The general manager of Esprit in China expects the company to post double-digit growth this year
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Category: Consumer
Rifts are emerging in China’s evolving consumer markets
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CIC buys stake in Diageo
British beverage maker Diageo announced that China’s sovereign wealth fund, China Investment Corporation (CIC), has taken a 1% stake in the firm, Forbes reported. Although the firm did not say how much CIC had paid, the stake is valued at US$367.8 million at current market prices. The investment follows Diageo’s recent expansion drive in China […]
Brown Shoe announced that it will recall a total of 1.4 million units of China-made Buster Brown & Co children’s shoes on fears that the footwear’s decorative wheels could detach, Reuters reported, citing an announcement by the US Consumer Product Safety Commission. The US based footware retailer, which had distributed the clog shoes along with […]
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Yum!: Chinese diners more cautious
Yum! Brands Chief Financial Officer Rick Carucci said that Chinese consumers are still spending cautiously at Yum! subsidiaries KFC and Pizza Hut, Reuters reported. "Their savings rates continue to rise, so they’re being conservative with their spending right now," Carucci said in a conference call. Nevertheless, the company remains "bullish" on the long-term prospects in […]