Kingston, Jamaica — Facing the consequences of rapid expansion and rising finance costs, Derrimon Trading Company is entering a period of strategic recalibration. Under the direction of new CEO Ian Kelly, the company is prioritizing balance sheet stability, smart resource allocation, and a sharper focus on profitable segments.
Kelly, who assumed the top role in January 2025 after years as CFO, has inherited a company wrestling with the aftershocks of debt-fueled growth. Last year’s net loss of $616 million marked a turning point for the group, prompting internal reviews and discussions around offloading select assets.
“This year is about being deliberate,” a senior insider at Derrimon noted. “The goal isn’t to shrink the company, but to shift its center of gravity toward what’s working — and what will work even better with the right attention.”
Strategic Realignment Without Disruption
Rather than a radical shake-up, Derrimon is positioning the asset evaluation as part of a measured, long-range plan. The leadership remains committed to its multi-brand structure and diversified portfolio, emphasizing that any sales will be surgical, not sweeping.
“There’s no intent to dismantle what we’ve built,” the source said. “But carrying unproductive weight is no longer an option.”
Retail Rebound, U.S. Challenges
The first quarter of 2025 brought modest signs of recovery. Local retail operations showed strong momentum, buoyed by improved customer traffic, better in-store availability, and a renewed push behind proprietary brands. However, overseas operations—particularly the group’s New York wholesale subsidiary—continue to lag due to lingering infrastructure setbacks.
Group revenues climbed by 21% to $4.3 billion, with operating profit reaching $245 million. Net profit, however, edged down slightly as interest obligations remained a drag.
Focus Areas Moving Forward
Kelly has outlined three immediate priorities:
- Debt containment: Reducing exposure to rising finance costs.
- Brand leverage: Elevating house brands like Spicy Hill and Delect into household names through innovation and shelf dominance.
- Capital precision: Ensuring every dollar spent generates meaningful return.
At home, the company is extending its footprint in processed goods, moving decisively beyond staples into more profitable, fast-moving categories like oils, sauces, and ready-to-use seasonings.
A More Cautious Chapter
After years of aggressive acquisitions, this new chapter marks a philosophical shift for Derrimon. No longer focused on volume alone, the company is instead emphasizing resilience, cash flow, and adaptability in a volatile market.
“Expansion is still on the table,” a company official added, “but the terms have changed. Growth now needs to be earned — not borrowed.”
