Chinese retailer Jiuxian plans Bordeaux winery deal
Date£º
2016-12-12 13:50 Source£º
https://www.decanterchina.com Author:
Translator:
Chinese online wine and spirits shop Jiuxian.com has said that it plans to invest ¡®a maximum of 83 million RMB (10 million euros)¡¯ to buy a Bordeaux winery.
While the company hasn¡¯t named a target, it said that it plans to directly import wines from the producer.
The move provides further evidence to the booming interest from Chinese investors in Bordeaux properties.
Jiuxian said a deal would ¡®complement the current operational structure of the company¡¯.
The winery purchase is planned to be conducted through Jiuxian.com¡¯s soon-to-be-established branch company in Hong Kong.
The purchase is expected to be a joint venture of multiple investors. Jiuxian.com plans to invest a maximum of 10 million RMB of its own money.
Jiuxian.com told local media Wine Business Observation that the purchase will be ¡®an extension from the company¡¯s existing direct-sales operations¡¯.
The move came after the online shop said that it achieved a 20 million RMB increase in gross profit during China¡¯s annual ¡®Single¡¯s Day¡¯ online shopping festival, which was again hosted on 11 November.
The company refrained from announcing the total sales figure of this year¡¯s shopping festival.
(https://www.decanterchina.com/en/news/chinese-retailer-jiuxian-plans-bordeaux-winery-deal)