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‘Penfolds Heir’ Stirs Controversy by Backing Penfolds Lookalike

Vietnam Proposes Major Hike in Alcohol Taxes/ Concha y Toro Sales in China Drop 19.8%/ Taiwan’s First Master Sommelier

Author

Natalie Wang
August 21, 2024

Hi, it’s Natalie from Vino Joy News. This week’s headlines are packed with must-read updates across Asia’s dynamic wine industry.

Vietnam, one of Southeast Asia’s fastest-growing wine markets, is facing a potential tax hike on alcoholic drinks, including wine—what could this mean for the region? Concha y Toro, Latin America’s wine titan, reveals the impact of Asia’s downturn in its H1 results.

Brand Finance has just unveiled the world’s top 10 most valuable Champagne and wine brands—did your favorite make the cut? Plus, a Penfolds heir has sparked debate in China by backing a Penfolds lookalike, which is being sued by Penfolds parent company Treasury Wine Estates. Meanwhile, Taiwan celebrates a milestone as it welcomes its first-ever homegrown Master Sommelier, Kevin Lu. Dive into these stories and more in this week’s edition.

Vietnam Proposes Major Hike in Alcohol Taxes, Doubling Wine Excise by 2030

The Vietnamese government has proposed a significant increase in alcohol taxes, with plans to double the excise tax on wine by 2030, according to a draft regulation. The new tax structure, set to be implemented in phases, aims to curb excessive drinking in the country, where alcohol is considered particularly affordable.

Concha y Toro Sales in China Drop 19.8% Amidst Broader Asian Decline

The downturn in Asia, driven by slumping sales in China and South Korea, contrasts with the company’s overall global growth.

World’s Top 10 Most Valuable Champagne & Wine Brands

Changyu, China’s top wine brand, saw its brand value plummet by 33% in 2024, slipping from second to fifth place in the latest global ranking of wine and champagne brands, according to the Brand Finance Alcoholic Drinks 2024 report.

‘Penfolds Heir’ Stirs Controversy by Backing Penfolds Lookalike

As the Penfolds brand gained iconic status in China, a surge of counterfeit “Penfolds” wines has flood the market. But the latest twist was unexpected: a wine company not only established a “Penfold Family Wine Club” in China but also enlisted a man claiming to be the “seventh-generation heir of the Penfolds family” to endorse their activities.

Kevin Lu Becomes Taiwan’s First Master Sommelier

Kevin Lu, a Taiwanese sommelier, has earned the prestigious Master Sommelier (MS) diploma from the Court of Master Sommeliers, making him the first from Taiwan and only the second Chinese individual to achieve this distinction.

Penfolds Unveils Ultra-premium Bin 180

Penfolds has introduced its 2024 collection of latest vintage releases in both Beijing and Hong Kong, including a premium release named Bin 180, priced at RMB 7,288 per bottle, surpassing its iconic Grange.

Global Fine Wine Trading Stalls, Index Drops 3.4% in H1 2024

The Liv-ex Fine Wine 100 index, a key measure of fine wine trading on the London-based Liv-ex exchange, dropped 3.4% in the first half of 2024, highlighting a broader slowdown in the high-end wine market that mirrors similar trends in China.

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