Jack Ma, China's richest man and owner of Alibaba e-commerce giant, has become the subsidiary KFC China.
The magnate invest $ 50 million -44.5 million euros in Yum!, conglomerate restaurants that, in addition to KFC, Pizza Hut and unites Taco Bell, which will entitle you to manage these brands in China.
At work everything has not been easy for Jack Ma. The tycoon has more than 30 business failures.
In an interview at the World Economic Forum in Davos (Switzerland), the entrepreneur revealed that more than 30 companies rejected him before going to undertake with Alibaba. The first three years of portal now entered 20 times more than its main competitor, Amazon, were not easy and losses marked his balance. Alibaba also failed in 2001, two years after his coming-out, get three million funding sought in the United States. Years later the confidence of US investors came to them in the form of 25 million.
As for the operation of fast food restaurants, apart from Alibaba also participates Primavera capital fund with $ 460 million -410 million euros, a powerful firm founded by former Goldman Sachs banker, he announced the company last Friday. The agreement provides for the exploitation of trademarks in China by these two shareholders and also entails expanding the payment platform driven by Alibaba, Alipay, in fast food franchises 7,200 KFC and Pizza Hut operating in China. The target set by Spring and giant directs Jack Ma is to reach 20,000 outlets across the Chinese territory. The pact also means that the group Yum! China operates from November 1 on the New York Stock Exchange as an independent company.