtue of his interest in Biomera) and Meng Zhang (by virtue of his roles within H&S Group) declared their respective interests and did not participate in the Board’s consideration or approval of the Agreement.
The Agreement was considered and approved by Nuchev’s non-conflicted directors, who assessed the commercial terms and the strategic and financial benefits of the arrangement to the Company.
What comes next for Nuchev
Kuci forms part of Nuchev’s broader strategy of expanding through existing platforms across grocery, pharmacy, practitioner and digital channels.
The range plugs into an established portfolio that includes Oli6®, BioPractica and Medicine Tree, alongside distributed brands such as Brauer, Skin Physics and Rapid Loss. That infrastructure is central to the rationale for adding a new category without a heavy upfront capital outlay.
The scale of any financial contribution remains dependent on consumer demand and product sell-through, and Nuchev has not issued earnings guidance in relation to the Agreement.
Don’t Miss the Next Consumer Health Winner on ASX
Get FREE breaking ASX consumer news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 20,000+ investors who stay ahead of the market the moment announcements drop. Click the “Free Alerts” button at Big News Blast to start receiving alerts today.