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Lord Sugar has warned companies that if they don’t offer vegan options they could end up going broke.
The business guru made the comments while launching a vegan range at the South London bakery – Dough Bakehouse – he runs with The Apprentice 2019 winner Carina Lepore.
The extensive offering, which will include vegan banana cake and brownies among others, will be made onsite by Lepore’s father.
Vegan or broke
Lord Sugar told the Standard that companies who don’t keep up with market trends – like Kodac – ‘may find that some of their products start to dwindle in sales’.
He said: “[Veganism] has become a very important thing, particularly for young people. From a business point of view, one can’t blame companies and businesses, including our own, for jumping on the bandwagon and starting to produce vegan products.
“That’s exactly why we are doing this. That’s how you remain in business. If there is a demand for a new kind of product like a vegan item then of course you need to cater for it, and those that haven’t will fall behind, it’s as simple as that. It’s a bit like the demise of Kodak, they kind of ignored the digital revolution, and they went from a company that monopolized photography to zero, basically.
“You see things like that happen, and the same will be applied to food. If big companies don’t start observing that vegan stuff is important, they may find that some of their products start to dwindle in sales.”
Launching the vegan range at Dough House in Herne Hill, owner Carina Lepore revealed plans to expand the chain. She said a second outlet will open in April in Beckenham, and further stores will open throughout the year.
She added: “There is definitely space in the market to grow. With veganism, that is one of the big trends, and for us, it is just key that we are always ahead of the curve.”
Lord Sugar said he has no plans to go vegan himself.