Wahaha Group, China’s largest beverage producer, plans to set up a chain of shopping malls in the fast-growing country in the next few years, Chairman Zong Qinghou said in an interview with Forbes Asia.
Wahaha wants to expand into malls even though growth in China’s beverage industry looks promising at around 20% annually, said Zong, who ranked number one on the new Forbes China Rich List with wealth of $8 billion. “You can say, 20%-plus growth isn’t enough to satisfy Wahaha,” Zong said.
Wahaha competes with multinationals such as Coke and Pepsi. Multinationals have been expanding their product mix in China to include more drinks that appeal to Chinese consumers, challenging Wahaha.