如新在中国遭遇重挫

    很多西方企业早已将目光转向中国以提振销售业绩。对于像Coach和雅诗兰黛（Estee LauderCos）等公司而言，这个全球增长最快的经济体的确是块宝地。

    但对于有些公司来说，中国却是一块魂断之地。不信可以问问雅芳（Avon），该公司今年第二季度在华收入下滑了31%，给这家美妆直销商的销售记录抹上了血淋淋的一笔。（雅芳还涉嫌违反美国的《反海外腐败法》，该法律禁止美国公司贿赂海外官员以发展业务。）

    现在轮到了如新（Nu Skin）。以抗老防皱产品而闻名的如新和雅芳一样，也发现中国是一块难啃的硬骨头。本周三如新发布报告称，公司在最大的市场大中华区销量大跌，成本飙升。消息一出，如新股价暴跌（最新统计显示，股价下跌了16%）。在大中华区，如新的第二季度收入为2.299亿美元，下跌了12%。更糟糕的是，公司的活跃销售代表数量减少了32%。对直销公司而言，销售代表人数是销量的一个领先指标，没有这些人产品就卖不出去。

    去年冬天，《人民日报》发表文章称如新涉嫌传销，这在中国是违法的。如新遭遇猛烈抨击。文章见报后，如新暂停了在中国的促销会议及活动，等待政府进一步指示。稍后如新被罚款54万美元，原因是以直销手段售卖只允许通过零售店出售的产品，以及对多种产品有虚假宣传之嫌。

    中国仅在有限的情况下允许直销，而传销是绝对禁止的，即禁止销售代表通过招募新成员而非销售产品来挣钱。

    截止到6月30日，如新的季度净收入跌至1,950万美元，即每股32美分，而去年同期公司的季度净收入为7,440万美元，每股净利为1.22美元。（财富中文网）

    译者：严匡正

    So many Western companies have turned to China to re-energize their sales. And for many companies, like Coachand Estee Lauder Cos , the world’s fastest growing economy has been a boon.

    But for some companies, China has turned out to be a curse. Ask Avon Products , where revenue fell 31% to in the second quarter, the latest bloodbath for the direct-seller of beauty products. (Avon has run afoul of the U.S. Foreign Corrupt Practices Act, which bars American companies from making bribes to overseas officials to develop their business.)

    Now Nu Skin, best known for its anti-wrinkle products, is similarly discovering China is a tough slog. Its shares took a beating (down 16% at last count) on Wednesday after it reported a huge drop in sales in greater China, its biggest market, and costs jumped. In that market, second-quarter revenue fell 12% to $229.9 million, while more ominously, the number of active reps fell 32%. The reps count is a leading indicator of sales because in direct-selling business, you don’t sell products without sales reps.

    Nu Skin was slammed last winter after People’s Daily, a Chinese newspaper, suggested the company runs a pyramid scheme, which is illegal in China. Following that report, Nu Skin halted promotional meetings and applications in China until receiving further direction for the Chinese government. It was later fined $540,000 for selling products via direct selling that had only been approved for sale in retail stores, and for making claims about various products without sufficient proof.

    China allows direct-selling under limited conditions but bans pyramid selling, in which members make more money recruiting new members than by selling actual products.

    Nu Skin’s net income in the quarter ended June 30 plunged to $19.5 million, or 32 cents per share, in the second quarter from $74.4 million, or $1.22 per share, a year earlier.