THE WHAT? Tupperware Brands has announced that it has entered into a definitive agreement to sell its House of Fuller beauty business in Mexico.
THE DETAILS Details of the deal were not disclosed, including the anticipated closing date.
The sale of the beauty business follows the company’s divestiture of its Avroy Shlain beauty business in South Africa during Q1 2021.
THE WHY? The sale is said to be in line with the company’s turnaround plan strategy of divesting non-core assets.
Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands, says, “This sale represents further progress toward our stated goal of divesting non-core assets, and enables the Company to focus its resources on growing our core Tupperware brands. We will continue to execute on our turnaround plan in order to restore this iconic brand to sustained growth and deliver increased value to all stakeholders.”