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
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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.
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