Torres predicts China correction

Miguel Torres has added his voice to those predicting that China’s wine importers may be facing a period of consolidation following a phase of rapid expansion.

This has seen the number of customs registered importers grow from 800 just a few years ago to almost 4,000 in 2011.

“I am concerned that we could get an oversupply of wine coming from the massive imports from some of the new importers,” Torres told the drinks business. “We have started to see that some of the local companies are retreating from the market after just two to three years of being operative and other international companies are more reluctant to start in China.”

Torres, whose eponymous company was one of the first to invest heavily in building a distribution….