UK-based wine broker Fine+Rare Wines has opened an office in Hong Kong to capitalise on growth in the fine wine market.
F+R claims the Hong Kong branch has the potential to outperform its London office, with the Far East market already accounting for more than half of its trade.
‘We believe the huge surge in demand from the Far East, especially China, will change our business for ever,’ Simon Davies, marketing director at F+R told decanter.com.
‘Setting up our Hong Kong office is a first important step in embracing this mushrooming market, which may even outgrow our established London operation over the next 10 years.’
The timing of F+R’s move to Hong Kong follows the abolition of a 40% import tariff on wine in 2008.
‘We have always had key contacts in Hong Kong and the drop in duty rates last year was the catalyst for us.’ Davies added.
The London office has sent one of its employees to Hong Kong to set up the office and hopes to add to the team by sending existing London employees to the far East and by recruiting locals.
It will join other British fine wine specialists including Farr Vintners, Bordeaux Index and Berry Brothers & Rudd, which already have Hong Kong branches.
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Written by Rebecca Gibb