The deal marks a major step for the Beijing-based company, which is apparently on a buying spree to polish its fine wine portfolio as part of preparations for what many speculated would be an exit on the stock market, when its rapid growth over the last decade was mainly. associated with promoting sales of affordable wines.<\/p>\n
According to the official press release, the deal will allow Familia Torres to invest in Summergate under Wajiu to “drive the next stage of the imported wine business in China,” and in return, Summergate will acquire Torres China.<\/p>\n
Founded in 1999 by Familia Torres as a distribution company in China. It was one of the first importers of Spanish wines in China and in less than 10 years it became one of the largest in the country, representing 400 wines including Vega Sicilia, Joseph Drouhin, Champagne Tattinger and Pio Cesare.<\/p>\n
Group photo of Wajiu Group, Summergate and Familia Torres representatives (photo: handout)<\/p>\n
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Group photo of Wajiu Group, Summergate and Familia Torres representatives (photo: handout)<\/p>\n
” data-medium-file=” data-large-file=” decoding=”async” src=” alt=”” class=”wp-image-59089″ width=”640″ height=”432″ srcset=” 1024w , 600w, 768w, 1178w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″\/>Group photo of representatives of Wajiu Group, Summergate and Familia Torres (photo: handout)<\/p>\n
Speaking of the deal, Miguel Torres Maczassek, CEO of Fam\u00edlia Torres<\/strong>said: “We are very pleased with this partnership with the new summergate because I am convinced that it will ensure a bright future for all the brands that we have had the honor of representing all these years in China through our company Torres China” .<\/p>\n Echoing this sentiment, Berny Yang, CEO of Summergate Greater China<\/strong>, highlighted the changing market dynamics and the shared vision of Torres China and Summergate. “We recognize the imperative need to adapt to unlock the immense potential that awaits us. It is an honor for Summergate to be recognized by the Torres Family for this strategic partnership. We have been deeply inspired by their determined commitment to building their brands in China, and we admire Torres China’s remarkable achievements in setting such high service standards. Summergate is determined to carry forward its legacy alongside the Torres Family.”<\/p>\n “Mergers and acquisitions are a core part of Wajiu’s global expansion strategy,” he explained Eric Yang, CEO of Wajiu International<\/strong>. “Our decisions are based not only on expanding our breadth of distribution, but also on expanding our reach and fostering synergies. Summergate and Torres China represent how digitization and the solid logistics support of storage of the WAJIU Group can amplify their customer service capabilities and add value to brands. This approach will be emulated by our Wajiu International team in numerous overseas markets, especially now that we have more valued business partners on board.”<\/p>\n Excited by the prospects, Alex Li, Chairman and CEO of Wajiu Group<\/strong>, expressed his enthusiasm, stating: \u201cAs the Wajiu Group, we deeply value our relationship with Familia Torres and look forward to the synergistic benefits that this merger will bring. We strongly believe that the Chinese wine market will soon become a more efficient and mature industry, driven by the confluence of exceptional brands and formidable distribution channels powered by the Internet and information technology.\u201d<\/p>\n However, the press release does not mention whether under the new ownership structure Torres Xina staff will remain or how it will affect the brands that Torres Xina currently represents. An internal email sent today by Torres China management, seen by Vino Joy News, appears to indicate that the company has just broken the news to its wineries and is requesting conference calls with them “as soon as possible” to explain the deal with detail<\/p>\n wajiu<\/strong><\/p>\n Founded in 2014 by Alex Li, Wajiu has become a strong advocate of demystifying and destigmatizing wine. Its growth strategy focuses on promoting everyday, affordable and sometimes cheap OEM wines in China, in contrast to the predominant focus among larger wine importers on building brands and fostering a culture of the ritual wine.<\/p>\n Convinced that Chinese consumers are not concerned with countries of origin, varieties or winemaking techniques, Li attributes the wine’s lack of popularity to its unaffordable prices. “There is no need to delve into culture, consumer behavior or stories,” he said in an interview with Chinese media<\/a> talking about wine promotion. “The reason beer gained popularity so quickly is because it doesn’t put a dent in the wallet. I think when wine is sold at reasonable prices without the veil of luxury, it will soon become popular.”<\/p>\n Headquartered in Beijing, Wajiu Group provides services including global wine trade, international supply chain, integrated domestic storage and delivery services, wine brand cooperation and promotion and other businesses. It has three subsidiaries, Wajiu International, Wajiu Service and Wajiu China.<\/p>\nLike this:<\/h3>\n