Wine News Archives

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

AMARONE OPERA PRIMA 2023, an extraordinary event that reveals the special territory and wines of Valpolicella

This year Amarone Opera Prima took place on February 4^th and 5^th. It was magnificently organized by the Valpolicella Wine Consortium at Gran Guardia Palace, which is in the heart of Verona. The President of the consortium, Christian Marchesini, opened the event with a presentation of Amarone sales in Italy and abroad based on data obtained by the Nomisma Wine Monitor. Interestingly, the value of Amarone has increased both in Italy and abroad, but the volume of sales went slightly down in 2022 following an exceptional year in 2021. However, the United States increased its import of Amarone by 24% making it now the biggest importer of the king of Valpolicella worldwide. Giambattista Tornielli, an associate professor of General Arboriculture and Arboreal Crops at the University of Verona, gave a special preview of the 2018 vintage which he said expresses all the typical characteristics of Amarone and the Valpolicella territory. Then several distinguished professors and high-ranking officials were part of a special panel that discussed Amarone’s candidacy to become a UNESCO Intangible Cultural Heritage. A total of 64 wineries participated in the Amarone Opera Prima and each evening offered tastings open to the public.

The Valpolicella Wine Region
Picturesque rolling hills, limestone, clay, and volcanic soils

The Valpolicella wine region is endowed not only with beautiful landscapes of rolling hills nestled against the Dolomite mountains and Lake Garda, but also holds one of Italy’s richest traditions in winemaking. The region is shielded to the north by the Monti Lessini plateau, which protects against the cold currents from the Alps. The region also benefits from mild winters and good ventilation due to Lake Garda. There is also a longer growing season, which helps produce wines with good concentration and high acidity. For centuries these ideal conditions have attracted winemakers who developed the traditional method of ‘appassimento’, or drying of grapes, to produce a unique style of wine famously known as “Amarone” which has become the flagship wine of the region. The classification of wines in the Valpolicella region can seem complex at first because there are both wine styles and wine territories with similar names. The region produces four traditional wines: Amarone della Valpolicella DOCG, Valpolicella DOC, Valpolicella Ripasso DOC and Recioto della Valpolicella DOCG – these are classified according to how the wine is made. All four of these wines come from three distinct territories within the Valpolicella region: Valpolicella DOC, Valpolicella DOCClassico and Valpolicella DOC Valpatena.

Valpolicella is an ideal destination for wine enthusiasts and connoisseurs

The long-standing tradition of Amarone and special grape drying techniques used are a fundamental part of the region’s identity, which the Valpolicella community is trying to protect with its candidacy for UNESCO Intangible Heritage. It is meant to reflect the social, political and economic heritage of the area and how it will evolve in the future. As explained by the Valpolicella Consortium, the UNESCO recognition is not needed for the success of Amarone, which already brings in over 600 million euros in revenue, but rather as a means to safeguard the tradition for future generations. Preparation of the dossier has also worked to unify and strengthen the Valpolicella community while respecting producers’ inclination towards tradition or innovation.

For those who wish to experience this heritage first-hand, the region offers an abundance of natural beauty and authentic wine experiences. Less than half an hour north of Verona the gentle plain of the Adige River Valley gives way to the rolling hills of Valpolicella, a patchwork of vineyards, villages, farmhouses, and renaissance villas many of which have been converted into family-run wineries and restaurants with accommodation. You can enjoy a variety of experiences, from intimate farmhouse tastings to magnificent Venetian villas complete with wine resort and spa.

I tasted some excellent wines at the 2023 Amarone Opera Prima. Here is a selection of my favourite wines and also make fantastic wineries to visit with memorable tasting experiences with a variety of lodging options.

LA COLLINA DEI CILIEGI – www.lacollinadeiciliegi.it

The charming Collina dei Ciliegi is nestled in the hills of the Valpantena territory. It was the dream of winemaker Massimo Gianolli who got his start in 2005 with a small production of grapes that would become the first Amarone produced in the small village of Erbin. Now La Collina dei Cilliegi produces 3 collections (Classic, Riserve and Emporium) that are exported to over 20 countries worldwide. They have some of the highest vineyards in Valpolicella (750m) and with their chalky soils produce wines with excellent acidity and minerality. Their modern approach includes new blends that combine traditional and international varieties. A visit to the winery takes you on a memorable journey of the land, culture and flavours of Valpantena. Their beautifully restored farmhouse Ca’ Del Moro welcomes visitors for tastings, vineyard walks and fine dining along with 6 finely refurbished rooms, each named after symbolic wines of the region (Amarone, Valpolicella, Recioto, Ripasso, Garganega and Corvina).

