Take Notice! I have just confirmed with a2 they have 29931 authorised retailers in China, page-25

China label is growing, both in terms of revenue and market share. This much is perfectly clear.

English label is not growing, it has declined. But in ANZ, it appears most brands have also declined, for obvious reasons as there are no daigou. So declining revenue here does not automatically equate to declining market share.

CBEC is the other English label channel. This is where it is less clear as there are the traditional eccommerce platforms that are covered by the market share tracking and the social eccommerce sites which are not. The data show little change in market share in what is tracked, but we know now they have lost significant sales on social eccommerce (which is where the daigou influence is more apparent). To me this is where the greatest risk of losing market share exists, and its new information that caused me to change my sentiment and trim my holdings. At least until more tangible signs of a turnaround are apparent.