Since the cusp of the COVID-19 pandemic, Zinzino has been acquiring MLM companies at an impressive rate.

Things started off slow back in 2019, but in the last year alone Zinzino has acquired no less than five MLM companies.

What’s going on and how is Zinzino able to keep this going financially?

Zinzino is a Swedish MLM company headed up by CEO Dag Bergheim Pettersen (right).

BehindMLM has published two Zinzino reviews, one in 2013 and the second in 2018.

In our 2018 review we noted Zinzino’s departure from coffee pods to supplements. Since then, Zinzino’s offered supplement range has grown significantly with each new acquisition.

The elephant in the room with Zinzino’s acquisitions is the MLM sector just isn’t going that great. Interest in MLM In general is on a decline and that’s reflected in the steady stream of closures over the past few years.

People far smarter than me would be able to further explain the micro and macro economics affecting the MLM industry. All I can tell you is it’s definitely a thing that is happening.

This makes it easy for Zinzino to acquire MLM companies in trouble. But being an MLM company itself, how is Zinzino faring?

Surprisingly well, however interest currently appears centralized in Hungary. This is based on SimilarWeb consistently tracking roughly ~510,000 monthly Zinzino website visits, with 27% of that traffic coming from Hungary as of August 2025.

Zinzino is also a publicly company, trading as Zinzino B on the Nasdaq Firth North market. This means we can also see its financials.

In April 2025, Zinzino filed its 2024 annual report. From the report we can see back in 2020 Zinzino’s total revenue was 1.1 billion SEK (~118 million USD). That’s since climbed to 2.2 billion SEK in 2024 (~236.1 million USD).

Net profit is a bit less impressive growth wise, coming in at 169.3 million SEK for 2024 ($18.1 million), up from 164 million SEK in 2023 (~17.6 million USD).

For Zinzino’s last reported quarter, Q2 2025, the company reported a 57% quarter on quarter increase. Net profit for the quarter was 55.4 million SEK ($5.9 million USD).

In the current MLM economic climate that’s not nothing. Is it enough to be running around acquiring MLM companies left right and center though?

Zinzino’s acquisitions begin in 2020 with VMA Life. In a May 2020 press-release, Zinzino claimed VMA Life had a “sales turnover of US$2 million”.

As per BehindMLM’s VMA Life review in 2017;

VMA Life exists in an alternate reality wherein the FTC didn’t shut Vemma down for being a pyramid scheme.

Unfortunately being based in Singapore and concentrating on the Asian market, doesn’t make VMA Life any less of a pyramid scheme than Vemma was.

The key problem with VMA Life’s business model is the cannibalization of retail customers into affiliates.

Zinzino acquired VMA Life for $700,000 in cash and then newly issued Zinzino shares.

Today VMA Life doesn’t exist. Some time after acquisition VMA Life was wholly absorbed into Zinzino.

In 2022 Zinzino acquired Enhanzz Global for $1 million, split 75% cash and 25% in Zinzino shares.

In May 2024 Zinzino acquired Xelliss for 2 million euros, paid 50% cash and 50% in newly issues Zinzino shares.

In December 2024 Zurvita, an unhealthy mix of religion and supplements, filed for Chapter 11 bankruptcy.

As part of the bankruptcy, Zinzino acquired Zurvita for $9.4 million; $2.5 million in cash and the rest in newly issued Zinzino shares.

In April 2025 Zinzino acquired what was left of Valentus Global for ~$2 million in cash.

In June 2025 Zinzino acquired Ecosystem, a French MLM company I’d never heard of. Zinzino paid $575,000 for Ecosystem, split 50% in cash and newly issued Zinzino shares.

On September 5th, 2025, Zinzino announced a letter of intent pertaining to acquisition of Truvy. Truvy being a US MLM supplement company with operations in South Korea.

Zinzino’s acquisition of Truvy will see it pay $4 million in newly issued Zinzino shares.

Finally, two days ago Zinzino announced its acquisition of Bode Pro. Bode Pro was owned by Vemma founder BK Boreyko, which brings us “full circle” from our VMA Life starting point in 2020.

BehindMLM reviewed Bode Pro in 2017. We were pleasantly surprised with Boreyko’s departure from Vemma’s fraudulent business model.

I guess things didn’t work out. Zinzino acquired Bode Pro for $2 million, 50% cash and 50% in newly issued Zinzino shares.

If 2025 is anything to go by, there’ll be more Zinzino acquisitions which I’ll keep track of as updates below.

One thing you’ve probably noticed is, with the exception of Valentus, Zinzino’s purchase cost isn’t all that much per company. I mean we’re still talking millions, but none of these figures are “global giant” prices. More the equivalent of a small local business.

This fits with the current MLM economic landscape but I’m left wondering what’s in it for Zinzino. Sounds like they’re buying dead or dying MLM companies but Zinzino’s own sales revenue and profits keep climbing.

The other thing you’ve probably noticed is Zinzino’s acquisitions lean heavily on newly issued shares.

I’m not a finance guy but I’d probably go for shares if I didn’t think my MLM company was worth the asking price? I mean it’s either that or ride the company into the ground. Which, don’t get me wrong, we’ve seen a few MLM company owners do over the past 24 months.

Notably none of the Zinzino acquired former MLM company owners have executive positions in Zinzino (note I haven’t mentioned the performance agreements in any of acquisitions). I’d assume that’s in Zinzino’s favor.

For existing Zinzino shareholders, their share value gets more and more diluted with each acquisition. At least for now, that doesn’t seem to be bothering anyone.

Beyond further uninformed economic commentary, I guess the only other reference point I have is LaCore Enterprises. From the pandemic to last year or the year before, it felt like Terry LaCore was launching a new MLM company every few months.

The business model was mostly the same between the launches; a former top earner headed up the company and a LaCore Labs supplement was the flagship product.

This has completely died, with arguably LaCore’s biggest MLM company, Pruvit, sold off to HerbaLife earlier this year.

Yet here’s Zinzino, bucking the trend with increased sales and more acquisitions over the past twelve months than industry-wide new MLM launches.

Honestly if Zinzino can make it work long-term, more power to them. I have my doubts but at the same time, at least for now, it’s hard to argue with Zinzino’s revenue and profit figures.