??? 很多西方企業早已將目光轉向中國以提振銷售業績。對于像Coach和雅詩蘭黛（Estee LauderCos）等公司而言，這個全球增長最快的經濟體的確是塊寶地。

????但對于有些公司來說，中國卻是一塊魂斷之地。不信可以問問雅芳（Avon），該公司今年第二季度在華收入下滑了31%，給這家美妝直銷商的銷售記錄抹上了血淋淋的一筆。（雅芳還涉嫌違反美國的《反海外腐敗法》，該法律禁止美國公司賄賂海外官員以發展業務。）

????現在輪到了如新（Nu Skin）。以抗老防皺產品而聞名的如新和雅芳一樣，也發現中國是一塊難啃的硬骨頭。本周三如新發布報告稱，公司在最大的市場大中華區銷量大跌，成本飆升。消息一出，如新股價暴跌（最新統計顯示，股價下跌了16%）。在大中華區，如新的第二季度收入為2.299億美元，下跌了12%。更糟糕的是，公司的活躍銷售代表數量減少了32%。對直銷公司而言，銷售代表人數是銷量的一個領先指標，沒有這些人產品就賣不出去。

????去年冬天，《人民日報》發表文章稱如新涉嫌傳銷，這在中國是違法的。如新遭遇猛烈抨擊。文章見報后，如新暫停了在中國的促銷會議及活動，等待政府進一步指示。稍后如新被罰款54萬美元，原因是以直銷手段售賣只允許通過零售店出售的產品，以及對多種產品有虛假宣傳之嫌。

????中國僅在有限的情況下允許直銷，而傳銷是絕對禁止的，即禁止銷售代表通過招募新成員而非銷售產品來掙錢。

????截止到6月30日，如新的季度凈收入跌至1,950萬美元，即每股32美分，而去年同期公司的季度凈收入為7,440萬美元，每股凈利為1.22美元。（財富中文網）

????譯者：嚴匡正

??? 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.