China's Largest Wine Maker Targets Chile Amid International Pushby
Changyu wants foreign revenue to make up 30 percent of total
Company bought Spanish winery Marques del Atrio last year
Yantai Changyu Pioneer Wine Co. plans to buy vineyards in countries including Chile and Australia as China’s largest wine maker expands abroad.
“As the next step in our international expansion, our priority now is Chile,” Sun Jian, Changyu’s deputy general manager, said in an interview in Madrid earlier this month through a translator. “Australia would come next.”
Changyu wants to take advantage of beneficial trade terms with wine-producing countries such as Chile as it aims to boost the contribution of foreign sales to about 30 percent of revenue within five years from about 8 percent now, Jian said. Changyu acquired French cognac maker Roullet-Fransac in 2013 and the Spanish wine producer Marques del Atrio last year as its international expansion continues.