AMARONE DELLA VALPOLICELLA DOCG 2018

Colour ranging from ruby core to light garnet rim. Intense flavour of ripe plum with balsamic notes of mint. A hint of vanilla. Rich in structure, with persistent ripe fruit, well balanced with soft tannins. Fresh long finish. A great wine.

CA’ LA BIONDA – www.calabionda.it

Located in the heart of Valpolicella Classico is the Azienda Agricola Ca’ La Bionda, it was founded in 1902 by Peitro Castellani in the outskirts of the town Marano di Valpolicella. Estate vineyards extend over 29 hectares and have been producing only organic wines since 2016. Now it is run by the family’s fourth generation of brothers, Alessandro (winemaker) and Nicola (viticulturist). They carry on their family’s heritage by producing genuine examples of traditional Amarone with a focus on the vineyard and the grapes. Tastings of their Valpolicella, Amarone and Ricioto are accompanied by small food pairings, and their villa provides elegant accommodation with modern amenities.

AMARONE DELLA VALPOLICELLA DOCG CLASSICO “RAVAZZOL” 2018

The colour is medium ruby with a compact rim. Pronounced intensity of ripe red fruit mixed with notes of chocolate and tobacco. Medium body with ripe red fruit and freshness. Moderate coarse tannins. Quite a long finish. I really appreciated it!

GIACOMO MONTRESOR – www.vinimontresor.com

The Giacomo Montresor Cellars date back to 1892 and continue today to produce wines with a unique identity and style. Hospitality has become an integral part of the winery’s philosophy, so much so that they have created a wine museum in the winery that offers an immersive experience in history, culture, and territory. Montresor produces an impressive range of Valpolicella wines that also includes a sparkling wine and an aperitivo. Their “satin-finished” or frosted bottles of Amarone were patented at the beginning of the 1900’s to protect the wine from the Atlantic sun during their first exports to North America. Winery tours are followed by a guided tasting paired with local salumi and cheese. All products are available for sale on site.

AMARONE DELLA VALPOLICELLA DOCG “SATINATO” 2018

Deep ruby red with paler reflections. Pronounced intensity of ripe red fruit mixed with notes of chocolate and tobacco. Smooth and delicious palate with delicate tannins and quite a long aftertaste present. A great wine!

LUCIANO ARDUINI – www.arduinivini.it

Luciano Arduini is another remarkable winery in the ‘classico’ territory of Valpolicella. Founded in the 1940’s it is now run by the third generation, Luciano with his wife, son, and daughter. Luciano has maintained the winemaking culture of his father which was mostly focused on the vineyard with minimal intervention in the cellar. However, he has added his own personal vision which included taking innovative steps to create a new and modern winery in 2000. Their tastings offer the complete range of wines together with older vintages of Amarone upon request and must be booked in advance.

AMARONE DELLA VALPOLICELLA DOCG CLASSICO “Simison” 2018

Garnet red with a pale tinge. It displays an intense flavour of dark cherry and raspberry with light earthy overtones. Juicy and vibrant with a medium-bodied palate, firm tannins with a light smoky hint at the end. I really appreciated this wine.

MASSIMAGO – www.massimago.com

Hidden in the valley of Mezzane in Valpolicella is the Massimago winery which dates back to 1883. The name comes from Latin meaning “maximum wellness” and that is certainly what they have created here. Current owner and winemaker Camilla Rossi Chauvenet renovated the entire estate in 2003 expanding the cellars and creating a Wine Relais with 7 elegant country-style suites, a pool, private spa and restaurant serving dishes created from ingredients grown on the property. Visitors can enjoy a variety of tasting experiences from a vineyard walk to a picnic or e-bike tour.

AMARONE DELLA VALPOLICELLA DOCG 2018

Ruby core with narrow light rim. Great nose with ripe plum, spicy notes of liquorice and rhubarb. Slight notes of leather. A full-bodied wine with good freshness. Present delicate tannins and quite a long aftertaste. I liked it.

