Betterware Forges LatAm Empire with Tupperware Acquisition

GUADALAJARA, Mexico – January 19, 2026 – Betterware de México (BeFra), a rising force in the Latin American consumer products market, has announced a definitive agreement to acquire the regional operations of the iconic Tupperware brand. The transformative US$250 million deal cements BeFra's strategy of building a direct-selling powerhouse, uniting Tupperware with its existing portfolio of Betterware home solutions and Jafra cosmetics.

Under the terms of the agreement, BeFra will acquire Tupperware’s operating assets in its core Latin American markets of Mexico and Brazil. Crucially, the transaction also grants BeFra a perpetual, royalty-free, and exclusive license to use the “Tupperware” brand across the entire region. The deal, expected to close in the first half of 2026, represents a bold move to revitalize a globally recognized name while solidifying BeFra’s market dominance.

A Tale of Contrasting Fortunes

The acquisition juxtaposes the trajectories of two vastly different companies. BeFra has been on an aggressive growth path, building a reputation for successfully acquiring and integrating major brands. Its 2022 acquisition of Jafra Cosmetics is a frequently cited success story, with the beauty unit delivering an impressive 18% revenue increase and 23% EBITDA compound annual growth rate since joining the BeFra family. This track record demonstrates a robust operational model capable of unlocking value in established brands.

In stark contrast, Tupperware Brands Corporation has been navigating severe financial turbulence on a global scale. The company, which once revolutionized home kitchens with its direct-sales party model, has struggled to adapt to modern e-commerce and intense competition from cheaper alternatives. These challenges culminated in the parent company filing for Chapter 11 bankruptcy protection in the United States in September 2024, reporting over $1.2 billion in debt. The divestiture of its historically profitable Latin American arm is a clear component of its broader restructuring efforts to stabilize its finances.

For BeFra, this situation presents a golden opportunity: to acquire a beloved brand and its valuable regional infrastructure from a distressed parent, allowing it to apply its modernizing touch without the weight of the global corporation's financial burdens.

The Blueprint for a Turnaround

BeFra's leadership is confident it possesses the right strategy to breathe new life into Tupperware LatAm. The plan is not simply to absorb the company, but to reignite its growth by leveraging BeFra’s proven direct-to-consumer expertise. A key advantage is the deep institutional knowledge within BeFra's own leadership. Chairman Luis Campos, who served as President of Tupperware Americas from 1994 to 1999, brings an invaluable understanding of the brand's culture and regional dynamics.

“This acquisition brings together three of the most iconic brands in Latin America’s direct selling market — Betterware, Jafra, and now Tupperware,” Mr. Campos stated. “We see extraordinary potential to reignite Tupperware’s growth in the region, by leveraging our proven direct-to-consumer capabilities and bringing renewed product innovation to millions of households across the region.”

BeFra intends to operate Tupperware as an independent business unit, preserving its unique identity while injecting operational excellence. The strategy involves strengthening the brand's network of over 140 distributors and 200,000 independent sales representatives with enhanced digital tools and a revitalized commercial approach. Furthermore, BeFra plans to fully utilize Tupperware's top-tier manufacturing plants in Mexico and Brazil, which are currently operating at approximately 65% and 50% capacity, respectively. This not only offers efficiency gains for Tupperware but also provides potential manufacturing synergies for the entire BeFra portfolio.

Andrés Campos, Chief Executive Officer of BeFra, emphasized the strategic alignment, commenting, “This acquisition is fully aligned with BeFra’s strategy of building great brands, one essence. Tupperware’s iconic presence in Latin America presents a clear opportunity to drive innovation and brand growth through BeFra’s proven operating model.”

Consolidating a Dynamic Market

The acquisition is strategically timed to capitalize on the robust and evolving direct-selling market in Latin America. Mexico and Brazil are regional giants in the sector, with combined annual retail sales exceeding $16 billion. While the traditional door-to-door model is evolving, the industry is experiencing a digital renaissance, shifting towards social commerce, omnichannel strategies, and sophisticated logistics—areas where BeFra has demonstrated strength.

By adding Tupperware to its roster, BeFra creates a multi-category behemoth with minimal internal competition. The product portfolios of Betterware (home organization), Jafra (beauty and personal care), and Tupperware (food storage and preparation) are highly complementary. This allows for significant cross-promotional opportunities across their distinct networks of sales representatives, tapping into a broad household consumer base without significant cannibalization.

Moreover, Tupperware's established footprint is expected to accelerate the expansion of the Betterware brand into new regional markets. The deal is a transformative step in BeFra’s ambition to build Latin America’s leading direct-selling platform, creating a diversified and resilient business engine.

Financial Architecture and the Path Forward

Financially, the deal is structured to be immediately and significantly beneficial for BeFra shareholders. The US$250 million purchase price, consisting of US$215 million in cash funded by debt and US$35 million in BeFra shares, implies an attractive acquisition multiple. The company projects the deal will add an estimated US$0.58 per common share to its EPS and contribute US$81 million of EBITDA annually, representing an immediate earnings accretion of approximately 40% per share.

While the transaction will increase BeFra’s leverage from a 1.6x to a 1.9x Net Debt to EBITDA ratio, management considers this level conservative and has stated it will not impact its current dividend policy. The potential for upside is substantial; Tupperware LatAm's sales fell from US$404 million in 2022 to a projected US$278 million for 2025 amidst its parent company's turmoil, signaling a clear opportunity for revenue recovery under stable and focused ownership.

The transaction is not yet complete, as it remains subject to customary closing conditions. These include approval from Betterware’s shareholders and, critically, clearance from regulatory and antitrust authorities in key markets like Mexico and Brazil. With a target closing date in the first half of 2026, all eyes will be on BeFra as it navigates these final hurdles to officially begin a new era for the Tupperware brand in Latin America.