With rapid changes accelerated since 2020, Wine and Spirits industry, like many other sectors, is experiencing the reformation in terms of consumer behaviors, branding and social values, channel transformation etc. As a response, WINWSA 2021 organised its first crossover roundtable, unifying the think tanks and top influencers from wine and luxury worlds. The talk “Women In Wine & Spirits Meet Luxury” was held in Shanghai, China at the end of June, to scrutinize key changes in both worlds.
The panelists from luxury world include: Shaway Yeh, the pioneer of Sustainable Fashion Movement in Asia, Qiong Er, CEO of Shang Xia, Johannes Neubacher, Chief Content Advisor of WWD China. The guests from wine world are Jing Yuan, Sales Director of AXA Millesimes Asia, Emma Ding, CEO of Jade Vineyard and Gauillaume Brochard, Founder of MSL Group, who is also the only panelist with experiences in both fashion and wine world.
Other guests of honor and panelists include the editors and publishers from leading media, such as Qing Shen, Managing Director of Tatler China and Lu Jie, Senior Editor of Bloomberg Businessweek China.
There have been many common trends and similar routes for fine wines and luxury, thus the roundtable we set is to scrutinize those similarities and differences, through the exchange from experts of both worlds.
Fragmented markets and Brand Renewal
Sustainability in wine and fashion
New channels, new retailing and young consumer patterns
BRAND CULTURE RENEWAL & PORTFOLIO
In fine wine and luxury world, there are many brands with over 50 – 100 years’history; how to renew or create a more relevant messages to today’s consumers? With the market further fragmented, how we manage a successful portfolio strategy?
YOUNGER CONSUMERS & COMM –RETAIL CHANGE
The high dependence on EC and social media trigged the new pattern?
The topic attracted audience attention and was heaten up by debates between the panelists from sustainable fashion pioneer and winery representatives.
The emerging interest in sustainability is confirmed by a growing academic journals and scientific communities. However, the word “sustainability” has so many definitions that it holds a shadow of ambiguity: being sustainable is often misunderstood with being organic or biodynamic. As stated in Science Direct Journal in 2019, “The wine industry is concerned about sustainability in both senses: it confronts threats from sustainability issues, such as climate change, chemical exposure and water and energy availability and its activities have their own impacts.”
Context is everything and one-size-fits-all solutions are not appropriate for the entire world of wine. The wine estates need to make critical decision to achieve a balance based on thorough evaluation on macro environment, nature, economical feasibility and market perception. Among the external drivers, consumers’ involvement in sustainability is also reshaping wineries’ interest toward this issue. In fashion business, it has been found that communication between fashion companies and consumers is significantly important. When participants are provided with information about environmental effects, they tend to reflect upon their behaviour and are willing to change that behaviour; this has been particularly demonstrated with regard to the energy effects of laundry and the social effects of clothing production. What we might borrow from the fashion business, is the high level engagement of consumers via constant communication and education on sustainability.