NOVAIA – www.novaia.it

On the top of a gentle hill overlooking the Marano Valley in Valpolicella Classica sits a 15th century manor, home to the Novaia winery. The name means “new farmyard”, a place where the Vaona family settled in the 1800’s to cultivate vines, olives, cherries, corn and silkworms. Here they found an ideal location with the right topography, soil, water and climate for growing grapes and the subsequent grape- drying process. Their vineyards are divided into three different ‘Cru’. The family offers visitors a ‘Woods and Wine Tour’ which consists of a guided walk among the olive groves, forest and vineyards followed by a tour of the ancient cellar and a tasting of their wines and olive oil.

AMARONE DELLA VALPOLICELLA DOCG CLASSICO “CORTE VAONA” 2018

Brilliant, deep garnet colour with compact rim. Various and intense aromas of ripe plum, blackberry and raisin. Full body with a discrete alcohol level and soft tannins. Long finish. A delicious wine.

TORRE DI TERZOLAN – www.torrediterzolan.it

Torre di Terzolan rises from an ancient stone cellar, built centuries ago by our ancestors who knew the geographical orientation there encouraged the fresh breeze of the Squaranto Valley to flow through, providing favourable ventilation for a healthy vineyard and ideal conditions for the grape drying process. Entering the cellar through a small staircase and walking through the ancient portico will transport visitors back to an age-old world of stone and silence. Near the winery visitors are also welcomed into the historic residence of Cardinal Ridolfi which now houses 4 suites decorated with glass, marble, and colourful furnishings. Tastings also include their Veneto Valpolicella DOP olive oil.

AMARONE DELLA VALPOLICELLA DOCG 2018

Bright with intense core and paler rim. The wine displays ripe red fruit and floral notes of violet with hearty overtones. Exuberant and full body on the palate, elegant fruit, and velvety tannins. Long, fresh finish. A very good wine!

VALENTINA CUBI – www.valentinacubi.it

Valentina Cubi is a love story between Valentina and Giancarlo who grew up and met each other in Valpolicella. In 1969 they invested their entire savings in 7 hectares of land in Fumane where they planted their most important vineyards. Fumane is located in the heart of Valpolicella Classica and boasts the renowned Molina falls and the Fumane cave, which was inhabited since prehistoric times. All their wines are now organic which reflects their philosophy of “great wines do not originate in wineries but in vineyards”. Their estate is also an agriturismo with 5 rooms inspired by the traditional raw materials of the area.

AMARONE DELLA VALPOLICELLA DOCG CLASSICO “MORAR” 2018

Brilliant with a deep ruby core. Pronounced bouquet of black cherry, dried prune and fig. Overtones of coconut and the scent of tobacco. Good structure with firm, velvety tannins, and long length. A wine with a personality.

ZYME’ – www.zyme.it

Last but certainly not least is Zýmē, a state-of-the-art winery ingeniously built on a 15th century sandstone quarry in the heart of Valpolicella Classica. The owner and winemaker, Celestino Gaspari, grew up in the fields outside of Verona and was deeply influenced by the soil and seasons. In his 20’s he studied with renowned winemaker Giuseppe Quintarelli and through much hard work developed his own personal vision of the winegrower’s profession. In 1999 he was ready to build his own winery that represented a synergy between tradition and innovation, man, and nature. His wines are meant to be transparent to all, so that those who drink it can “read in every sip” his connection with the land.

AMARONE DELLA VALPOLICELLA DOCG CLASSICO 2018

Medium garnet core, pale on the rim. The nose shows the beautiful flavour of blueberries. Spicy with a hint of anise. The palate is elegant with overtones of black cherry and fig. Dry, medium plus body, silky tannins, and a long finish. A great wine!

Charles Heidsieck appoints Elise Losfelt as Cellar Master

Champagne house Charles Heidsieck has named Elise Losfelt as its new cellar master, taking over from Cyril Brun. The announcement was made today, on International Women’s Day as the collective wine community celebrates women in the industry.

