Category: Burgundy

Old World Wines Gaining Share Across US On-Premise

CGA by NIQ’s latest On-Premise Measurement Research explores the share of total wine, with a focus on domestic white and red wine categories across the US, to highlight the opportunities for suppliers as old-world wines continue to gain share.

Using insights from the latest 52-week period of CGA’s OPM data to 12/31/2022, it is apparent that domestic wines account for the largest share of total wine across the US On-Premise (66.4%), but opportunities emerging for suppliers and operators to capture changing consumer preferences as they explore and consume old-world origin varietals.

At a total US level, domestic wines still hold the largest share of the market, however, old-world wines have continued to gain share. While domestic share has largely been maintained (-0.8pp), recent share changes demonstrate that US consumers are increasingly opting for old-world wines, specifically of regions including Italy (+0.5pp), New Zealand (+0.3pp) and France (+0.2pp).

Within red, domestic wine continues to hold a significant proportion (72.8%) of the share of red wine, up 0.8pp vs YA – continuing to increase its importance in comparison to all other major origins. Within the category, international origin wines tracked are losing share, including Italy (-0.1pp), Argentina (-0.4pp) and Spain (-0.1pp).

Whereas, white domestic wine has lost share (-1.6pp) and holds 61% of total share of white wine. Consumers are increasing looking to old world regions for white varietals in the US On-Premise. Most notably, from Italy (+0.9pp) has seen the largest increase in share gain, followed by New Zealand (+0.5pp) and France (+0.3pp).

Andrew Hummel, Client Solutions Director for North America, states: “Category and varietal insights are so important to help shape effective strategies for the On-Premise. Consumer preferences are changing, and being armed with the knowledge and insight to adapt offerings will enable success in 2023. While domestic wines still hold the largest share of the market across the US, increasing competition and innovation is gaining traction with consumers. OPM data tracking over time gives a comprehensive view of how the channel is evolving and helps identify opportunities for growth.”

Here is the research link: https://cgastrategy.com/unlock-the-potential-of-opm/

 

 

New Index “WB Stock Index (WBIX)” Tracks Performance of Public Wine Companies

A new tool rooted in publicly traded wine companies and offering insights into the health of the wine sector has launched on winebusiness.com.

The WB Stock Index (WBIX) is a composite metric representing a portfolio of 13 publicly traded wine companies, weighted by each company’s annual wine revenue. The index reflects the daily percentage change in stock price at the end of the previous business day according to the significance of each producer in the marketplace.

The baseline for the index is Jan. 1, 2020, a time of strong performance by other indices and well before the onset of pandemic disruptions. The index stood at 119.02 as of March 1, indicating that publicly traded vintners have seen fortunes strengthen during the pandemic. The market’s confidence in the sector as a whole remains high. The index is intended to provide a snapshot in time and help benchmark a company’s performance against its peers. Performance can vary depending on the interval chosen, meaning a comparison across several intervals can be helpful.

Some of the strongest performers have been the luxury wine companies LVMH and Pernod Ricard, which have both performed well as aspirational and discretionary spending remained strong over the past year. LVMH’s share price has increased 28% over the past year to $170.45 while Pernod Ricard’s increased 3% to $42.22. The gains continued in the latest three months, with LVMH up 14% and Pernod Ricard up 7%, underscoring the long-term momentum underpinning each company.

The least fortunate company among those tracked by the index has been Vintage Wine Estates, which has seen its share price fall 83% versus a year ago to $1.39, with much of the slide registered in the past three months after the company restated earnings for the first quarter of fiscal 2023, released preliminary numbers for the second quarter that projected lower than expected revenue and gross margins for the year, and withdrew guidance on expectations for the remainder of the fiscal year, which ends June 30. The company also made a change at CEO with founding partner Pat Roney moving to the role of executive chairman and Director Jon Moramarco assuming the role of interim CEO. Moramarco is also the editor of the Gomberg Fredrikson Report and founder of bw166. On March 10, the company announced it had sold a 42-acre vineyard in Napa Valley for $11 million to reduce its overall debt. Following the sale, Vintage reported it owns approximately 1,600 acres of vineyards and leases an additional 800 acres.

Vintage is significant enough to influence the index but not sway it. Two of the largest components are instead LVMH and domestic vintner Constellation Brands, which has increased 2% over the past year but fallen 11% in the latest three months as its most recent earnings report underwhelmed the investment community. This is in line with the challenges other public companies have seen.

