ASC closes Shanghai wine residence

ASC has announced it will close down its private wine tasting venue in Shanghai in order to focus on its other core businesses.

In a statement released today, the fine wine importer in China reported that it was “consolidating the company’s resources to focus on portfolio optimization and business expansions” amid “the ever changing wine market in Mainland China.”

Opened in 2007, the Wine Residence Shanghai tailored to ASC’s high net-worth private and corporate clients but in light of the fine wine market slow down, ASC has decided to channel its resources elsewhere including building new sales platforms including e-commerce, growing its distribution networks and its market penetration in China’s second and third tier cities.

Bruno Baudry, ASC’s CEO said, “Due to the market changes of the last three years, we have to make the decision to close down the Wine Residence Shanghai.

“We are most grateful for all the support we received from the members and customers along the years and although the Wine Residence will be there no more, ASC’s unwavering commitment to providing the best possible wine and wine services to its customers will continue to stand.”

Baudry also went on to say that ASC was keen to add brands that are popular in the e-commerce channel and to China’s new younger generation of wine drinkers, and added that “ASC Fine Wines is ever so committed to the Premium Fine Wine category; it is in our DNA.”

ASC’s announcement comes after its co-founder Don St. Pierre Jr stepped down and the more recent news that ASC and Jackson Family Wines had severed their partnership.