Local brands kill off easy-money era for multinationals in Asia
Rising stars such as Indonesia's Luwak instant coffee and China's Pechoin moisturisers spell trouble for global titans
Zurich
NESTLE SA is losing buzz to an Indonesian coffee brand famous for brewing civet-cat faeces, and L'Oreal SA is losing face to a Chinese skincare brand favoured by President Xi Jinping's wife.
Asia traditionally was considered easy money for Western multinationals, with beverage makers, cigarette brands and fast-food giants capitalising on rising incomes and weak local competitors. A survey by China Market Research Group in 2011 showed 85 per cent of Chinese consumers preferring foreign brands.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Cordlife served letter of demand, notice of claim from customers
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director