Tupperware Vietnam to cease operations by year-end as CEO announces farewell to consumers
Tupperware Vietnam to cease operations by year-end as CEO announces farewell to consumers
Trang Do, CEO of Tupperware Vietnam, announced on her personal social media on Friday that the company will cease operations at the end of this year and bid farewell to Vietnamese consumers.
A screenshot of the farewell message from Trang Do, CEO of Tupperware Vietnam, shared on her Facebook on December 6, 2024. |
Tupperware Vietnam Limited Liability Company was established in June 2013, with Do Thi Linh Trang as its general director.
Recently, Trang posted a message on her personal page reading “FAREWELL FROM TUPPERWARE VIETNAM.”
Accordingly, Tupperware Vietnam will cease operations on December 31, after 11 years of serving customers in Vietnam.
The company expressed heartfelt gratitude for the support from loyal customers, noting that their trust has helped Tupperware become a beloved part of Vietnamese homes and families.
Trang declined to comment further on the company’s cessation of operations.
Tupperware Vietnam is a subsidiary of Tupperware Brands Corporation, known for its products in food storage and preservation.
The company entered the Vietnamese market with the goal of becoming a trusted brand for women.
Tupperware’s retail presence in Vietnam began in October 2016, and by the end of 2019, the company had opened its 100th store, with plans to expand by 35 new stores annually.
As of Saturday, the company’s verified Facebook page continues to update product information and promote its nearly 200 stores nationwide.
In September, Tupperware Brands Corporation filed for bankruptcy after struggling with declining demand and rising debt.
The company, which went public on the New York Stock Exchange in 1996, reached its peak in late 2013 with record sales of US$2.67 billion, a third of which came from the Asia-Pacific region.
Reuters reported that outdated sales strategies and increased market competition contributed to Tupperware’s decline.
While consumer preferences have shifted toward store and online purchases, Tupperware continued relying heavily on direct sales, which accounted for about 90 percent of its revenue in 2023.
In October, the company sold its business to a group of lenders for $23.5 million in cash, alongside more than $63 million in debt forgiveness, a transaction approved by the court.
Senior consultant Tran Bang Viet attributes Tupperware’s failure to factors such as its failure to adapt to changing consumer trends, slow e-commerce transition, disconnection from younger audiences, economic downturns post-pandemic, and growing competition.
