The Big Interview with EMW CEO Oscar Nagore

When Oscar Nagore took over as CEO of EMW Fine Wines in April, he quickly realised the weight of expectation. “Stability,” he says, has become the company’s guiding principle, not just to steady partners in a contracting market but also to safeguard EMW’s 22-year legacy. “Providing reassurance to our partners is at the heart of our daily work, especially given current market conditions.”

But stability doesn’t mean standing still. For Nagore, China’s wine industry is in the midst of what he calls a “natural evolution,” moving away from speculative growth toward pragmatism and healthier financial management. The task now, he argues, is to adapt and innovate — whether in sales channels, product strategy, or how brands connect with an increasingly diverse consumer base.

That consumer is no longer the same as a generation ago. Today, wine lovers are younger, more adventurous, and more often women, “from trendsetters to lifestyle explorers.” Their tastes are lighter and fresher, and the surge of white wines is reshaping the market. Riesling, Sauvignon Blanc, even Chenin Blanc are finding loyal audiences, with whites now accounting for 39% of EMW’s sales thanks to “double-digit annual growth” in the past five years.

Retail is another front of rapid change. Instant retail platforms have turned alcohol into a fast-moving category, though often at the lower end of the price spectrum. Nagore sees EMW’s role as crucial here — delivering brands with strong recognition and reliable supply, while nurturing the image and margins that protect long-term value. Beyond wine, diversification is also underway, with sparkling tea proving a surprise hit in Hong Kong and set to roll out across China.

In this interview, Nagore reflects on what these shifts mean for EMW and the wider industry — from the resilience of Chinese consumers to the future of on-trade dining — and why the next chapter of growth will depend on balancing reassurance with reinvention.

Q: You officially joined EMW in April. It has now been more than four months. How has the experience been so far? What priorities have you set for yourself and the company?

Oscar Nagore: The experience has been extremely rewarding, and the welcome from every level of the organization has been fantastic. I quickly realized the commitment and dedication of each of our employees — it feels more like we are working for a cause than for a company.

Since I took the position of CEO, “stability” has become a constant theme in our meeting rooms. Providing reassurance to our partners is at the heart of our daily work, especially given current market conditions. We have gone to great lengths to ensure the continuity of EMW’s legacy.

Another priority has been to refine both internal and external operations, making sure we are better suited to adapt to new consumption patterns. EMW is now evolving into a more flexible, organized, and proactive partner across Greater China.

Q: China’s wine industry is contracting, and many distributors are cutting back. Has EMW felt this pressure, and how are you navigating it?

Nagore: The industry is shifting toward pragmatism and organic growth, though there is still some speculation among smaller players. The days of reckless risk-taking are giving way to smarter, healthier financial management.

For importers and distributors, this means challenges not only in sales channels but also on the procurement side. We must view these changes as part of the market’s natural evolution. Adaptation and innovation — in both operations and product strategy — are key. That is how we capture opportunities, build brands, and strengthen consumer confidence, ensuring our presence remains viable and relevant.

Q: The BYOB habit is still deeply rooted in China, especially outside Shanghai. Against this backdrop, what opportunities remain for wine in the on-trade channel?

Nagore: BYOB is most common in premium and private dining, but less so in bistros or banquet halls. Some premium operators are engaging younger consumers with more interactive experiences. Others rely on curated wine lists and competitive pricing to encourage spending. More restaurants now offer set-menu deals — from meal-and-wine bundles to “all you can drink” packages.

Distributors need to take a long-term approach. That means offering added value, education, stronger partnerships with producers, and brands that fit the new reality. In some cases, this also means expanding into non-alcoholic options.

Q: Do traditional business occasions in China still present opportunities for wine?

Nagore: Regulation has clearly hurt the premium and super-premium segments. For that reason, maintaining a balanced and diverse portfolio — of brands and clients — is vital. Business occasions still exist in private settings, and we’ve seen an uptick in international business spending at fine-dining venues. We’re confident the second half of the year will validate the groundwork we’ve been laying.

Q: Instant retail is expanding rapidly, and alcohol is becoming a growth driver. How do you see this space, and does EMW plan to expand further into it?

Nagore: Instant retail is growing fast, mainly driven by lower-priced wines. Some chains are under intense pressure to buy at rock-bottom prices, and some even import directly. This is where a premium importer like EMW brings value: delivering brands that already have market recognition, along with business support and reliable supply.

Retail, in all its forms, is critical. It shapes brand image, protects margins, and sustains quality service. It must be nurtured with care to deliver a good experience to the consumer.

Q: Younger consumers are driving “self-indulgent” consumption, with categories like New Zealand Sauvignon Blanc gaining traction. Has EMW benefited, and do you see this as sustainable?

Nagore: Yes, Riesling and Sauvignon Blanc have performed strongly, and even niche varieties like Chenin Blanc are seeing attention. EMW has been adding such varieties since its founding 22 years ago.

Most growth is in white wines below RMB 200, with some gains at the high end. But one must be cautious: import data doesn’t always match depletion data. Some importers bring in stock without sales plans, which distorts the picture.

The consumer is resilient. But unless this trend becomes part of daily consumption, it remains marginal. If growth continues for the next five years, and the industry sustains education and activation, it could indeed become the next big thing.

Q: White wines, especially Riesling and Sauvignon Blanc, have been rising in popularity. Has this shown up in EMW’s portfolio?

Nagore: Absolutely. Over the past five years, white wines have delivered double-digit annual growth and now account for 39% of our sales.

Q: You’ve emphasized the importance of diversification. How is EMW pursuing this?

Nagore: We have reorganized to improve channel performance and adopted more flexible approaches to capture leads and deliver better service. Team building is central — we’re always looking for talent that aligns with our culture and vision.

We also adapt our portfolio based on client and consumer feedback. For instance, we launched sparkling tea in Hong Kong and Macau with great success, and we will soon roll it out in mainland China, in both alcoholic and non-alcoholic formats.

Q: What stands out to you about today’s wine consumers in China compared with a generation ago?

Nagore: Today’s consumers are more diverse. There are far more women, and younger wine lovers are coming from every background, from trendsetters to lifestyle explorers. Preferences mirror global trends: lighter reds, whites, sparkling wines, and organic options are all popular.

The market has slowed for a decade, but opportunities continue to emerge. Importantly, consumer awareness of wine is higher than ever. When recovery comes, that awareness will be a powerful driver of growth.