date:Dec 19, 2012
pecially the leading branded companies and the specialised private label producers (i.e. the captains and the specialists).
This stagnant demand pattern has not translated into stagnant returns for all players. The main explanation for the observed outperformance in return on capital employed of the captains and specialists versus other branded companies lies in the acquisitions made during the last five years which have led to significant market share gains.
The captains have strengthened th