Capital, Earnings & M&A
The World Stays Young, but You Will Eventually Grow Old: On the Eve of the Annihilation of Ten FMCG Giants
The moats of FMCG giants, built on brand, capital, channels, products, and talent since the 19th century, are collapsing in the internet age. Stock prices of the top ten FMCG companies have fallen significantly over five years, and their pricing power is eroding as consumer habits change.
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