Antinori Remains Bullish on China

Despite a sluggish global wine market and concerns about China’s post-pandemic consumption recovery, Francesco Visani, Commercial Director of Cru Wines at Marchesi Antinori, remains firmly optimistic about the country’s long-term prospects.

“Personally, I’m still positive about the Chinese market,” said Francesco Visani, Commercial Director of Cru Wines at Antinori, during a recent visit to Hong Kong at local importer Links Concept’s office. “Even if the growth has slowed, it’s still one of the few major economies expanding at 3 to 4%. Compared to Europe, that’s huge.”

Founded in 1385, Antinori is one of Italy’s most historic and prestigious wine producers. With estates across Italy and beyond, the family-run wine group has maintained a strong presence in Asia for years, but the region’s importance has only grown more pronounced in recent times. Visani noted that both China and Thailand have emerged as essential export markets for the group alongside long-standing strongholds like Japan and Hong Kong.

“In the past six years, China has grown quite a bit,” he said. “2023 was still a big result for us. 2024 was flat, but China remains in our top ten export markets.” In 2023, China was Antinori’s fifth-largest export market; this year, it ranks seventh or eighth, still a significant player in the global portfolio.

One key for its growth in China is its decision to adopt a decentralised distribution model. Antinori shifted its distribution model away from state-owned COFCO Wine and Wine more than five years ago. It now works with a network of medium-sized importers and partners such as Links Concept for the on-trade in the mainland market.

“We felt COFCO was too big and didn’t focus on our brand,” Visani said. “Now we use several local and regional distributors. It’s harder to manage, but it gives us better control.”

He said the group recently hired a dedicated market manager to oversee operations and improve coordination. “It’s about better controlling the message, pricing and customer relationships.”

China’s Parallel with the US market

Visani credits the maturation of China’s domestic wine industry as a positive signal for imports as well. “I see the same pattern we saw in the U.S. Once Americans realized they could make great wines in California and Oregon, domestic consumption—also for imported wines—increased,” he explained. “I think China could follow that same path. When Chinese people discover that they can make great wine locally, they will also start importing more from the Old World.”

This parallel with the American wine awakening gives Visani hope. “We’ll see in 10 years if I’m right,” he added with a smile.

Asia

Beyond China, other Asian markets are also gaining traction. In addition to China, Antinori sees strong momentum in Southeast Asia. Thailand, in particular, has become a key growth market.

“Thailand has improved a lot over the past 10 years,” Visani said. “We have a manager based in Phuket.” Japan, Hong Kong and Vietnam also remain important destinations, he added.

Globally, the company is aware of shifting consumer trends toward low-alcohol and no-alcohol beverages, but Visani said Antinori is staying focused on its core.

“We are not in the business of no-alcohol wines,” he said. “We respect it, but it’s a different kind of business. Our focus is on traditional wines.”

Antinori is, however, experimenting with natural methods to lower alcohol levels through vineyard and harvest management. “We want to reduce alcohol in a natural way, not through artificial methods,” he said.

While Asia’s share of Antinori’s exports is growing, the U.S. remains its largest overseas market, supported by a long history of Italian immigration and cuisine. To strengthen its position there, the company acquired Stag’s Leap Wine Cellars in Napa Valley and launched its own importing company last year.

“We now control our distribution directly in the U.S.,” Visani said. “We’re no longer relying on a third party, and we can better manage messaging, pricing, and positioning.”

Exports account for roughly 65% of Antinori’s total sales, with the rest sold domestically. After the U.S., Germany, Switzerland, the U.K., Austria, Canada, China and Japan are among its top markets.

Top Crus

Still, Visani’s current focus is squarely on high-end crus—small production, vineyard-specific wines that showcase the best of what Antinori can offer. These include Chianti Classico Gran Selezione, Solaia, Tenuta Guado al Tasso Matarocchio (100% Cabernet Franc), San Walfredo, and the newly launched Nibbio, a 100% Chardonnay from Castello della Sala to name a few. “Our last few launches have all been in the Top Cru category,” he said. “This is where our investment has gone in the last 20 years.”

When asked how many of these wines are available in Asia, he noted that supply is extremely limited. “The new Gran Selezione wines aren’t in Hong Kong yet—we’re focusing first on the local market in Tuscany,” he said. “Eventually, they will come. But for now, quantities are small.”