Richard Liu, founder of China’s retail giant JD.com, has launched a nautical brand to build out the country’s yacht industry, reports the South China Morning Post. The brand aims to ride a wave of policy support to tap a fast-growing domestic market and make the vessels–traditionally associated with affluence and luxury–accessible to “everyday consumers”.
Liu’s brand, Sea Expandary, signed a strategic framework agreement on Tuesday with the coastal cities of Shenzhen and Zhuhai in Guangdong, China’s southern powerhouse province, for a high-end yacht industrial base with planned investment of about RMB 5 billion ($723 million), according to social media posts by the city governments.
The venture would cover research and development, manufacturing, sales and after-sales services, including the base in Zhuhai and a headquarters in the provincial tech hub of Shenzhen. Liu said the venture was a personal investment, and the brand would be managed by its own CEO while he continues to focus on JD.com, the country’s largest retailer.