The story appears on

Page A9

August 26, 2014

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Consumer

Wine label deal with COFCO to tap thirst

THE owner of Australia’s McGuigan wine label yesterday said it had won a distribution deal with China’s state-owned food conglomerate COFCO, giving it a chance to tap the vast market.

Australian Vintage said it had signed a long-term deal with COFCO Wine and Spirits to distribute McGuigan wine effective immediately.

“There is currently an opportunity for Australian wine in China, and it’s one of the most exciting emerging markets for the global wine industry,” Chief Executive Neil McGuigan said.

China overtook France as the world’s largest consumer of red wine last year, guzzling 1.865 billion bottles, said Vinexpo Asia-Pacific.

However, growth has begun to stall as China reins in luxury spending and extravagant banquets against the backdrop of a slower economy, with people increasingly turning to cheaper wines.

McGuigan said Australian Vintage hoped the deal could help it reach the “substantial targets we have set ourselves.”

He added that the partnership with COFCO was an honor because “they are a forward-thinking wine distribution company that understands the need to take the Chinese consumer on the wine journey.”

In a statement, COFCO Wine and Spirits’ General Manager Li Shiyi said wines from Australia would be key for Chinese consumers.

“There is no doubt that Australian wine will play a critical role in the future of wine in China,” he said.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend