In a new initiative, Alibaba Group Holding co-founder Jack Ma has ventured into the food and beverage industry. According to a report in the South China Morning Post, Jack Ma has started a new enterprise that sells pre-packaged food. The report further reads that it could be a sign of him branching out into areas leveraging his post-retirement focus on the agriculture sector. For the unversed, Jack Ma stepped down as the chairman of Alibaba on his 55th birthday in 2019.
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The name of Jack Ma's pre-packaged food company translates to "Hangzhou Ma's Kitchen Food" in English. According to the National Enterprise Credit Information Publicity System, an official business registry information platform, the company is launched in China's Hangzhou, which happens to be the hometown of the business magnate and his empire.
The report in South China Morning Post further reads that the company intends to sell pre-packaged foods, ready meals, and edible agricultural products. This move by Jack Ma, reportedly comes with the increasing demands of packaged food and lifestyle changes post-pandemic. As per market research, the domestic ready-meals industry in China sees potential growth in the next three years.