Question · Q3 2025
Edward Lewis asked for context on Indonesia's 12.7% growth relative to expectations and an assessment of China's earlier-than-expected return to growth in Q3, inquiring about the impact of changes made there.
Answer
CEO Fernando Fernandez expressed satisfaction with Indonesia's renewed leadership and progress in resetting fundamentals, including low stock levels, resolved channel price conflict, relaunching top brands, and enhanced social-first marketing, leading to consistent run rate improvements. For China, he reiterated that all four business groups are back to growth, attributing it to significant interventions in e-commerce route-to-market and direct-to-consumer manufacturing/logistics, with continued improvement expected.