Core Insights - PepsiCo adapted its business model in China during the zero-COVID campaign by reorganizing operations based on the pandemic's impact rather than traditional market development stages [3][4] - The Asia-Pacific Foods division of PepsiCo generated $4.6 billion in revenue last year, marking a 2% increase, and is the fastest-growing segment by volume, rising 4% [7] Business Adaptation - During the COVID-19 lockdowns, PepsiCo factory workers had to stay on-site for extended periods to maintain production, highlighting the operational challenges faced [1] - The company had to pivot its market strategy rapidly, focusing on the COVID development stage of different regions rather than their consumer market maturity [3] Leadership and Strategy - Anne Tse, who has held various leadership roles within PepsiCo since 2010, now oversees the Asia-Pacific Foods division, which encompasses diverse markets with varying consumer demands [5][6] - The division's strategy is tailored to three distinct market categories: emerging markets, mid-range markets, and mature markets, each with unique consumer behaviors and product demands [5] Market Outlook - By 2030, it is projected that two-thirds of the global middle class will reside in Asia, with an additional 700 million new middle-class members expected, indicating significant growth potential for PepsiCo in the region [6]

Core Insights - L Catterton has entered a strategic partnership with Haldiram's to strengthen its market leadership in India and support international expansion [1][2] - The collaboration will leverage the expertise of Sanjiv Mehta, former chairman and CEO of Hindustan Unilever, to enhance brand building, product development, and geographic expansion [2][3] - Haldiram's is recognized as a leading brand in the ethnic snacks category in India, with significant potential for global growth in the packaged snacks market [3] Investment Context - L Catterton's recent investments in India include a $42 million funding round in Farmley and a minority stake in Drools Pet Food Private [3][4] - The firm has a diverse portfolio that includes brands like Cholula, Ferrara Candy Company, Goodles, and Little Moons outside of India [4]