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Sandwiched by powerful forces?

Firms can survive intense competition through branding, innovation and economies of scale - as long as they don't make ill-informed acquisitions

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Through the years, Gardenia has generated respectable operating margins of around 10 per cent for its bakery operations, sometimes more, while defending its perch at the top.

THE consumer staples sector, notably the food and beverage (F&B) sector, draws investor attention for good reason. Everyone needs food. It is an easy sector to understand.

Yet the economic theory is a bit grimmer, as F&B market structure approximates what economists call perfect

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