With China's economy in massive growth mode, American companies are looking to take the leap and scale their strategy abroad. A few US brands have already found success in China and have even passed their consumer demand at home. In The Wall Street Journal's MarketWatch, Steve Papermaster talks about which American companies are doing well in China. He mentions Mary Kay's history of strong growth through the decades in the US and how that translated into Chinese sales starting in 1995. Steve attributes the Texas cosmetics giant's popularity to their early investment in China when they were in developing their buyer market.
During the World Entrepreneur of the Year event panel "Opportunities and Challenges: Asia and Africa Offer Both", Steve described the China market moving from a nonexistent middle class ten years ago, to one that is double the size of the United States's middle class today. EY's conference newspaper, Highlights From Entrepreneurs Who Inspire the World, printed another example of the big buying power of China, "Steve Papermaster of Powershift Group notes that Starbucks calls China its second home - and this is a country that prides itself on drinking green tea."
Arguably, Las Vegas Sands Corporation has the biggest success story of a US brand seeking Chinese popularity. In May 2004, the Chairman and CEO, Sheldon Adelson, decided to grow the business to Macau. Today, Sands Macau does seven times the business it does in Las Vegas, Nevada.
When companies stay knowledgable of opportunities around the world, there can be plenty of markets to tap into when looking to grow abroad. China is just another great example of an emerging market with great potential for American companies.