Building a smart international expansion strategy means looking for momentum-building markets with untapped growth potential. In 2024, that indisputably includes the Hispanic and Latino markets.

In Mexico alone, the direct selling market is projected to surge to $19.48 billion by 2028. That staggering number doesn’t include the more than 60 million Latinos living and working within the US, or the fact that direct selling is already a staple for the Latin American population, where a quarter of beauty and personal care sales take place through a direct selling relationship (compared to eight percent globally).

“Latinos in the United States represent a larger consumption market than the entire economy of nations like Italy, Canada or Russia,” shared Judith Sanchez Lopez, PM-International General Manager, Latin America. “If Latinos living in the United States were an independent country, the US Latino GDP would be the fifth largest GDP in the world, larger than the GDPs of India, the United Kingdom or France.”

There are a number of direct selling companies who have already captivated the Hispanic and Latino markets and are thriving. There are two distinct scenarios at play here: US-based companies that are dominating in Hispanic markets and foreign-based companies doing the same.

DSN 2023 Bravo Growth Award winner Princess House successfully serves this corner of the US market. Other examples include 4Life, Hy Cite, Immunotec and relative newcomer ACTIVZ. These companies are also strong in other Spanish-speaking markets.

Betterware de Mexico and Omnilife are based in Mexico and making huge strides in that market and throughout the region.

It could be tempting to assume that the same strategies and approaches that work for US customers would be a fit for the Hispanic population living within the US, or even the neighboring Latin American populations, but that assumption is a sure-fire way to fail. Ignoring the unique communication styles of each individual market is not only ineffective, it’s disrespectful. There are cultural sensitivities that should be honored; product preferences that need to be prioritized; and local talent that deserve to be elevated to leadership.

“Companies that want to be successful need to stop making Latin American countries an extension of their current market,” said Mauricio Domenzain, Immunotec Chief Executive Officer. “By that, I mean you really need to commit to the market. We can’t simply send one manager to Latin America now and then wait to see if it’s going to work or not. It’s a full commitment, not just the addition of another flag on your wall or your website. You have to truly become part of that market to understand the cultural needs.”

Copy and Paste Isn’t a Strategy

What works in the United States doesn’t automatically translate to success on a global scale. That goes for products, but it’s also a good rule to live by when it comes to communication, marketing materials and events. For companies founded in the US or who predominantly operate within the US, expanding to include Spanish-speaking consumers is not as simple as hiring a translator or relying on Google Translate. These translations are often choppy, with no regard for local idioms or speaking rhythms.

Solving for this pain point has been a game changer for brands like 4Life, who overhauled their communication process to treat Spanish as its own first language rather than relying entirely on English. The company now enlists two separate content creator teams, one who is primarily English-speaking and one who is primarily Spanish-speaking, to design materials. The end result prevents poor translations that damage credibility.

“If you go to our convention, we are 80-85 percent Hispanic,” said Brian Gill, 4Life Chief Marketing Officer. “Five years ago, out of respect, we stopped translating English to Spanish. It’s not enough to have great translators. A Hispanic whose primary language is Spanish should be the one creating our materials. It’s about empowering the affiliate to share the brand, and a poor translation is not a credible connection they are proud to share.”

Homogenous, hand-me-down resources communicate the message that international markets are inferior, less valuable and unappreciated. Conversely, when companies allocate the resources and staff necessary to maintain and develop a culturally relevant, localized brand with tools that take local language, lifestyle and history into consideration, customers and distributors take note. A successful entry into Hispanic and Latino markets is one that allows the population to embrace entrepreneurial opportunity while preserving its own cultural DNA.

“Entering the Hispanic market was not secondary or an afterthought; it was our primary thought,” said David Brown, ACTIVZ Chief Executive Officer. “Our Spanish-speaking distributors are constantly amazed that they get new products and materials first and that they weren’t translated from English. Everyone responds well to attention and responsiveness, and that’s probably the secret to our success.”

Honor Culture Past and Present

Family is a core value for the Hispanic and Latin American markets, and consumers in these demographics typically have great reverence for their parents and their tightly-knit communities. The US ethos of independent, self-made success doesn’t land the same within these cultures, so even well-intentioned corporate leaders commissioned from the company’s US headquarters could get off on the wrong foot without realizing it.

