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Wednesday
Jan302013

Tupperware CEO Rick Goings Insults NY Taxi Cabs On Earnings Call

On an earnings call yesterday, Tupperware CEO Rick Goings gave an interesting answer to Bank of America Merrill Lynch analyst Olivia Tong about why the company’s U.S. business had a soft year:

"One of the issues – this is going to be a hill for us to climb in the U.S. — we are a high quality product and a brand. Why do we do better in Europe than we do in the U.S.? Hey, take a look at the average brand of cab that you get into New York City, I mean they’re filthy. They’re junk. Get in a cab over here (in Europe). It’s a Mercedes or an Audi".

He continued: "The U.S.A. is basically a WalMart Market. Our top-tier products like the Microsteamer or the Ultra Plus, both 100-year old products, are hard to sell in the U.S. because that’s a discount market over there….They buy price. Europe buys quality, Japan quality. And our issue is how do we find the right product mix for the U.S. to make it happen there? And I’ve got to tell you, Olivia, it is challenging", said Tupperware CEO Rick Goings.

Interesting.  But consider this: high quality Apple products like the iPad & iPhone are achieving record breaking sales for the 4Q of 2012, and Apple, a disruptor company, has changed the competitive landscape forever.  A similar thing is going on at NEST, where a new thermostat that just this morning got a valuation of $800M, whose thermostats retail for as high as $250.  Both these companies are selling products in New York City.

Innovation sells.   

Listen to the entire earnings call here.

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