Top 10 news of 2018 in China’s wine market

7. Alibaba invests RMB 2 billion in

This was perhaps the biggest investment in the past year in China’s drinks industry when the country’s e-commerce giant Alibaba injected RMB 2 billion (US$288 million) into Chengdu-based online drinks retailer, 1919 Wines & Spirits, bolstering its confidence in the growth of drinks sector online.

The investment made Alibaba the second biggest shareholder of the alcohol specialist.

The investment will be allocated to expand’s presence across China, part of which will include opening 2,000 new retail stores this year.

“The wine and beverage industry is a trillion-dollar market, which is a great fit for promoting Alibaba’s new retail strategy to keep pace with the fast-moving business,” Hu Weixiong, the president of Tmall’s retail department, was quoted as saying.

Founded in 1998, saw its revenue grew to RMB 3.3 billion (US$475 million). Its turnover in 2019 is projected to reach RMB 7 billion based on a projected growth rate of 55.56%.

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