He Helped Build China’s Wine Industry. Now He’s Back to Reinvent It.

It’s not every day that a founder returns to the company he built decades earlier—especially in an industry as turbulent as wine. And while Don St. Pierre Jr. may not have the theatrics of a Steve Jobs reveal, his unexpected return to ASC Fine Wines, the company he co-founded 30 years ago, is already drawing quiet comparisons to Jobs’ legendary comeback at Apple, to lead the company to its next transformation.

In this exclusive interview with Vino Joy News, St. Pierre opens up about what led him back—not just to ASC, but to China itself, a country his family has been deeply connected to for nearly four decades.

Despite a market fraught with uncertainty, St. Pierre believes the time is right to reinvest. He calls this moment the “third inflection point” in his family’s China story: from his father’s trailblazing work with Beijing Jeep in the 1980s, to the rise of ASC in the 1990s as a pioneer of premium wine imports, and now, his own return to help reinvent how wine is sold, consumed, and experienced in a digitally driven China.

He outlines his ambitious vision for “ASC Next Gen”—a platform built to move beyond the traditional import model and empower producers to connect directly with consumers, harnessing China’s unmatched digital and logistics infrastructure.

The biggest challenge, he admits, is still fragile consumer confidence, still fragile after years of economic headwinds. But St. Pierre is optimistic. He points to early signs of recovery and explains why he believes China is “uniquely positioned” to overcome many of the obstacles facing the global wine industry—from rising tariffs and shifting health narratives to climate change.

Read on for the full conversation, where St. Pierre talks legacy, innovation, and why he’s not just buying back ASC—he’s betting big on the future of wine in China.

Vino Joy News: What inspired your decision to reacquire ASC Fine Wines, the company you co-founded 30 years ago, at this point in time?

Don St Pierre Jr.: In 2023, Monica and I decided to start a family investment and advisory firm called AdaptEdge, with a focus on the wine industry. We returned to China in 2024 because we missed the culture, the people, and the energy of the country, but also because we felt the timing was right. As Warren Buffet often says, “Be greedy when others are fearful and fearful when others are greedy.” With many businesses leaving China and the country facing significant challenges, we saw an opportunity to return and build for the future.

Upon our return, we dove deep into understanding the market. We recognized the challenges facing businesses and consumers, particularly the lack of confidence in private business and consumer spending. However, by September 2024, we began to see signs of a shift in government policy aimed at stimulating domestic consumption and rebuilding confidence in both business and consumers. This shift encouraged us that the market was on the path to recovery.

We saw this as the right moment to make an investment through our family office, AdaptEdge, with a focus on the wine industry. Despite the wine market having declined in recent years, we believed that China’s economic recovery, coupled with the growing interest in wine among both new and existing consumers, provided a unique opportunity. We were confident that, as the market stabilized, wine could regain traction—especially in a country with advanced digital and logistical infrastructure like China.

With this confidence in the recovery, we saw the opportunity to buy back ASC from Suntory. Our decision was driven not just by ASC’s legacy—one that we are deeply familiar with—but also by the chance to build a new platform for wine consumption in China. Additionally, we were encouraged by Suntory’s continued investment in ASC over the years, particularly during challenging times, and we felt that there was no other wine company that had received such sustained support. This combined with our deep understanding of ASC’s history and our vision for its future made this acquisition a natural fit for us.

Vino Joy News: Some in the industry are comparing your return to ASC to Steve Jobs going back to Apple—returning to a company you founded, after years away, to lead its transformation. Do you relate to that comparison? And if so, what does this moment mean to you personally?

Don St Pierre Jr.: I’m flattered by the comparison, but what Steve Jobs achieved is on a completely different level from what we aim to do. That said, I do believe in embracing uncertainty and finding opportunities where others see challenges. This mindset, combined with our confidence in China’s culture and people, as well as our deep understanding of ASC and its legacy, made this the perfect moment for our return.

On a personal note, our family has had the privilege of being involved in several pivotal moments in China’s economic development. My father arrived in China in 1985 to run Beijing Jeep, which helped lay the foundation for foreign direct investment in the country. In 1996, my father and I helped pioneer the introduction of wine culture to China with ASC. Forty years after my father first set foot in China, Monica and I have returned to repurchase ASC and create a new platform for wine consumption. This marks our third major inflection point in China’s history, and I’m excited to lead ASC through this new chapter.