While a value decline can indicate a lack of confidence by the markets, it also creates a buying opportunity for long-term investors. The Duckhorn Portfolio, for example, has underperformed the index with a 19% drop in its share price over the past year. Currently trading in the range of $14.99, its shares have ranged between $12.64 and $22.29 over the past 52 weeks. Despite a lower price, several analysts have maintained a buy rating on the stock, an expectation that its share price will increase and reward investors. Bank of America analysts are among them, while Barclays upgraded its rating on the stock because of its latest earnings report.

This is in contrast with response to shifts in Vintage’s stock price, where sentiment has shifted in favor of “sell” from a uniform “buy” rating a year ago. Canaccord Genuity Group is among the bears, noting that it had more questions than answers about the company’s financials and future.

When it comes to public perception, however, the market is largely in favor of the wine sector. WBIX has outperformed the S&P 500, rising nearly 4% over the past year as the S&P 500 fell nearly 7%. The latest three months have seen it increase 2%, or twice the growth posted by the S&P 500.

Link to Index:  https://www.winebusiness.com/finance/wbix

Source:  Wine Business

 

Hospices de Nuits-Saint-Georges Wine Auction Raises €3,603,000 For Charity

The 62nd Hospices de Nuits-Saint-Georges wine auction, held last week on March 12th, at Château du Clos de Vougeot, delivered a tremendous result: the auction raised a staggering €3,603,000, a 45% increase from 2022. An increasing result for this authentic and generous vintage. The ‘Charity Pièce’ also attained a new historic record, raising €64,580 for the non-profit Les Blouses Roses, whose ambassador at the event was the actress Constance Dollé.

More generous than in previous years, the 2022 harvest enabled 160 barrels to be put up for auction across 19 different cuvées, representing the diversity and authenticity of each cru. The 62nd Hospices de Nuits-Saint-Georges wine auction raised a €3,603,000, up 45% on the previous year (109 barrels auctioned in 2022).

The sale of the 18 cuvées of red wine raised €3,504,000, up +44.32% compared to 2022. The sale of the only cuvée of white wine (Nuits-Saint-Georges 1er Cru Les Terres Blanches, Pierre de Pême cuvée) generated €99,000, up +70.69% compared to the 61st edition.

Given the larger 2022 harvest compared to previous years, the average price for a pièce of red or white wine is €22,518, down 1.27% compared to 2022 results. The average price of red wines, representing 18 out of 19 cuvées on sale, saw a stable result of €22,318, i.e. -0.73% compared to 2022.

The notoriety of the Hospices de Nuits-Saint-Georges Wine Auction continues to grow, with a recognition of the quality of the wines up for sale thanks to the sterling efforts of the estate’s technical manager Jean-Marc Moron. Intense and opulent, the generous 2022 harvest won over buyers in search of the excellence of a vintage expressing Burgundian classicism in all its majesty.

Wine Review: 2019 Domaine Eleni et Edouard Vocoret Chablis “Les Pargues”

About last night…. 

During my meeting last night, I discover this stunning wine …

what an adventure in a glass!

2019 Domaine Eleni et Edouard Vocoret Chablis “Les Pargues”

Pale yellow colour, impressive nose of orange and lemon zest, the palate is lean and fresh, good ripeness of fruit with lovely mineral though out – develops steadily as it warmed up, long length. A stunning wine!

#chablis #frenchwine #meetings #eventplanning #winetasting #whitewine #wine #winelovers #winewednesday #toronto @hyssteakhouse #baystreet #powermeeting #womeninwine #womeninwinebusiness #hys #hyssteakhouse #winelist #winereview #TorontoLife #FinancialDistrict

94/100

List of Michelin-starred Restaurants in Europe Under 30 Euros

Travel restrictions are FINALLY relaxing across Europe and it’s now time to travel and spoil yourself!  Good News! You can surprisingly dine at a Michelin-starred restaurant without breaking the bank and here is their advice – shift from a dinner reservation to a lunch reservation. Most restaurants offer a menu du jour, or menu of the day at lunch, which is more affordable than the regular tasting menu at dinner.

Chef’s Pencil recently featured a map of the top Michelin-starred “most affordable” restaurants in Europe (under 30 Euros) – here is their top 10 for you to try!

