Important Takeaways
- Alibaba's Jack Ma returns to the business scene with "Hangzhou Ma's Kitchen Food."
- Ma's Kitchen Food's key focus will be on agricultural products.
- This marks Jack Ma's first business venture since stepping out of the public eye in 2020.
Edits:
No edit has been made to this article since it was first published.
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Jack Ma, the co-founder of Alibaba Group Holding Ltd., has made a significant business comeback with the launch of "Hangzhou Ma's Kitchen Food." This marks his return to the public eye since his low-profile exit in 2020.
The newly formed venture aims to make waves in the food industry by selling packaged agricultural products and pre-cooked meals. Ma has been away from the business spotlight for several years but recently seeded a small company to process and sell farming produce.
'Hangzhou Ma's Kitchen Food' has an initial registered capital of 10 million Yuan ($1.4 million) and is wholly owned by Hangzhou Dajingtou No. 22 Arts and Culture. In this venture, Ma holds a 99.9% stake. Ma's Kitchen Food will focus on processing, retailing, and selling edible agricultural products and marketing pre-packaged and pre-cooked food. This strategic move aligns with the evolving eating habits in China, where there is a growing preference for pre-cooked meals, especially in the wake of the pandemic-induced stay-at-home culture.
Ma's venture into the food industry reflects a calculated response to the shifting dynamics of China's consumer preferences. With a significant stake in offline distribution, the venture is poised to cater to the rising demand for online and offline pre-cooked food.
This marks a pivotal moment for Jack Ma, whose last major public appearance was on his 55th birthday in 2019 when he resigned from Alibaba Group as CEO. Since then, he has studied agrotech in Spain, Japan, the Netherlands, and Thailand. As China's food market witnesses a surge in interest towards ready-made and pre-packaged meals, Jack Ma's re-entry into the business world underscores his commitment to innovation and adaptability. While the specifics of Ma's Kitchen Food's offerings remain undisclosed, they are anticipated to play a transformative role in shaping China's food industry landscape. The venture solidifies Jack Ma's influential presence in the business world and signals his strategic foray into new domains beyond the tech sphere.
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Date & time of posting: 27 November 2023, 16:45 IST
Posted by: Matter5 News Team
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