“It’s not only the language, but it’s also the culture that you need to understand,” explained Domenzain. “You need to have people on the ground—people directly from those markets—who understand and can serve that market the correct way.”

Leaders also need to consider how each new generation brings their own energy and inspiration to the foundational values of the Hispanic and Latin American cultures. From a corporate standpoint, that means being willing to adjust the speed and style of work. Omnilife addressed this generational evolution by implementing a shift from graphic design to a focus on social media, leaving behind big format printing in favor of video and digital formats and encouraging all of its departments to embrace the Gen Z style of work, which is quick to adapt to change.

“We are integrating younger generations into our corporate team, and that has helped make us relevant,” said Eduardo Ros, Omnilife Marketing Manager. “Our communications and packaging have become younger. We have received testimonies from people in Ecuador and Peru who tell us that working with second- and third-generation distributors who are younger has helped them see how best to take advantage of this opportunity and approach the business differently.”

Recognize the Uniqueness of Each Market

Each country and community has its own unique traditions and habits, and the Latin American market is no exception. There is no one-size-fits-all approach that would respectfully reach this vast audience, and it’s important to remember that there are distinctions among the adjectives often used to describe this diverse group of cultures within and outside of the US. The word Hispanic describes Spanish speakers, including those living within the US and Spain, while Latinos is reserved for those living within Latin America, including Brazil, where Portuguese is the official national language.

“Hispanics in the US are not a monolith,” Sanchez Lopez said. “They are a combination of countries, cultures, slang, levels of acculturation and generations. You need to decide who you want to target, understand what sets them apart and then ask yourself if your company is communicating and interacting in a way that respects their cultural differences and strongest drivers.”

For companies with a broad footprint across countries with similar but distinct cultures, discovering what makes each market tick is critical to securing healthy, welcomed growth among distributors and potential customers. Hy Cite, for example, courts Latinos in eight different countries, including the US and Brazil. Efficiency is incredibly important, so the company harmonizes its content, but it also takes care to modify even the smallest details to communicate that each individual market matters.

“The way we present our products changes depending on the audience,” said Paulo Moledo, Hy Cite President and Chief Executive Officer. “Our recipes used on social media, for instance, feature arepas in Colombia and tacos in Mexico. We also pay attention to our call center services. We learned the hard way that the agent accent speaking to customers from different markets is an important variable.”

Moledo also emphasizes the significance of making sure corporate expresses with actions that they value distributors’ wellbeing just as much as their earning opportunity. For Hy Cite, that means facilitating a close relationship between executives and top leaders; leaning into recognition; and designing ways for distributors and customers to voice their opinions and experiences.

“Latinos, more than most, need to feel heard,” Moledo said. “As fast as we could after the pandemic, we started having events, conventions and meetings with independent distributors, and the attendance has been outstanding. We invest more today in events than we did pre-pandemic, but the return on that personal, face-to-face touch is great.”

Operating with inclusion and respect as the highest priorities is non-negotiable. It’s imperative that companies take the extra steps to ensure the opportunity they are presenting is tailor-made for the audience receiving it, and that their presence improves the quality of life for the people who call that country home. When diversity of backgrounds and ways of doing business are treated with dignity and honor, executives who have successfully built bridges into the Latino and Hispanic cultures say there is a shared entrepreneurial spirit that transcends language barriers and countries of origin.

“It doesn’t matter what language you speak or what country you’re in, everyone is looking for the same thing,” Domenzain said. “To be a part of something bigger than yourself.”

From the November 2023 issue of Direct Selling News magazine.

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Comparable net revenue, which accounts only for Betterware, decreased by 18.2% because of lower-than-average active associate and distributor numbers. The company stated that this fluctuation has since stabilized, and net revenue for the first half of the year is 84.5% higher than the first half of 2019, or pre-pandemic. 

Betterware ended the second quarter with a stronger balance sheet than the previous quarter. Inventories decreased 20% year over year, reflecting more efficient inventory management, and net debt at the end of the semester was 17.7% less than the same period in 2022. 

“We will continue working to achieve greater efficiencies, focused on further differentiating the company from our competitors through innovation, technological support for the sales force, and data analysis that informs successful strategic decisions,” said Luis G. Campo, Betterware Executive Chairman of the Board. “With solid foundations, we will continue growing revenues and profitability, and will generate greater value for our shareholders. Our first half performance and expectations for the remainder of the year have us well positioned to achieve our 2023 guidance, and we are certain that we are on a great momentum to continue experiencing the positive trend that we have been demonstrating in our results, which encourages us to continue working to achieve the annual objective and maintain the trend of sustained growth in the long term.”

