疯投圈

Western Restaurant Brands Go Chinese-Owned; The Real Moat Is In Fragrance Compounds

McDonald's, Starbucks, Burger King and their peers have handed their China businesses to Chinese capital one after another. In restaurants, localisation is the line between life and death — but the fragrance compounds upstream of perfume are still monopolised by four European and American giants. It is the barrier inside the supply chain, not the brand on the door, that decides where domestic substitution actually stops.