Tupperware's Segue into Beauty All About Latam: CEO
Tupperware's venture into the cosmetics business can be summed up in two words: Latin America, CEO Rick Goings told CNBC's "Squawk on the Street" on Monday.
The market for Tupperware containers in Latin America is just over $1 billion, but beauty is a $22 billion business, Goings said -- underscoring how the latter is increasingly important to the company.
"Four out of the top eight markets of the world, when you asked 'Do I care what I look like?' (are in) Latin America," he said.
In order to capitalize on the trend, Tupperware now owns six cosmetic brands. Although it competes in the region with Avon, Goings said he was happy with his company's progress in the region.
"All of our Latin American businesses are way up. They're up double digits," he said. "We're pleased with what's happening there."
Tupperware is also growing in Europe, particularly France and Germany. "We've almost doubled the company in the last five years in France," where it is the biggest seller of cookbooks, Goings said.
And while consumers sat on the sidelines during the first half of the year during the French elections, the Tupperware CEO said, "We're starting to see it come back to life again."
With Tupperware generating a good deal of cash, the home goods giant is also looking at how best to return that money to shareholders. Goings said the company has raised its dividend double digits the last three years in a row and has also bought back stock.
Goings attributes the power of the business to women entrepreneurs in both the established and emerging markets. "We've got almost three million of them," he said. "If you give them innovative products with a great selling method, they run with it."
