Nestlé, the world’s biggest food company, has admitted to making a strategic error in India by ignoring more affluent consumers and pursuing buyers of cheaper sweets and noodles.
“We made a mistake,” said Nandu Nandkishore, who heads Nestlé’s Asia business. “We basically focused on driving the mass market and we really ignored a little bit the emerging affluent segment.”
Like other consumer goods companies, the maker of KitKat chocolate bars and Maggi noodles has been increasing its focus on emerging markets, which now account for 43 per cent of its $98.2bn global sales.
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