<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-12-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001180262</issuerCik>
        <issuerName>HERBALIFE LTD.</issuerName>
        <issuerTradingSymbol>HLF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001311563</rptOwnerCik>
            <rptOwnerName>Diekroeger Kenneth</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GOLDEN GATE PRIVATE EQUITY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE EMBARCADERO CENTER, 33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15148371</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Warrants (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.50</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-07-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-12-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>245000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Consists of 13,227,397 shares directly owned by CCG Investments (BVI), L.P., 664,929 shares directly owned by CCG Associates -- QP, LLC, 61,824 shares directly owned by CCG Associates -- AI, LLC, 177,203 shares directly owned by CCG Investment Fund -- AI, LP, 436,356 shares directly owned by CCG AV, LLC -- Series C, 354,418 shares directly owned by CCG AV, LLC -- Series E and 226,242 shares directly owned by CCG CI, LLC, all shares of which are indirectly beneficially owned by Golden Gate Capital Management, L.L.C., as general partner of all the above entities.  Mr. Kenneth J. Diekroeger is a member of Golden Gate Capital Management, L.L.C.  Mr. Diekroeger disclaims beneficial ownership of the shares owned of record by such entities except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F2">Consists of a warrant directly owned by GGC Administration, L.L.C.  Mr. Diekroeger is a member of GGC Administration, L.L.C.   Mr. Diekroeger disclaims beneficial ownership of the shares owned of record by GGC Administration, L.L.C. except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Kenneth J. Diekroger</signatureName>
        <signatureDate>2004-12-14</signatureDate>
    </ownerSignature>
</ownershipDocument>

