Wahaha Founder Is On A Quest To Modernize His Company

November 6, 2019: 12:00 AM EST

Zong Qinghou, the 74-year-old founder of China’s largest privately held beverage company Hangzhou Wahaha Group, is determined to come up with fresh product ideas and modern operational modes to rekindle consumer interest in his company. Analysts say Wahaha hasn’t kept pace with changing consumer tastes in China, where consumers are looking for beverages that are innovative and new. “Wahaha is still very price-focused, and hasn’t captured the trading-up trend as well as it could have,” says one analyst. While he concedes that Wahaha’s products was once perceived as cheap and old-fashioned, Zong says he’s working to modernize his products. The company recently launched a major upgrade of packaging and ingredients, has expanded into nutritional tablets and meal replacement biscuits, and plans to increase the current number of 6,000 distributors to 10,000 by year end. Perhaps most importantly, however, is Zong’s willingness to experiment with social media and e-commerce. He has promised to lift sales by at least 50 percent next year, to $10 billion.[Image Credit: © Hangzhou Wahaha Group Co.,Ltd.]

Yue Wang, "China's Richest 2019: King Of Beverages Zong Qinghou Aims To Revitalize Wahaha", Forbes Media, November 06, 2019, © Forbes Media LLC

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