Amway

Overview

Amway (short for "American Way") was founded in 1959 by Jay Van Andel and Rich DeVos in Ada, Michigan, where the company remains headquartered today as the flagship business of parent holding company Alticor Inc. It grew from a home-cleaning-products startup into one of the world's largest direct-selling organizations, expanding internationally beginning in the 1970s. The company develops and sells nutrition and wellness products (notably its Nutrilite supplement line), skincare and cosmetics (Artistry), home-care items, and other consumer goods. Rather than selling through retail stores, Amway distributes products through independent contractors known as Amway Business Owners (ABOs/IBOs), who purchase products for personal use and resale and can also sponsor other participants into their own sales organization, earning bonuses tied to group sales volume in addition to retail markup. Amway now operates in more than 100 countries and territories, with significant markets in the United States, China, South Korea, Japan, and other parts of Asia and Europe. As a privately held subsidiary of Alticor, it does not trade on any public stock exchange.