Charles Winn LLC are proud to announce huge expansion plans for 2020/2022, with strategies in place to more than double the size of the team in the next 24 months. This latest development comes after a hugely successful market for fine wine over the last decade, which has seen a growth of 234%.
With a goal of $500million of Fine Wine under management, Charles Winn have confirmed that they are on track to surpass all business objectives and the new opening of a flagship office in China will further benefit proceedings.
Below details an explanation of the importance of China in the fine wine market.
China’s new wealth – No rules for the rich
Notorious for their love of luxury goods, producers around the world are finally understanding Chinese tastes and requirements. While China’s middle class may be suffering from high inflation rates around the country, it seems that the rich aren’t slowing down. BMW experienced huge profitable gains and almost quadrupled its first-quarter profits and other premium brands have witnessed equally impressive statistics.
Spurred on by demand, luxury production in China is only going up with the country now buying 12% of the world’s luxury goods, according to Barclays Capital. The report forecasted that this rate will grow by 20-30% a year meaning that in just five years’ time, China could be buying a third of the global luxury goods output. These latest figures back up the ever-increasing number of millionaires choosing to reside in China – with the total number of Chinese millionaires having increased more than 31% since 2008, according to the most recent Merrill Lynch Cap Gemini World Wealth Report.
High-flying profiles need premium products to live alongside including fast cars, expensive clothes and first-class flavours. Hong Kong’s wine collectors play a significant role in the global luxury market and, according to a survey for the Guide to the Hong Kong Wine Trade, purchasing wine from a UK merchant is similar to a kid in candy store.
Charles Winn, Managing Director commented: “Our private customers are big buyers in their own right, some bigger than many wholesale accounts… The UK offers a price advantage; UK merchants bring rich history and depth of relationships that are very helpful to Cru when it comes to sourcing and allocations.” He concluded that the weak pound makes it especially attractive to buy from Britain.