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Gross margin in the first quarter was 72.8% with an EBITDA of $36.5 million. Jafra Mexico showed positive trends post-acquisition, with the consultant base expanding by 17.5% compared to the same quarter last year. Jafra USA business development was focused on reactivation and retention, resulting in the reactivation of 4,800 consultants and a $1.1 million increase in net revenue. 

“Although the world’s macroeconomic environment is still uncertain, we are confident that our different business units are heading in the right direction,” said Luis G. Campos, Betterware Executive Chairman of the Board. “The decisions made so far, and the initiatives we are implementing at Betterware and Jafra represent a solid foundation for growing revenue, profitability, and more value for our shareholders. I am sure that we will achieve our 2023 objectives and maintain sustained growth in the long term.”

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To say direct selling is in a time of transition would be an understatement.

The environment is evolving as younger generations explore the opportunity. And the post-pandemic trends of quiet quitting and the desire for more workplace flexibility continue to shape where, how and why people of all ages choose to earn a living.

Everyone working in the industry is aware of the decisions, pivots and pain points we have ahead of us as executives, as companies and as a channel. With this rapidly changing landscape in mind, Direct Selling News recently gathered over 75 C-Level executives representing a combined $43 billion in revenue to get their perspectives on the challenges and opportunities facing the channel.

The topics most often mentioned should come as no surprise. Concerns like changing consumer behaviors and a tough regulatory environment as well as lingering supply chain struggles, Amazon and eCommerce strategies and field fatigue were mentioned often. Mergers, acquisitions and consolidations also continue to be a popular topic of conversation.

But other more esoteric topics have come up recently as well. Topics that get to the heart of who we are as a channel and how we will do business in the future. The channel’s new identity as a social selling platform; the rise of single-tier affiliate models; and the slight decline of multitier compensation plans are just a few examples of what some executives have referred to as the “identity crisis” the channel is currently experiencing.

Mergers, Acquisitions and Consolidations

The end of 2021 and the entirety of 2022 saw many mergers, acquisitions and consolidations take place in the channel. There were several factors driving this. Some companies looking for strategic partnerships to build their brand reach in an organic way aligned with companies with complementary product lines and customer bases. Other growth-oriented companies focused on expanding their international footprint in a post-pandemic world. Whatever the strategy behind these moves, they each represented a notable shift in the way companies were preparing for the future.

Betterware de Mexico completed their acquisition of JAFRA North America in April of 2022. The deal expanded Betterware’s categories to include beauty, personal care and fragrances while bringing JAFRA’s 443,000 consultants—who sell around $280 million annually—into Betterware, helping the company gain a foothold in the US market.

Most recently, Amare Global announced its acquisition of Kyäni, stating that this new, strategic partnership will allow the company to “further expand global reach after tripling partner growth and doubling revenue and customer growth this year, despite global economic challenges.”

“This has been a year of transformative growth and momentum at Amare, and we could not ask for a better partner than Kyäni to help propel our global vision to share the benefits of mental wellness,” shared Jared Turner, Amare Chief Executive Officer. “We are prepared to take this next step as a company to accelerate global expansion and build a foundation of empowerment, wellbeing and opportunity for as many people as possible.”

Scrutiny and Regulation

The direct selling industry continues to draw the watchful eye of the Federal Trade Commission (FTC). The agency’s interest in the industry is primarily focused on compensation plans it classifies as resembling pyramid schemes. While the channel has been diligent about defending itself against the allegations and impacted companies have shown remarkable resolve and flexibility in finding actionable remedies to the concerns, the power of the FTC has made it difficult to find resolution.

In late 2021, the FTC notified more than 1,100 multi-level marketing, direct selling and gig economy companies that it intended to pursue civil penalties of up to $43,792 per violation for misrepresentations related to potential earnings. The notice specifically referenced several practices it deemed deceptive such as mischaracterizing the level of experience required, training provided and the amount of risk involved, along with other factors.

While the intensity and scope of FTC scrutiny is daunting, there are signs that there might be a limit to what the judiciary will allow the agency to do moving forward.

