By Sophie Chen

In the business world, an executive’s waistline can be an intangible asset. Entrepreneurs like Elon Musk and Xiaomi CEO Lei Jun serve as powerful extensions of their companies’ brand identity; shedding pounds and getting fitter can project a more professional and credible image.

On an individual level, weight can serve as an unspoken ceiling in the workplace. Studies show that employees that are overweight are often subject to a “wage penalty”: this results in lower salaries, fewer promotion opportunities, and in some cases, a higher risk of depression.

Beyond the individual, the pursuit of weight loss also carries broader economic and social implications, including potential opportunities for businesses. In this article, CEIBS Professor of Management Practice Sophie Chen explores the underlying drivers of the phenomenon driving weight loss amongst business leaders.

Why are entrepreneurs so into weight management?

In recent years, many well-known entrepreneurs have successfully, and conspicuously, lost weight. Elon Musk, for example, has spoken publicly on multiple occasions about his weight loss experience. Other examples are less eye-catching, but no less instructive. When fitness app Keep went public on the Hong Kong Stock Exchange in 2023, CEO Wang Ning reaffirmed the company's mission: “As of today, Keep is a publicly listed company. We will continue to stay true to our mission—to get the world moving, and embrace new challenges on a bigger stage.” When photos of the bell-ringing ceremony were released, however, it wasn’t just the important company milestone that caught the internet’s attention. Photos from the event quickly went viral thanks to the company’s executives’ physiques, with some netizens joking, “The Keep executives have clearly done a good job managing their own physiques—now that’s walking the talk.”

Lei Jun, CEO and Chairman of Xiaomi, has emerged as a striking example of how personal fitness can align with corporate strategy, especially as his company continues its push toward the premium market segment. During a New Year’s Eve livestream in 2024, Lei set himself a public challenge: to clock over 100 gym visits in the coming year. In a later TV interview, Lei emphasised that managing one’s figure and weight is part of an entrepreneur’s broader responsibility and symbolic role, highlighting the importance of healthy habits and self-discipline in enhancing corporate image.

Lei Jun’s subsequent physical transformation has brought about significant brand benefits for Xiaomi. His slimmer, newly energetic image has made the brand more approachable among younger consumers and those pursuing a higher-quality lifestyle. His visible self-discipline and perseverance throughout his weight loss journey have also conveyed a set of positive values to consumers, further enriching Xiaomi’s brand identity.

On the marketing front, Lei’s story brought free exposure to Xiaomi and significantly raised the company’s brand visibility. Portrayed as a healthy and proactive leader, Lei helped foster consumer trust in Xiaomi’s products, enhancing the effectiveness of the company’s marketing efforts and likely contributing to the brand’s stronger sales since his weight loss initiative began. Within the company, Lei’s example likely inspired employees to take better care of their health and develop good habits. At the same time, his spirit of self-discipline is likely to have pushed employees to strive harder and enhanced team cohesion.

An entrepreneur or executive’s physical appearance, especially their approach to weight management, —can significantly influence a company’s public image. To many, maintaining a fit and healthy physique projects a professional and credible leadership presence. Research indicates that executives who maintain a healthy weight are often seen as more decisive and effective, which in turn helps them gain the trust of investors and the wider public. In the global business arena, many leading figures view personal image management as a vital part of their strategic toolkit to convey corporate values and strengthen brand recognition through a carefully crafted personal public image.

Take Richard Branson, founder of Virgin Group, as an example. His trim, athletic physique conveys a sense of energy and dynamism. His casual shirts, paired with his signature cheerful smile, and his frequent participation in extreme sports and adventure activities, have helped him successfully craft a unique public image as an “adventurous entrepreneur”. This approach to image management aligns perfectly with Virgin’s brand positioning as a bold, unconventional challenger. This deliberate personal image strategy has been instrumental in enhancing Virgin’s distinctive identity.

Health consciousness continues to rise among consumers, and in today’s social media-driven world, entrepreneurs, business leaders, and professionals alike are increasingly aware of the importance of authenticity and approachability. These qualities directly shape public perceptions and, ultimately, influence how a company is viewed and judged by the market.

