China's wine deal in SA
Fin24.com - Dec 6th 2013, 08:49
Cape town - Following on China’s recent significant investments in the French wine industry, especially in Bordeaux, they have also made their first investment in the South African wine industry.
Perfect China, the 51% shareholding partner in Perfect Wines of South Africa, has purchased the wine cellar at Val de Vie Estate in the Cape Winelands, between Paarl and Franschhoek.
The purchase also includes a 25ha wine farm with 21ha of vineyards and the historic manor house dating back to 1783.
The cellar facilities will be used by Perfect Wines of South Africa, a joint venture that was formed in 2011 between Hein Koegelenberg, of Leopard’s Leap, and Perfect China in Yangzhou.
The L’Huguenot brand was born out of this joint venture and has already been responsible for the export of 2.8 million bottles of wine to China in 2011 and 2012.
This amounts to about 25% of the total annual South African wine exports to China.
Perfect China distributes the L’Huguenot wine brand in the Far East with a direct sales team of more than a million agents and via 5 000 depots in China as well as infrastructure in Malaysia, Thailand, Hong Kong, Indonesia, Singapore, Taiwan and Vietnam.
“The Chinese wine market is very important to our industry and this first Chinese investment in the South African Winelands is a clear indication of their interest in our wines and can lead the way to a bright future for the export of SA wine to the East”, said chair of Perfect Wines of South Africa, Hein Koegelenberg (also CEO of La Motte and Leopard’s Leap Wine Estates).From Fin24.com
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