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News
ASC Fine Wines expands partnership with Grace Vineyard
ASC Fine Wines has expanded its partnership with China’s leading family-owned winery, Grace Vineyard, to take on its distribution beyond mainland China to Hong Kong and Macau.
Yoshihiko Shibuya, CEO of ASC Fine Wines, and Judy Chan of Grace Vineyard, signing the newly expanded partnership agreement in Chengdu at the St. Regis hotel
The news was announced during the Chengdu wine fair, following more than two years of partnership since Grace Vineyard first signed on with ASC Fine Wines in January 2017.
Starting from 21 March this year, ASC Fine Wines will not only be responsible for distributing Grace Vineyard within mainland China, it will now take on its all-channel distribution in Hong Kong and Macau.
Previously Grace Vineyard wines were sold in Hong Kong through Ponti Wine Cellars.
Speaking of the expanded partnership, Judy Chan, president of Grace Vineyard, praised the partnership for not only helping Grace Vineyard’s wine sales but also building the family winery’s brand.
“We have seen the highest growth in history since we started working with ASC Fine Wines. Sales is one thing, but more importantly, it’s brand building,” Chan commented.
The expansion of the partnership also rides on the back of Chinese government’s ambitious Greater Bay Area scheme, which aims to better integrate South China with Hong Kong and Macau economically and socially.
“As the Hong Kong market integrates further into the Greater Bay Area, we see a lot more cross over between the economies and markets. Consumers from South China and tourists from other parts are increasingly coming and looking for well-made wines from China. As the Greater Bay Area further develops, we believe there will be more opportunities,” added Jonathan Mather, general manager of ASC Fine Wines Greater South Region.
In the latest annual report posted by Grace Vineyard, it shows the company’s turnover in 2018 amounted to over RMB 72.5 million (US$10.8 million), a 3.1% increase compared with 2017. Its profit attributable to shareholders stood at RMB 6.16 million (US$921,000), up by 453.4% over 2017.