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After Hong Kong reported alarming infection numbers within days, the city has reverted to strict social distancing measures including putting a cap on numbers at restaurants, bars and nightclubs.
The upcoming ProWine China, the longest running international wine fair in China, will serve as a bell weather for what’s to come in the post-coronavirus wine market, as the organizer gears up to meet pent-up demand from the wine trade after a long lull.
Australia’s biggest wine company, Treasury Wine Estates, has issued a profit warning as much as 20% for its core earnings for fiscal year 2020 and withheld guidance for 2021 due to the coronavirus pandemic.
One 6-litre Methuselah of Romanée-Conti 1999 doubled its previous estimate and was sold for over HK$2.1 million, as part of the Sotheby’s three-day wine auction that saw fierce bidding and stunning results.
The fourth vintage of Ao Yun, the Chinese wine owned by LVMH, was released in the UK yesterday at £2,340 per case (12 bottles), offering a 10% discount for its best rated wine yet.
Chateau de Pic, a Chinese-owned Bordeaux estate in Cadillac, has been sued by its local employees after abruptly firing its staff and failing to pay five months of salary, bringing the winery’s poor management and dire financial situation into the forefront.
Australia made a point in its Vision 2050 report to reduce its heavy reliance on China, and cross-border travel ban between China and Hong Kong will take its toll on the grey market wine trading.
The “real brights spots” driving China’s wine market growth pre-Covid will return once the market normalizes, says IWSR CEO.
Remember when people used to say that beer tasted like urine? Some people in China started spreading rumors that it doesn’t just taste like it but is made out of it.
The goal for the nation-wide promotion tour is to empower wine trade to gain more resources to communicate and promote wines in China.