This is an excellent article and a RECOMMENDED READ published in the Economist.
It will be interesting to see how established brands respond to the attack. Since 2008, too many large Western companies have been risk averse, sitting on cash mountains for too long and failing to invest effectively to secure their futures. The brand battles will be about much more than advertising; quality and innovation will be key, as will customer service but product cost will be paramount. Also watch out for takeovers of under-performing giants in Europe.