Despite being set up as a “collector’s hobby” two years ago, a Perth wine business has cornered the Asian market.
Exel Wines on South Street revealed that 90% of its fine wine sales within the last year have come from buyers in China, Hong Kong and Macau.
Operations manager Russell Wallace said that up to £250,000 of Bordeaux and other top-end red wines had been sold every month by the company in the Far East.
He said, “We’ve seen a huge swell of interest in recent years from Asia and nearly all of our fine wine sales now come from the Far East.
“Buyers are desperate for the highest quality Burgundy and Bordeaux wine and they are willing to pay high prices for the right bottles.”
He added, “In China, in particular, there are a lot of wealthy businessmen who want to find the best wines but unlike in the west, they buy the bottles in order to drink them.
“Across Europe, fine wine is seen as an investment that will be held for anywhere between 10 and 20 years and is only drunk on rare occasions, but in Asia they are purchased and drunk because of their exclusivity.”
Mr Wallace told The Courier that customers were approaching Exel Wines rather than going directly to dealers in France because the Perth business offers rare items at a better price.ChallengeHe said, “The challenge is that the merchants in Asia are always on the look-out for the best deals and they are very shrewd businessmen.
“Their clients demand that bottles are in pristine condition and that all of the labels are immaculate which can be quite a challenge for wines that have been in a cellar for 30 years or more.
“You can’t just sell anything and hope to achieve the top prices, as Asian tastes demand the very best of the best.”
He added, “We have to work hard to source the kind of premium wines that are in highest demand and even then there are dozens of other exporters who you have to compete with in order to secure the best sale.
“It’s a very different arena to work in than Europe, but there’s no doubt that the Asian market will continue to be a key area for UK wine merchants like us in the years ahead.”
As well as taking advantage of the boom in fine wine sales in the Far East, Exel Wines also hopes to introduce the people of Perthshire to the delights of a good vintage.
Mr Wallace said, “People who visit the shop seem to be reacting well to it and they have been very interested in all we have to offer, as well as making themselves regular customers.”
Photo used under a Creative Commons licence courtesy of Flickr user alexb