  1. L’Antic Molí, Ulldecona, Spain – 20 euros / person

 L’Antic Molí is one of the best restaurants in Spain and is about a two-hour drive south of Barcelona, ​​is the most affordable Michelin-starred restaurant in Europe. Here, surrounded by greenery and with a beautiful panoramic view, you’ll spend 20 /person for a lunch by chef Vicent Guimerà Sales, if you choose to have lunch in the Espai Bistro.

  1. La Robe, Montaigu, France – 24 euros / person

La Robe restaurant in Montaigu, France, is in the Pays de la Loire region. The dining room is spread over two floors. Here you can taste chef Xavier Giraudet’s lunch dishes at affordable prices.

  1. Hostellerie la Montagne, Colombey-les-Deux-Églises, France – 25 euros / person

The Hostellerie la Montagne – a Michelin-star restaurant located in Colombey-les-Deux-Églises in the Haute-Marne department of France’s Grande Est region.  This is the region where the former French president Charles de Gaulle lived (and later buried). This is why the restaurant’s dining room is called A la table du General (at the General’s table). Chef Jean-Baptiste Natali proposes a lunch ‘menu du marché’, a market menu, starting at 25 euros, consisting of an entrée, main course and dessert.

  1. Les Clefs d’Argent, Mont-de-Marsan, France – 25 euros / person

Another French restaurant, Les Clefs d’Argent in Mont-de-Marsan, is located in the southwestern part of the Hexagon. Here, chef Christophe Dupouy offers a menu that interprets the flavours of the territory in a contemporary key, with an exotic spin. A ‘très chic’ address, where you can stop and try ‘Le Menu Retour du Marché’, three dishes prepared according to the produce of the day and Christophe’s inspiration, available only for lunch from Tuesday to Friday.

  1. Essência, Budapest, Hungary – 25 euros / person

Essência can be found in Budapest, and is the restaurant led by the Portuguese-Hungarian couple Tiago and Éva Sabarigo. Guests can savour an original menu that draws on Hungarian and Portuguese cuisine, choosing a “fusion” tasting-menu that combines the two cultures. Among the most convenient options, there is no shortage of proposals for lunch starting from 25 euros / person.

  1. Hotel Restaurant Le France, Villers-le-Lac, France – 26 euros / person

The Hotel Restaurant Le France is in the heart of the Haut-Doubs. Here, chef Hugues Droz tempts you with creative dishes, capable of blending flavours, colours and great technique. All can be savoured in a warm environment, where design meets the territory, including refined details and decorative elements made with local materials.

  1. Le Mascaret, Blainville-sur-Mer, France – 26 euros / person

Le Mascaret is located in the spaces of a former convent for women in Blainville-sur-Mer, a small town in Normandy. The setting is decidedly baroque, but with a modern touch, while the dishes by chef Philippe Hardy are super-creative and well defined. With a ‘la petite table’ formula, at lunch, guests can try a very economical fine-dining experience: at 26 euros / person, the menu includes dishes revisited by the chef with a ‘French touch’, capable of combining tradition and modernity.

  1. Silabario, Vigo, Spain – 27 euros / person

The Silabario restaurant is located in Vigo, in the region of Galicia, in the north-west of Spain. Here, right under an imposing glass dome that houses the headquarters of the Real Club Celta de Vigo football team, chef Alberto González Prelcic prepares a delicious array of dishes with fresh ingredients from the local market at a very affordable price. The menu, at 27 euros / person, is available from Monday – Thursday for lunch and dinner, while only for lunch on Friday.

  1. Auberge du Cep, Fleurie, France – 27 euros / person

Auberge du Cep is located on a famous Burgundy wine route, in the Beaujolais region. The restaurant is led by chef Aurélien Merot, who stands out for iconic dishes with a very French style, mainly focused on jus and sauces. There are several tasting menus to combine with the remarkable selection of regional wines. Try the ‘menu du marché Grille-Midi’ for 27 euros, served every day for lunch, except Saturdays and public holidays (one starter, one main course and one dessert).

  1. La Grange de Belle-Église, Belle-Église, France – 27 euros / person

The Michelin-starred restaurant La Grange de Belle-Église, located in Belle-Église, in northern France, expresses the quintessence of French gastronomic attitude according to Chef’s Pencil. Directed by chef Marc Duval, who offers dishes prepared with high-quality ingredients and a wide selection of Bordeaux wines and champagnes. The menu du marché is served at midday, during the week (except holidays), and offers fresh seasonal produce.

 

Sources:  Michelin/Chef’s Pencil

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