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Decline in US Demand Makes Bordeaux Wine Industry Rally For Survival
US importer Chateau & Estate Wines (DC&E), a subsidiary of UK drinks giant Diageo, last year ended a 35-year relationship with Bordeaux fine wine and began aggressively liquidating tens of millions of dollars' worth of stock at 40 to 60 percent discounts.
DC&E was for years the largest US buyer of Bordeaux and had amassed a huge cellar, which is now being sold off.
Diageo, which remains in the Bordeaux business outside the United States, left the US market for Bordeaux fine wine in the face of enormous unsold stocks, shrinking profit margins and a trend among US consumers toward less expensive wine.
"DC&E still has a huge inventory -- thousands of cases, it's still on the (US) market, hanging over our necks like the sword of Damocles," Guillaume Touton, owner of US importer-distributor Monsieur Touton Selections, told AFP.
"We have a very risky situation."
Some vintners have taken the unprecedented step of buying back their own wine.
"When it was official that DC&E was stopping everything and going to sell off its stock, immediately we were in contact," recounted Jean Merlaut, owner of Chateau Gruaud Larose.
"We said that we wanted to buy back our wine that they still had in stock."
In late December, 2,700 cases of Gruaud Larose, going back 15 vintages, returned to the cellars of the chateau.
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