At a preliminary injunction hearing June 30th in the U.S. District Court for the Eastern District of Michigan, U.S. District Judge Bernard A. Friedman required the FTC to provide more evidence in its case against Financial Education Services (FES). FES is a direct selling company that offers credit restoration services, wills and living trusts among other services. The FTC had levied pyramid scheme charges against FES a month prior.

There are also positive signs in the agency’s years-long litigation with Neora, a direct selling health and wellness company. Neora filed suit against the FTC in 2019 before the agency filed suit against them. The FTC alleged that Neora’s compensation plan was a pyramid scheme—a charge the company fervently denies and has gone to great lengths and expense to disprove.

This is a bold move by Neora—and one that represents the industry well—as they were willing to prove their data and facts in a court of law. This will be a very impactful case for the future of the direct sales model.

The Challenge of Field Fatigue

What goes up inevitably must come down—and that is clearly illustrated by the struggles facing the field. The record growth of 2020 was fueled in large part by an influx of new distributors joining the industry or new companies without proper onboarding or introduction into the companies’ cultures and systems. Now that the pandemic spike has ended and growth is flat or down, distributors that joined during that time are struggling, and established and experienced field leaders are feeling the pinch as well.

One executive characterized the current state of affairs as distributor demoralization rather than distributor fatigue. New distributors tended to make money faster and with less effort in 2020, and they are now looking for something or someone to blame for the change: the products, the company or even the model itself. “For the past couple of years, they’ve been sharing about how successful they are to their friends and families on social media, and now they have lost all enthusiasm and energy,” the executive shared.

Amber Olson-Rourke, Chief Marketing and Sales Officer at Neora sympathized with the emotions distributors go through as they experience the highs and lows of building a direct selling business. That roller coaster is also something that corporate personnel experience, too. “Honesty and transparency are the core of our field communication strategy,” she explained. “Acknowledging the hard times is an important part of empowering the field to move forward. If we pretend that everything is always great we lose trust and credibility with them. Every business has moments of hard, it is how you work through those moments that determine your ultimate success.”

We anticipate that the needs and concerns of distributors will be an important focus in 2023 and beyond. Creating community built around personal connections and culture has always been an important part of direct selling and that spirit will continue to grow by emphasizing product success stories organically over social media platforms. Companies will also continue to refine and modernize how they pay their distributors—rewarding sales over recruitment, paying in a more timely fashion and getting creative in the types of incentives and perks offered.

The New Face of Direct Selling

Many of the new distributors coming into direct selling in the past two years come from a new and emerging demographic. The rise of Gen Z and the proliferation of social selling are changing the game, forever altering who direct sellers are and how they operate. There are several shifts the industry is making in order to better serve, attract and retain these newcomers to direct selling.

Many new companies avoid the “MLM” stigma altogether, focusing instead on building single-level direct sales programs and paying their sales force strictly on selling—not recruiting. Established companies have also made this pivot or experimented with supplemental affiliate programs that provide an alternative for entrepreneurs not interested in the more traditional direct selling team building approach.

One of the results of AdvoCare’s settlement with the FTC in 2019 was the revision of their business model to single-level distribution paying compensation based solely on sales to direct customers and supplemental bonuses.

AdvoCare’s CEO Patrick Wright explained that some people want to just sell the product and not build a team. “It’s advantageous for you to ask yourself what changes you can make in your structure to help make that happen for them,” he shared. “You must ask for and earn the field’s trust and tell them that in doing what is best for the customer, you are also doing what is best for the company and ultimately for the field as well.”

A great example of a young company blazing new trails in the direct selling space is FASTer Way to Fat Loss, a virtual fitness and nutrition company teaching clients how to burn fat and live healthier through intermittent fasting, carb cycling, macro tracking, whole food nutrition, strategic workouts and a positive mindset. The company pays 50 percent commission to their certified coaches and a one-level referral fee of 10 percent on coaches that they recruit. FASTer Way has served nearly 200,000 clients since its creation in 2016.

Built for the Future. Built to Last.

Without a doubt, 2022 was a year of change for direct selling. And 2023 looks to be a year of more evolution. But rather than being a cause for alarm or discouragement, these changes can be seen as signs of progress and harbingers of growth as the channel creates a viable, modern and sustainable model that provides a real opportunity for aspiring entrepreneurs. And, it’s important to note that in a slow, sluggish economy, direct selling is needed more than ever.

