Former Armit Wines Asia head sets up new company in Hong Kong

Following the announcement that wine merchant Armit was closing its Hong Kong office late last year, the former head of Armit Wines Asia, Richard Sutton, has launched his new company in Hong Kong called Phoenix Fine Wines & Vineyards, dbHK has learned.

With an emphasis on private collectors in Asia, the new company will offer fine wines for collecting and drinking, serving private and trade clients worldwide, as well as consultancy service for Chinese investors looking to buy Bordeaux estates, according to the company.

Pheonix is said to have stocks on hand for immediate delivery in Hong Kong and in bond in the UK, and can offer excellent value storage for their clients at Octavian Cellars in the UK.

Explaining his rationale for the new business, Sutton commented: “I have been fortunate to make friends and connections over many years in the fine wine industry, especially in Hong Kong, Singapore, Taiwan and Japan. Friends have become clients, and clients have become friends; that’s one of the reasons I love working in fine wine.”

Having lived and worked in Japan, Hong Kong, France and his native UK, Sutton boasts good sourcing connections among producers and négociants, as well as the London trade.

“With the fine wine market now in a healthy and stable position, this seemed the ideal time to take the step to owning and running my own business, which has been my ambition for some years. I am very grateful to our investors and clients for their confidence and support,” said Sutton.

In addition to wine offerings, the company also offers consultancy for clients looking to purchase properties in wine producing regions – especially in Bordeaux – to capture investors’ interest in the famous French wine region.

“We already have two search mandates from clients and, on the sell side, we have two high-profile Bordeaux châteaux. These are the type of estates which are always sold below the radar, off-market, due to the sensitivity and necessary discretion essential in such deals,” explained Sutton.

According to Michael Baynes, founder of the agent Maxwell-Storrie-Baynes, cited by The Telegraph, Chinese buyers make up 40% of all the buyers currently snapping up vineyards in the region.

Chinese actress Zhao Wei has purchased Château Monlot in Bordeaux, and billionaire Jack Ma owns three vineyards in the region.