“亿滋血”注不进迈大，皇冠曲奇奥利奥不好卖了？

Core Insights - The resignation of Zhu Yijing from Mayda Group highlights the challenges faced by foreign snack brands in China, as they navigate a significant market transformation [1][2][3] - The restructuring at Mondelez China indicates a strategic shift in response to declining sales and increasing competition from discount snack retailers [8][9] Group 1: Company Changes - Zhu Yijing's departure from Mayda Group occurred just over a year after her appointment, with Henry Atmadja temporarily taking over her role [1] - Zhu's previous experience at Mondelez China involved leading the market and sales strategies for brands like Oreo, which had a significant market share in the Chinese cookie sector [3][4] - The rapid personnel changes initiated by Zhu at Mayda, including the hiring of former Mondelez employees, created integration challenges within the existing team [4][5] Group 2: Market Dynamics - The snack industry is experiencing a "mid-life crisis," characterized by a decline in traditional retail channels and the rise of discount snack stores [2][5] - The high-end gift market is facing a "K-shaped" differentiation, with consumers favoring more cost-effective products over premium options [4][5] - Mayda's positioning of its Crown Danish Cookies as a mid-to-high-end product lacks competitive pricing against discount retailers, exacerbating its market challenges [5] Group 3: Channel Conflicts - Mondelez is undergoing a significant channel restructuring, splitting its new retail development department into two to address conflicts between traditional and emerging snack retail channels [8][11] - The phenomenon of "price inversion" is prevalent, where products are sold at significantly lower prices in discount channels compared to traditional supermarkets, creating challenges for brand pricing strategies [9][10] - The fragmentation of distribution channels complicates price control for foreign brands, leading to potential brand value dilution as they struggle to maintain their premium positioning [10][12] Group 4: Competitive Landscape - The rise of discount snack retailers has shifted the competitive landscape, with these stores capturing a significant market share and emphasizing cost efficiency over brand loyalty [13][14] - The market for snack retail has seen a dramatic shift, with discount channels now accounting for 37% of sales, surpassing traditional supermarkets [14] - Brands like Oreo are attempting to adapt by introducing customized products for discount channels, but face challenges in maintaining their premium brand identity [15]