Jack Ma, renowned as the mastermind behind Alibaba, one of China‘s largest e-commerce platforms, is making a surprising shift in his business focus. Recently, Ma launched a new venture in the prepackaged food industry. This move is a significant pivot from his established realm of digital commerce.
Demand for precooked meals has surged since COVID
The inception of Ma’s new company, capitalized at 10 million yuan (about $1.39 million), marks a fresh chapter in his career. It’s fascinating to observe this transition, especially considering his step back from Alibaba’s board in 2020. While he remains a key influencer in Alibaba as a “partner,” his latest endeavor is quite a leap from his e-commerce legacy.
This foray into the food sector isn’t just a random pivot; it reflects a keen business acumen. The demand for precooked meals has surged in China, largely due to pandemic-induced lifestyle changes. By tapping into this growing market, Ma is aligning with current consumer trends.
The backdrop to this venture is China’s increasingly strict regulatory environment, particularly in the tech sector. This might have influenced Ma’s decision to diversify. His time abroad, with stints in Japan, Europe, and Southeast Asia, seems to have broadened his perspective, especially in agriculture and aquaculture. For instance, his visit to Kindai University’s aquaculture research facility in Japan and his investment in an aquaculture startup demonstrate his growing interest in this area.
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(Via)