Fairly or not, direct selling has been the subject of scrutiny and scorn. Some of that negative attention has been earned in the past through outlandish claims, aggressive recruitment programs, front loading and other outdated practices. Practices that are, thankfully, falling out of favor.

But as the scope and scale of the industry grows, what it offers has grown as well. Best-in-class products. Personalized customer service. A sense of community and being a part of something bigger than yourself. All of these are examples of what modern direct selling actually is—not what it aspires to be.

DSN believes that the channel has an immediate and permanent opportunity to evolve and expand the channel by sharing a message of powerful, exclusive products and a part-time, flexible opportunity. The good news is that message is totally within the channel’s control. As we look back on 2022 and look ahead to 2023, we can confidently build relevance, value and credibility—and a clear path for future success.

A quick look at the key milestones & top stories of the past year.

JANUARY

• WFDSA Chairman: Industry Sales Reached $179B in 2021
• DSA Announces Support of the FTC’s Efforts to Stop False COVID-19 Product Claims

FEBRUARY

• Five Direct Selling Companies Listed on Forbes’ America’s Best Employers List

MARCH

• FTC Proposes New Rule to Regulate Deceptive Earnings Claims
• Natura &Co Delays NYSE Listing
• Direct Selling Companies Respond to Crisis in Ukraine

APRIL

• Betterware de Mexico Completes Acquisition of JAFRA in US and Mexico
• DSN Releases 2021 Global 100 List with 58 Companies Exceeding $100M in Annual Sales; Amway Tops List for the 10th Consecutive Year

MAY

• FTC Lawsuit Against AdvoCare Results in $149M Payout to Former Distributors
• Dot Dot Smile Dissolves Direct Sales Model
• FTC Shuts Down Financial Education Services
• DSA Files Comments with FTC Regarding Proposed Rulemaking

JUNE

• DSA Reports Industry Retail Sales in US Reached $42.7B in 2021
• Tupperware Sells Its Nutrimetics Beauty Business
• Judge Reverses Decision in Financial Education Services Case

JULY

• Amway Begins Closing Operations in Russia
• New Image Acquires Nutrimetics
• Young Living Suspends All Business Operations in Russia
• It Works! Founder Launches Streaming Platform

AUGUST

• InCruises Announces Name Change to InGroup
• Scout & Cellar Launches Scout Wild in Target Stores Nationwide
• MONAT Opens New Global Headquarters in Florida
• New Age Files Chapter 11 with Reorganization Planned

SEPTEMBER

• JR Ridinger, Founder of Market America Passes Away
• Red Aspen Breaks Ground on New Headquarters
• Gwen Stefani Launches Social Selling Platform with the GXVE Community
• DSA Hosts Direct Selling Day on Capitol Hill
• Amare Global Acquires Kyäni

OCTOBER

• Tupperware Launches in Target
• New Age sold to John Wadsworth, Jr., a Morinda Brand Partner of 25 Years
• Neora and FTC Go to Trial
• Medical Marijuana Acquires MFINITY

NOVEMBER

• Ryan Rogers Appointed CEO of Mary Kay, Inc.
• FTC Announces Open Meeting on Business Opportunity Rule

From the December 2022 issue of Direct Selling News magazine.

The post A Look Back | A Look Ahead first appeared on Direct Selling News.

In the first quarter, the company managed cost increases and recovered profit margins, which they described as an illustration of the model’s adaptability amid challenging market conditions. The company continues to have confidence in its long-term strategies, which include 40% household penetration in Mexico by 2025. 

To support distributors, the company announced it will launch the Betterware+ app next month, along with the first version of its “Natural Language Processing” technology. Betterware also plans to revise its three-year innovation development focus to make sure it capitalizes on its existing core categories, while addressing new categories and concepts. They will now strengthen the “to go,” home renovation and home organization categories, with an exploration of the smart home, home restoration and other categories. 

