Hong Kong firm swallows Médoc estate
AFP · 6 Dec 2012, 20:34
Published: 06 Dec 2012 20:34 GMT+01:00
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King Power, which has offices in Hong Kong and Bangkok, also has investments in food and beverages, including wine interests in China, real estate, manufacturing, sports, brand development and leisure.
The acquisition of Chateau Bernadotte marks a new departure for the company, broadening its drinks and retail strategy, while capitalising on a synergy between its various activities.
Château Bernadotte operates a 40-hectare vineyard in Bordeaux's prestigious Médoc region, producing 200,000 bottles a year.
It is ranked as a Cru Bourgeois, below the level of classed growth wines but still considered to be of good quality. A bottle of a recent vintage would retail at the cellar door for around 10 euros ($13).
The property was acquired by Roederer in 2007 when the Champagne family bought second growth Château Pichon Longueville Comtesse de Lalande.
Roederer has invested millions in renovating and improving their Bordeaux properties, but this is the second estate it has let go, following the sale of Château Reaut to a group of investors.
Originating in Hong Kong, King Power is a major player in the duty free sector across Asia. It operates a retail network carrying an extensive portfolio of top drawer brands, including Cartier, La Perla and Godiva.
In 2006, the group acquired French costume jewellery chain Agatha.
In the drinks business, it already distributes brands including Hennessey, Remy-Martin, Courvoisier, Dom Perignon, and Bordeaux first growths Château Lafite-Rothschild and Château Mouton-Rothschild.