Japanese beverage giant Suntory has sold ASC Fine Wines, a Chinese wine importer and distributor, back to its original owner, the St Pierre family.
ASC Fine Wines was founded by Don St Pierre Jr and his father, Don St Pierre Sr, in 1996 and was then acquired by Suntory in 2010. The company has imported and distributed more than 1000 products from over 100 wineries in 15 countries.
Suntory said the challenging environment in the Chinese wine market had made it consider the future of ASC Fine Wines, and ASC also said that it would develop to adapt to the demands of the Chinese wine market while enhancing its core strengths, with the support of the St Pierre family.
Don St Pierre Jr will reportedly become the executive chairman and CEO, while his wife, Monica Xu St Pierre, will be the lead director, focusing on people, culture, and consumer experience.
The transaction is expected to be completed in the coming months, and the total number has yet to be disclosed.
Earlier this year, Suntory Oceania named Dai Minato as CEO of its beverage and food division, effective this month.
