Richard Liu Ventures into the Green Yachting World with Sea Expandary
Richard Liu, founder of JD.com, has launched an eco-friendly yacht brand called Sea Expandary, investing $690 million in the venture. Sea Expandary aims to produce affordable, green yachts targeting ordinary households. With headquarters planned in Shenzhen, the company seeks to compete globally, benefiting from China's growing middle class.
- Country:
- China
Richard Liu, the visionary founder behind JD.com, has embarked on a groundbreaking venture with the launch of Sea Expandary, a yacht brand committed to sustainability. Announcing an investment of 5 billion yuan ($690 million), Liu aims to transform the yacht industry with affordable, green options for ordinary families.
Despite this considerable investment, Liu expressed he would not engage in the daily operations of Sea Expandary, keeping his main focus on JD.com. Sea Expandary will encompass research, manufacturing, and sales aspects, setting its manufacturing base in Zhuhai and headquarters in Shenzhen.
The move takes advantage of China's expanding middle class, fueling a market for premium leisure products. The brand has signed strategic agreements with Shenzhen and Zhuhai governments, aligning with data showing a fleet expansion from 4,500 to nearly 10,000 yachts over three years.
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