Bangalore: Tupperware Brands Corp. sees China, India and Indonesia leading the pack of fast-growing markets in Asia Pacific, and expects strong double-digit growth in these markets in 2010, its chief executive said.
People are spending more time and resources on food, clothing and shelter in developing markets and Tupperware’s product category is close to fulfilling these needs, chief executive Rick Goings told Reuters in an interview.
Tupperware, known for its food storage containers, also sees many expansion opportunities in China, said Goings, who has been Tupperware CEO since 1997.
On Tuesday, the company posted a first-quarter profit that beat market expectations, boosted by strong sales in Asia Pacific and Europe, and raised its 2010 earnings view.
Sales in emerging markets, which make up over half of Tupperware’s total sales, soared 22% in local currency.
Tupperware entered the Indian market 12 years ago, and expects its direct selling business model to benefit from the limited earning opportunities for women in the market, a lack of retail infrastructure outside big cities and from the country’s billowing population, 64-year-old Goings said.
The company, which also sells personal care products under brand names like NaturCare and Fuller Cosmetics, expects to re-enter the UK market after a 10-year interval in the second quarter of 2011, Goings said.
It also aims to grow its already 2.4 million strong salesforce in over 100 countries by 9% in 2010, compared with a 7% growth in 2009.
However, Tupperware’s promotional spending is expected to remain flat, compared with last year’s 18% level.