Source: Adelaide Now By Nigel Austin
SOUTH Australian-based Accolade Wines has bought a majority stake in the Shanghai distribution business Shanghai CWC Wine Trading Co Ltd.
Accolade chief executive Troy Christensen said the purchase would provide a springboard for Accolade’s expansion into the fast-growing Chinese market.
Mr Christensen said it had an established relationship with the business which has been distributing Accolade’s wines in China and Mongolia for many years.
“We will now be in a position to extend our presence in the market,” Mr Christensen said.
Accolade’s commercial general manager, Asia, Freddie Choong said its offices in Shanghai and Beijing would provide a solid platform from which to rapidly build its market position.
“Accolade Wines has an unparallelled range of brands and wines with labels showcasing Australian, South African, Californian and New Zealand brands,” Mr Choong said.
“As Chinese wine consumers are now rapidly exploring the world of wine, this acquisition ensures we are well placed to provide an exciting suite of wines from icons through to premium and commercial wines.”
Shanghai CWC shareholders including manager Bong Ha will retain a minority stake in the company and he will continue to manage the business.
Mr Ha said Accolade’s diverse wine portfolio from multiple geographies and outstanding wine-making expertise meant the company had the capacity to not only offer its existing wines to Chinese consumers but to develop wines specifically for the Chinese market.
Accolade Wines is a global wine company with some of the world’s best known brands including the historic Hardys brand, which are sold in more than 80 countries.