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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
Instant coffee by Indonesia's PT Javaprima Abadi - better known for selling beans excreted by civet cats (above) - more than doubled its market share across Asia-Pacific between 2012 and 2016 while Nestle's Nescafe stagnated, according to research firm Euromonitor.
FILE PHOTO
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
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