Escalating local competition is forcing Nestlé & Danone, two of the world’s biggest food companies, to overhaul their business models in China.
The moves illustrate how multinationals, which have flocked to emerging markets including China in a bid to offset sluggish market growth in the developed world, are increasingly coming under pressure from savvy local rivals.
Nestlé, which is closing one of its three ice-cream factories in mainland China and rowing back on retail sales in Shanghai, is to focus on more profitable markets in the country and out-of-home sales, such as in restaurants.
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