Crucially, an executive’s commitment to physical wellbeing can have a powerful ripple effect within the organisation. By setting a visible example, they can inspire employees to adopt healthier lifestyles and inject greater energy into the workplace. From a strategic perspective, leaders who prioritise weight management often demonstrate forward-thinking mindsets, weaving wellbeing into the company’s long-term development plans. Beyond strategy, executives with well-maintained physiques often come across as more relatable in business settings, making it easier to build a wider business network.

Widespread weight bias

The significance of weight management in business contexts extends far beyond the realm of entrepreneurs. For the average individual, losing weight can have profound implications well beyond physical health alone.

Let’s take China as an example. Over the past four decades, rates of both overweightness and obesity in the country have risen sharply. Today, more than half of Chinese adults are classified as overweight or obese, while childhood obesity is climbing at an alarming rate. Obesity has become a major public health challenge.

Studies have shown that physical appearance, especially body shape and weight, can have a profound impact on an individual’s life. It influences self-perception, affects mental wellbeing, and even plays a notable role in workplace performance and social engagement. Obesity is not just a matter of physical health; it can also take a psychological toll. Research indicates that being overweight increases the risk of depression by over 40%, and can also reduce individuals’ willingness to seek medical help or participate in social activities.

At an organisational level, weight-based discrimination can undermine employees’ well-being, ultimately impacting their working attitudes, behaviour and performance. When their performance reviews or daily interactions are subtly influenced by non-performance-related factors, such as weight or physical appearance, employees may feel demotivated, overlooked, and stalled in their career progression, leading to declines in productivity (e.g. lower attendance), poor interpersonal relationships, rising staff turnover, and increasing employee healthcare costs.

On a broader societal scale, weight stigma contributes to a heightened sense of unfairness, distorts the allocation of human resources, and hampers obesity prevention and intervention efforts. This is particularly evident in the healthcare sector, where many professionals still hold the bias that patients are entirely to blame for their weight. Such attitudes directly affect quality of care and the patient experience.

Globally, weight discrimination is emerging as a growing concern. Put simply, this refers to the negative judgements and discriminatory behaviour of society towards overweight or obese individuals. This can manifest as negative stereotyping, verbal abuse, and unequal treatment in employment, education, and healthcare. Studies have shown that while weight bias is widespread across the globe, women tend to bear the brunt of such prejudice more than men. At the same time, overweight children are at a significantly increased risk of being bullied.

Research shows that weight-based discrimination in the United States has surged by 66% over the past decade, reaching levels comparable to those of gender discrimination. Women, in particular, have been disproportionately affected. Much of this bias is fuelled by stereotypes that depict individuals with obesity as “lazy” or “lacking self-discipline,” which in turn drives systemic inequality in employment, medical care and education.

Discrimination in the job market is particularly prominent: 25% of obese women report encountering employment discrimination, 54% feel judged by their colleagues, and 43% have encountered bias from employers. The risk of discrimination that obese people face when applying for jobs is 12 to 100 times higher than those of average weight, and women are 16 times more likely to be discriminated against than men. This bias also extends into earnings, where overweight women often pay a “wage penalty” ranging between 2.3% and 24%. In one study, it was shown that white women that were 64 pounds overweight saw up to 9% reduction in salary. Experimental research further verifies that overweight candidates are at a disadvantage during interviews, are offered less favourable salary packages, and face fewer promotion opportunities.

Particularly troubling is the fact that much of this discrimination is rooted in unfounded stereotypes. Personality assessments have consistently found that there are no significant differences between obese individuals and those of normal weight in terms of traits such as conscientiousness or emotional stability. Scientific research has also dispelled the idea that obesity is solely a matter of personal choice. In reality, genetic factors account for 40% to 70% of an individual’s susceptibility to obesity. Environmental factors and complex physiological mechanisms also play crucial roles. The commonly held notion that “shame motivates weight loss” is also completely wrong. Research suggests that weight stigma raises stress hormone levels, which can trigger binge eating and other compensatory behaviours that make weight management more difficult.

