China: ASC Fine Wines changes strategy due to downturn in super premium market

Monday February 01 2016 by Vitisphere

Since 2007, the distributor ASC Fine Wines had been welcoming its key accounts managers and prestigious clients to its Wine Residence. However, the downturn in the Chinese market for great classified growths over the last three years – prompted by the current anti-corruption policy and economic challenges in China – made this VIP platform seem like something from another age. The slowdown in the Chinese market for fine wines has ultimately led to the closure of this top-end residence. “ASC has decided to channel its resources elsewhere, by building up new e-commerce platforms, extending its distribution network and penetration of second and third-tier Chinese cities, amongst other ways”, stated a press release. Adding popular brands to its portfolio via e-tailer channels is part of ASC’s strategy which is now geared more to recruiting young wine consumers.

Based in Hong Kong, ASC Fine Wines Holding Ltd is the leading importer of wines to China. Its portfolio embraces 1,200 wines from around 100 suppliers in 14 different countries. Run by Japanese group Suntory since 2009, ASC prides itself in being described as the “best fine wine importer” by American wine critic Robert M. Parker Jr.

 

[ Source: Vitisphere   Photo: A shot of ASC Fine Wines Shanghai ]

 

 

 

 

 

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