Less than a year after retiring993 Archives Hou Yi, founder and former CEO of Alibaba’s grocery chain Freshippo, has started his second new enterprise. Following his launch of budget seafood barbecue chain Jin Xiao Yi Ke this summer, Hou is now venturing into pet retail with a new brand called Pet Fresh.
Corporate records reveal Hou established Shanghai Pet Fresh Network Technology Co. Ltd. on Nov. 15. The company’s operations span pet food and supplies wholesale and retail, sales of veterinary equipment, and pet services excluding medical treatments. Its portfolio also includes restaurant management, supply chain operations, and software services. Hou confirmed the authenticity of the aforementioned projects and stated that the new ventures have already secured funding, according to a report from Chinese media outlet Jiemian.
China’s pet economy has experienced rapid growth in recent years, with its market size projected to reach RMB 345.3 billion ($47 billion) in 2024, up 5.8% from 2023, according to iResearch.
Freshippo, founded in 2015, brought a tech-driven model to grocery retail, but the Alibaba-owned company postponed its proposed Hong Kong IPO last year due to weak market interest in the sector. [Jiemian, in Chinese]
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