China was once one of the most attractive and fastest-growing markets for many American brands.
With its population of more than 1.4 billion people and massive opportunities for businesses, companies were racing to take advantage of the boon that China could offer.
But in recent years, some consumer brands, including Nike, Starbucks and General Motors, have begun to see the tide turn. With rising geopolitical tensions, a surge in domestic competition and a disconnect from the Chinese consumer, American companies have lost ground in the region that once offered fuel for growth.
“China is such a big market. The numbers are so big so quickly when you talk about China that sort of everybody has wanted to try, and that’s why all brands went there,” Aaron Cheris, head of global retail practice at Bain & Company, told CNBC.
Yet those companies haven’t adjusted to the local market and its changing structures and needs, he said.
“If anything,…
