Tupperware Brands (TUP) Stock: Why It Increased Over 9% Today

By Amit Chowdhry ● Jul 5, 2022
  • The stock price of Tupperware Brands Corporation (NYSE: TUP) increased by over 9% during intraday trading today. This is why.

The stock price of Tupperware Brands Corporation (NYSE: TUP) increased by over 9% during intraday trading today. Investors responded positively to New Image Group acquiring skincare and cosmetics brand Nutrimetics from Tupperware Brands for an undisclosed sum.

Nutrimetics is considered a natural fit with New Image’s portfolio of health and nutrition products according to Graeme Clegg, founder and chairman of the privately-owned New Image Group.

New Image Group has two subsidiaries:

1.) New Image International – Covers the global direct selling retail sales channel

2.) NIG Nutritionals – Takes care of all manufacturing and packaging in New Zealand for New Image International and its other customers serving domestic and international sales channels

Rod Taylor, CEO of New Image International, said that as Tupperware had decided to divest its beauty business units, he and others formerly associated with Nutrimetics saw it as an opportunity for New Image Group. And the acquisition includes Nutrimetics Australia, Nutrimetics International New Zealand, Nutrimetics Manufacturing and Nutrimetics France.

KEY QUOTES:

“Nutrimetics is such an iconic brand with a proud 54-year history that has seen generations of women and men benefit from its incredible skincare and income opportunity. In the future, as part of New Image Group, it will be available to so many more people globally through our independent consultants.”

— Graeme Clegg, founder and chairman of the privately owned New Image Group.

“After we had completed extensive due diligence, we were delighted our offer for the whole business was accepted. A recent Nutrimetics’ conference on Australia’s Gold Coast confirmed our enthusiasm is well founded.”

“We have plans to bring in new business systems to Nutrimetics and to increase the sales and marketing support for our independent consultants and grow revenue.”

— Rod Taylor, CEO of New Image International

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.