Beijing: Chinese beverage heiress Kelly Zong Fuli has been appointed as chairman of Hangzhou Wahaha Group Co, the beverage giant founded by her father, according to business registration information.
Zong was listed as chairman, general manager and legal representative for Hangzhou-based Wahaha in the latest update of its business registration profile, according to corporate information platform Tianyancha.
Since her father’s death in February, Zong has faced significant challenges from steering the empire through internal shareholder disputes to declining sales amid an economic downturn.
In July, Wahaha said she would continue her managerial responsibilities after “friendly” discussions among shareholders and aims to ensure the company’s stable and healthy development.
The company didn’t immediately respond to a request seeking comment outside of regular business hours.
Zong is the only child of Zong Qinghou, who founded Wahaha in 1987.
Dubbed the “princess of Wahaha”, the 42-year-old has spent two decades at the firm and became vice-chair and general manager in December 2021.
A graduate of Pepperdine University in the United States, Zong had been involved in developing marketing strategies to tap younger consumers, including picking a new brand ambassador.
She is also working on TV product placement and hiring influencers.
But sales have dropped 35% from a high in 2013 to 51.2 billion yuan or about US$7.22bil in 2022, the last year for which data are available, according to the All-China Federation of Industry and Commerce.
Zong has her own own brand of tea drinks, KellyOne, launched via the separate Hongsheng Group beverage and packaging-service business which she has helmed since 2007.
She is part of a wave of heirs stepping up in China, as the first generation of private entrepreneurs reach retirement age.
Some tycoons are preparing their children to run their companies at an earlier age, with many millennial and Gen-Z heirs taking board seats at some of the country’s largest firms. — Bloomberg
