Allow Me to Reintroduce Myself
Tupperware (TUP), the 76-year-old plastic container company, has been a household staple for years and sells products in almost 70 different countries. It’s a rare example of a company whose business doesn’t live up to its brand. In 2021, Tupperware reported annual sales of $1.6 billion and a net income of just $18.6 million. To grow these numbers, Tupperware set its eyes on a new target market: Gen Z and Millennials.
Tupperware’s TikTok handle is yet to be determined, but your grandma’s favorite container company has a few other tricks up its sleeve.
An Airtight Case for Freshness?
Tupperware pioneered the plastic food storage industry, but it’s no surprise the environmentally-conscious Gen Z population isn’t buying what Tupperware’s selling. To fix this, CEO Miguel Fernandez is launching an array of new products with a focus on sustainability.
Fernandez hopes to pair this focus on sustainability with a broad range of product offerings. The company currently possesses 8,500 patents for new-and-improved kitchen and home products, including the MicroPro Grill, which allows consumers to grill steaks, burgers, and sandwiches in the microwave. These product offerings, though, are only as compelling as their ability to reach new, interested buyers. To that end, Tupperware is partnering with Target (TGT) to help get closer to younger consumers and further away from its outdated direct-to-consumer business model.
Coming to Your Kitchen?
If you’re looking to hit the refresh button on your kitchen, head down to your local Target to see if Tupperware is on the shelves. Gen Z readers can interpret Tupperware’s pivot as a testament to the growing influence of younger spending habits on corporate America.
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