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Tupperware Brands (NYSE:TUP) shares rallied more than 13% Tuesday on news it has officially entered retail in the U.S. with the availability of its products in Target (NYSE:TGT) stores and on the retail giant’s website.
Tupperware said the move is part of its goal to reinvent its business model to reach more consumers through an omnichannel strategy while continuing to fortify its direct selling business.
“This step marks only the beginning of our multi-channel strategy globally. It is the result of making the necessary investments over the last two years in our leadership, operational capabilities, and creation of strong processes across the enterprise,” Tupperware’s Chief Executive Miguel Fernandez said in a post on LinkedIn.
The company said it will work to expand its reach with additional retailers and partners “with a solid reputation and customer base that will benefit from our products.”
Despite the jump following today’s announcement, Tupperware shares are down more than 54% in 2022 and down 67% in the last 12 months.
