Posted 2/25/2024, 11:48:47 AM
Zong Qinghou, Founder of China's Wahaha Group, Dies at 79 After Bitter Feud With Danone
- Zong Qinghou, founder of Chinese beverage company Wahaha Group, died at age 79
- He was once the richest person in China due to his company's success
- He partnered with Danone in the 1990s to launch a major beverage brand in China
- He later feuded bitterly with Danone over accusations of siphoning profits, rallying public opinion against the French company
- In 2009 Danone sold its 51% stake after pressure, giving Zong's Wahaha Group full control