An agricultural engineer from AgroParisTech with a master’s in Wine and Vine along with a national diploma in Oenology, 36-year-old Losfelt has worked in Champagne for the last ten years in various roles at Moët & Chandon. She began her journey in a wine communication role, and subsequently, as head of winemaking for Moët & Chandon, she worked with cellar masters from Moët & Chandon, Mercier, Ruinart and Dom Pérignon. Losfelt developed her winemaking experience initially by participating in harvests in Majorca (Domaine Mortitx), Saint-Julien (Château Beychevelle) and Australia (Domaine Dominique Portet).

Reflecting on her appointment, Losfelt said: “I have enormous respect for the creativity and rigour of my predecessors and I hope to make a coherent contribution to the continuity of the house style. It is with humility and enthusiasm that I join with these passionate men and women to work together in forging the fate of this iconic House.”

Her predecessor, Cyril Brun, joined Charles Heidsieck in 2015 and recently masterminded the new Champagne Charlie, an iconic House cuvée that enjoyed a renaissance in 2022.

Stephen Leroux, CEO of the House of Charles Heidsieck added: “Throughout his career here Cyril has been much liked by our teams and distributors as well as by our clients and journalist friends throughout the world. He has written a chapter in the long Charles Heidsieck history book, and we thank him for his contribution to the house, his commitment, and his contagious cheerfulness. We wish him every success in his future endeavours.”

SNDL Expands “Wine and Beyond” into Saskatchewan

SNDL Inc. [Nasdaq: SNDL] announced last week that it has successfully obtained two liquor retail licenses in Regina and Saskatoon, through the Saskatchewan Liquor and Gaming Authority (“SLGA”) auction. The Company will leverage these licenses to expand its premium liquor banner, Wine and Beyond, into the final stage of the liquor retail transition to the private sector in Saskatchewan.

“We are excited to bring our Wine and Beyond banner into Saskatchewan, specifically in the key markets of Regina and Saskatoon,” said Tank Vander, President of Liquor Retail at SNDL. “Due to Saskatchewan’s low distribution of liquor licenses and high liquor sales per capita, SNDL expects stable and accretive growth in the two new stores. We are eager to introduce consumers to the Wine and Beyond brand, as we believe there is demand in the market for a premium liquor retail model.”

The Company’s 12 operating Wine and Beyond locations generated $135 million in revenue on an annualized basis for the three months ended September 30, 2022. This demonstrates the banner’s continued popularity and robust store performance, which SNDL anticipates will extend to the Saskatchewan market. Wine and Beyond’s initial launch in the two largest Saskatchewan cities will help SNDL to evaluate future expansion opportunities in the province.

A leading nutrition scientist discovers red wine is good for us, but variety is key

Tim Spector, a professor of genetic epidemiology at King’s College London, in his recent study which involved participants in the UK, US and Belgium. He suggests that wine drinkers look at drinking a wider range of red grape varieties, including unpopular varieties. In doing this, he states will boost our immune system, fight diseases, healthier gut and improve mental health.

He told Wine Blast podcast: “My advice for wine-lovers is keep loving wine and still drink wine, primarily for the pleasure, but at the back of your mind think, could I be trying different bottles or varieties that might actually be healthier for me and that I might enjoy?”

Professor Spector also states: “diversity is also important – if you take the analogy from foods, having a range of different grape varieties in your diet means that you are going to be helping different gut microbes inside you and you will increase your gut health and diversity. So, don’t just stick with the same wine. Get out there. try the hundreds or thousands of different grape varieties that we generally don’t enjoy.”

“Let’s get those rare ones back on the map again, because each of those could be helping you nourish really healthy gut microbes inside you and improve your health.’ A study led by Professor Spector’s team in 2019 found those who drank red wine had a wider range of gut bacteria. this was not seen for white wine, which may be because red wine has the grape skins left in for most of the fermentation process, so has high levels of polyphenols – plant compounds which are good for the gut.

Professor Spector is not suggesting people have full power to over-indulge in red and states: “The trick is to get the dose right, as always. That’s something that we all struggle with and it’s very individual. That’s why this government approach, [where] most countries say there are a certain amount of units that most men and women should have, is problematic.”

“Your response to alcohol is highly personalised and of course some people can’t drink it at all. So, we think that alcohol on one hand in large amounts is harmful but in small amounts, if might be okay.”