FNB News - iDealwine, wine auction website based in France, launched in Hong Kong

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iDealwine, wine auction website based in France, launched in Hong Kong

Wednesday, 15 January, 2014, 08 : 00 AM [IST]

Hong Kong

iDealwine (www.idealwine.com), a wine auction website based in Paris, was launched in Hong Kong recently, cementing the Asian region’s growing role as a global wine trading hub. The company is expected to provide customers in Hong Kong and mainland China effective service when it comes to the purchasing, payment and delivery of wines from across the world.

It would provide customers with numerous advantages over traditional ways of buying wine. Featuring France's finest labels, including the grand crus. Monthly auctions would be conducted, where several thousand bottles of vintages of the finest crus, which far exceed the typical stock available at retail outlets, would be offered.

The comprehensive range of wines on sale is mostly sourced from private cellars, to ensure a rare collection, with the auction prices generally falling 30 to 50 per cent below the Hong Kong retail level, and occasionally, even below the wholesale level. They make for a sound investment, and customers could net a high return on their investment if their wines are resold through iDealwine.

iDealwine allows customers to order wines from the comfort of their own homes 24/7, and their purchases, which would directly be forwarded by air from France, would duly be delivered to their doorsteps in temperature-controlled vans in ten or fewer days.

The online purchase transaction is extremely secure, and the payment gateway has the highest security level with data encryption. Even iDealwine does not have access to customers' credit card details, and a secure payment platform provided by FIA-NET protects customers against any attempted fraud.

First outside Paris
The Hong Kong venture is iDealwine's first presence outside Paris, and the city is a natural choice for its expansion. Since the abolition of wine duty in 2009, Hong Kong has become an important wine-trading and buying hub, and since then, the demand for wine, particularly French wine, has exploded both in the city, and in the massive market across the border in China.

iDealwine participated in the city's International Wine and Spirits Fairs since 2010, resulting in a growing client base in the city.

The growing affluence of China’s massive middle-class sees them increasingly turn to the enjoyment of the finer things in life. In the recent Hurun Chinese Millionaire Wealth Report 2013, Chinese millionaires’ passion for red wine continues its dramatic growth. Seventy per cent of those surveyed consume alcohol, and 50 per cent consider themselves connoisseurs of red wine.

French wines are by far the most prestigious globally, but this is particularly true in China, where they account for 48 per cent of the wine sales by volume and 52 per cent by value.

Bordeaux remains the most important region, accounting for 50 per cent of the wine sales in China, with rapidly-rising prices which are now beginning to stabilise. Recently, Burgundy has enjoyed a surge in popularity, and now makes up 30 per cent of the sales in the country, with wines from the Rhône Valley accounting for a further 10 per cent.

According to market research company Nielsen, more than a third of mainland Chinese wine consumers have bought their wine online, with 77 per cent of wine drinkers expressing an interest and readiness to buy more online. That is partly explained by the young demographic that is buying wine in China, as more than 50 per cent of wine buyers there are in the age group of 25 to 44.

The most common motivations cited for choosing to shop online were price; the opportunity to have wine delivered to the buyer's homes, and the range of wines available.

“We believe that our offer is perfect for the Asian market,” said Cyrille Jomand, chief executive officer, iDealwine.

“We provide old vintages that are hard to find in Asia. Our high level of service, including sourcing, guarantees of authenticity and door-to-door delivery, corresponds with Asian demand. We see a huge potential in Asia, and opening a representative office in Hong Kong is a milestone in iDealwine’s development in the region.”

Though buyers cannot physically examine the wines they are buying, they can rest assured of their authenticity. iDealwine’s full team of wine experts in France will meticulously check each bottle before putting it up for auction. Special attention will be placed on examining the label, level and cork condition, and every bottle is guaranteed to correspond to the lot described online.