Vino Joy News: How do you envision ASC Fine Wines evolving under your leadership in the coming years?

Don St Pierre Jr.: Despite the challenges faced by the wine market over the past few years, ASC remains a market leader and is greatly respected within the industry. However, we recognize the need for evolution. ASC must transition from its traditional import-distribution model into a platform that enables wine producers and brand owners to connect more effectively with a growing base of wine buyers and consumers across China.

This means embracing new methods for engaging with customers and consumers directly, moving beyond the model ASC pioneered. We will leverage China’s world-leading digital infrastructure and logistics networks to create the ASC Next Gen platform. This new platform will empower producers to share their stories and engage with buyers and consumers in innovative ways that were not possible before, helping to build trust and fostering long-term sales.

Additionally, this transformation offers an opportunity to form strategic partnerships with best-in-class logistics and technology providers. By collaborating with these partners, we will develop a scalable, cost-effective platform that allows us to reach more consumers more efficiently, while continuing to offer a top-tier portfolio of wines from around the world— including high-quality, domestically produced Chinese wines that are becoming increasingly relevant on the global stage.

Vino Joy News: Are there any immediate operational changes or strategic shifts planned for ASC following this reacquisition?

Don St Pierre Jr.: Once the transaction is finalized in the next few months, we’ll begin announcing strategic partnerships and investments that align with our vision for ASC’s transformation. ASC will continue its core business of providing excellent service to customers and representing top-tier wine brands. However, we’ll begin to enhance the team’s capabilities by adding resources where necessary to support our Next Gen business model. This includes building out our technology and logistics partnerships to better serve the market. We’ll also focus on reducing bureaucracy, improving decision-making speed, and ensuring that our team is equipped and empowered to succeed.

Vino Joy News: The press release mentioned the transformation will be driven by “cutting-edge technology, direct-to-consumer models, and best-in-class warehouse and logistics partnerships.” Can you give us some preview on what’s to come?

Don St Pierre Jr.: As mentioned, we plan to make strategic investments and partnerships that will help us transform ASC into a modern, scalable platform for wine distribution in China. While we can’t reveal all the details yet, I can tell you that our focus will be on leveraging China’s world-class digital platforms and logistics networks to build direct-to-consumer models that will allow producers to engage with consumers in a more meaningful way. Technology will play a central role in enabling us to do this efficiently, and we’ll invest in the tools and infrastructure necessary to ensure we can scale our operations. More announcements will come after the deal closes, but we’re excited about the potential of these changes.

Vino Joy News: What do you perceive as the biggest challenges facing ASC Fine Wines and the broader wine industry in China today?

Don St Pierre Jr.: The biggest challenge facing ASC Fine Wines and the broader wine industry in China today is consumer and business confidence. This issue has affected both individual consumer spending and the broader business environment. Without confidence, consumption, including wine, remains subdued. However, we are beginning to see early signs of improvement in consumer sentiment, and the government’s renewed focus on stimulating domestic consumption is helping to restore confidence. As this confidence continues to build, we expect it to drive growth in the coming months and years.

Beyond confidence, the global wine industry faces several challenges, including rising tariffs, health advisories, climate change, and shifting consumer behaviors. These challenges have affected wine consumption worldwide and continue to intensify. However, I believe China is uniquely positioned to address many of these challenges. For example, the younger generation in China is not moving away from wine, as we’ve seen in other mature wine markets like the U.S. or Europe. In fact, Chinese consumers are increasingly health-conscious, looking for beverages that align with a more balanced lifestyle, which wine, with its lower alcohol content compared to Baijiu, fits perfectly.

Additionally, China is not experiencing the same push against alcohol that some markets are seeing, such as the growing scrutiny of alcohol consumption in the West. The shift in China’s culture is more about leading a healthier lifestyle, focused on learning and experience—values that are very much aligned with wine consumption. China’s advanced digital infrastructure and logistics networks also provide an exciting opportunity for the wine industry to connect with consumers in new, more personal ways.

China has already undergone significant structural changes to its economy, and while other global markets are in the midst of similar transformations, China’s recovery from these challenges is happening at a different pace. This makes China a key market for the future of the global wine industry. As confidence continues to build, we expect China to become one of the most important markets for wine, with both new and established consumers eager to explore and engage with wine in ways that haven’t been possible before.