Billionaire entrepreneur stuck in supply chain ‘backlog jam’
China COVID lockdowns adds pressure to ‘all areas of supply chain’: Billionaire entrepreneur
Paul Mitchell, Patrón Spirits and ROK Group co-founder John Paul DeJoria says his companies are still stuck in the ‘backlog jam.’
Self-made entrepreneur and co-founder of Paul Mitchell, Patrón Spirits and ROK Group John Paul DeJoria cautioned that China’s latest COVID-19 lockdowns could worsen supply chain backlogs as his billion-dollar companies still face disruptions and delays.
"We see in all businesses what is coming from China, any ingredients… hard goods that come from China, really backordered big time," DeJoria said on "Mornings with Maria" Wednesday.
"At first, we thought we would just start, 'Let's order 50 percent more,' like most companies did," he told FOX Business’ Dagen McDowell. "But all of a sudden, we were still in the backlog jam."
DeJoria joins the group of retail experts and port executives warning that lockdowns and closures in China amid its largest COVID outbreak since the pandemic began could cause another wave of serious supply chain disruptions.
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"In all the businesses, whether they're bringing things in from foreign countries or bringing things across the United States, all areas of the supply chain, whether it's bottling, whether it's ingredients and things of that nature, and little components, are backordered," DeJoria explained, "and we've been through this."