“The strength and resiliency of our asset-light business model combined with the successful execution and agility with which we operate our strategy served us well in the first quarter, driving significant recovery in gross profit margin and EBITDA margin compared to the fourth quarter of 2021,” said Luis G. Campos, Betterware de Mexico Executive Chairman of the Board. “Furthermore, we were able to navigate the environment well, offsetting cost pressure, commodity price inflation and supply chain disruptions while implementing and developing innovative product, pricing, and growth initiatives. To this end, we focused on innovation planning to introduce new categories and concepts; we will launch Betterware+ App in May providing our associates and distributors with enhanced tools to grow orders while elevating their rewards program. We were also delighted to announce the closing of the acquisition of Jafra on April 7th, which expands our category and geographic reach. While we expect the overall economic and operating environment to remain tenuous, we remain confident that our strategy and the discipline with which we execute has us positioned to adapt to market conditions as they develop and deliver improving trends in the second quarter and as the year progresses for the organic business. Overall, we are still excited by the growth potential we see for our business long term and expect our strategy to result in increased value for all Betterware stakeholders.” 

Net revenues decreased 36% within the first quarter, but the company expected this dip, given that the same quarter of 2021 was the company’s strongest in history. On average, the company had 48.1 thousand distributors, a 24% decrease from the same quarter last year, and 997.8 thousand associates, a 20% decrease from the same quarter in 2021. This lower number, combined with a mild decline in their activity levels when compared to last year’s quarter, was offset in part by a higher average price per SKU sold. 

Gross margin in the first quarter increased to 63.6% from 57.5% in Q1 2021, majority of which was derived from a 12% product price increase, efficient cost management and preplanning for freight expenses. Full year gross margins are now expected to be within the range of 58%-60%. 

EBITDA decreased 41% year-over-year, but the previous year’s quarter, which saw the highest EBITDA level in company history, provided a tough comparison base. Net income suffered a similar fate, decreasing 58% after last year’s 339% net income growth rate. 

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The $255 million agreement, which was announced in early January 2022, is expected to add more than $46 million of EBITDA, even before cost synergies. 

“We are very pleased to complete the acquisition of JAFRA’s operations in Mexico and the United States,” said Luis G. Campos, Executive Chairman of Betterware’s Board. “This acquisition increases our categories served to include beauty and personal care products, accelerates our entry into new geographies and leverages our infrastructure to elevate JAFRA’s distribution model. We are delighted to welcome all JAFRA employees, leaders and consultants to our company and are excited to begin this next chapter of growth more powerfully positioned. Overall, we remain confident in our ability to deliver long-term, profitable growth and increase value for all Betterware stakeholders.” 

Betterware now intends to reinforce its three strategic pillars (Product Innovation, Technology and Business Intelligence) across JAFRA’s operations, and expects that this implementation will enable the company to reach its full potential in the U.S. and Mexico markets. 

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“We are delighted that our Betterware Campus achieved the Fitwel certification, and we are equally pleased to receive the prize for the First Corporate Sustainable Bond of a consumer goods company in Mexico,” said Luis G. Campos, Executive Chairman of Betterware’s board. “This certification and award demonstrate our commitment to sustainability and our priority on providing a safe and collaborative environment for those working in our offices and distribution center.  We will continue to work on delivering efficacious and innovative products, while focusing the allocation of capital to areas that are good for consumers and the environment.” 

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Betterware de Mexico stated that this acquisition is expected to add more than $46 million of EBITDA, even before cost synergies, and that JAFRA’s existing EBITDA alone is more than enough to cover the interest expense of the acquisition. 

“We are excited to announce the acquisition of JAFRA and believe it represents a perfect strategic fit for Betterware,” said Luis G. Campos, Executive Chairman of Betterware’s Board. “This acquisition will expand our growth potential as we extend our geographic reach to include North America, strengthen our positioning in Mexico and expand our categories served to include the Beauty and Personal Care products. With the addition of JAFRA’s [approximately] 443,000 independent leaders and consultants, the acquisition will also provide us with opportunity to continue to capitalize on the strong direct-selling online market trends and the substantial e-commerce opportunity we see for our business. We believe significant growth opportunity lies ahead for JAFRA through continuation of their digital transformation, which will be accelerated by leveraging our scale and infrastructure, and we look forward to welcoming the entire JAFRA team to our company.” 

This acquisition was compelling, according to Betterware de Mexico, because of the opportunity it provided to increase diversification of the company’s current operations by category and geography; Betterware’s omnichannel capabilities to digitally transform JAFRA’s ecommerce approach; and because both companies can be managed independently by existing management teams. 

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