Small waist, big business: Opportunities in China’s drive for fitness and public health

Earlier this year, China announced plans to continue its “Year of Weight Management” initiative, further elevating national fitness and weight management as public health priorities.

As a result, the health industry has borne witness to the emergence of various innovative models. Digital and intelligent technologies are facilitating a closed-loop approach to health management. Meanwhile, cross-sector collaboration is encouraging the growth of integrated industry ecosystems. Personalised, full-life-cycle services are becoming more prevalent, driven by consumer demand for new products and services. At the same time, global standards are beginning to influence the development of the sector.  These innovations have improvedservice efficiency and propelled the industry towards greater refinement, intelligence and personalisation. Looking ahead, businesses must align with national policy, strengthen technological R&D investment and service capabilities, and seize the opportunities presented by the “Healthy China” strategy.

Specifically, the “Year of Weight Management” is expected to unleash a wave of new opportunities across sectors including health-focused consumer goods, medical and healthcare, food technology, and the fitness industry.

Back in 2021, global food giants such as Nestlé and Danone launched marketing campaigns in China centred on the “Year of Weight Management”, binding their product lines with healthy weight-loss messaging. In 2023, Chinese social media platforms like Rednote and Douyin picked up on the trend, with the hashtag “#My Year of Weight Management” racking up over 5 billion views and turning a government-led initiative into a mainstream lifestyle movement.

Among the biggest beneficiaries of this initiative are health foods and functional products, with demand for low-sugar, low-fat, high-protein products increasing significantly. Meal replacement products, calorie-controlled snacks and plant-based protein products are also expected to experience explosive growth. At the same time, there is increased interest in weight management supplements, such as probiotics and dietary fibre. For the premium segment, precision nutrition services that integrate genetic testing or metabolic analysis are likely to be key growth drivers.

The fitness and smart exercise sectors, meanwhile, are embracing new growth opportunities, including the wider adoption of home fitness equipment such as smart body fat scales and workout mirrors, as well as the rise of online fat-loss courses and membership-based fitness services. Beyond the gym, outdoor activities including camping, cycling, roller skating, paddleboarding, fishing, frisbee, skiing and, most recently, city walks have become lifestyle trends in China and opened up fresh opportunities for businesses.

Corporate health management services may also benefit, withmore companies likely to offer group fitness classes and health monitoring devices as employee benefits. Meanwhile, the medical sector is taking a more clinical approach to weight control. Hospitals are opening specialised weight-loss clinics, and demand is rising for GLP-1 weight-loss drugs and metabolic surgeries. Digital health tools like AI-powered diet-tracking apps and wearable monitoring devices are also expected to see higher market penetration.

The food and beverage industry, too, may face a wave of transformation. Policy shifts may encourage restaurants to display calorie counts on menus, promote the growth of light meal delivery services and healthy fast-food chains, and drive schools and corporate cafeterias towards low-calorie, nutritionally balanced meals. Even the insurance industry may introduce innovative products associated with weight management, such as cashback for reaching personal weight goals or discounted plans in partnership with gyms. On the public side, policies may also drive the development of community health facilities, such as government-funded weight management centres, and health knowledge education.

All that said, all of these industries must stay vigilant amid tightening regulations, such as crackdowns on exaggerated claims in weight-loss marketing and growing homogenised competition in health foods and fitness apps. To stay ahead, companies may explore cross-industry collaborations, such as food brands working with medical institutions to create scientifically validated weight-loss products, or gyms partnering with insurers to launch incentive-based wellness programmes while leveraging AI to deliver personalised experiences.

Overall, the “Year of Weight Management” initiative is set to guide the health industry toward a more scientific, standardised future. For companies, sustainable success will depend on balancing growth with regulatory compliance.

Sophie Chen is Professor of Management Practice and Programme Co-Director of Advanced Management Programme at CEIBS.