Drinks
China's $165 Billion Distiller Changes Course by Cutting Brands
- New leadership seeks to re-focus China’s Moutai on main brand
- Non-premium brands, customization unit shut down, people say
China’s love of a fiery grain liquor made Kweichow Moutai Co. the world’s most valuable alcohol distiller, and the company’s approach has been to milk that demand for all it’s worth.
But now a change in leadership is bringing a U-turn in Moutai’s strategy. Li Baofang, the new chairman of parent Kweichow Moutai Group, is rolling back the efforts of his predecessor, Yuan Renguo, who quietly departed the company last May after 18 years at the helm and was removed on Sunday from a key political position in the company’s home province.