Capital, Earnings & M&A
How Far Is Hema's Spring?
Hema, now eight years old, has experienced three rises and falls. Founded in 2015 with Alibaba's backing, it was seen as the 'next Taobao' and carried Jack Ma's expectations for new retail. Early Hema was a sought-after high-end destination, an 'aquarium you can eat'. Legends circulated of retirees fighting over a 'rare' Alaskan king crab, a Beijing mall manager witnessing doubled foot traffic after a Hema opened, and savvy agents adding 'Hema-zone housing' to property listings. But great dreams often carry a tragic hue. In May 2019, after opening over 100 stores, Hema closed its first store in Kunshan, sparking a bloody battle in fresh food e-commerce.
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