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M1NT Cellars chief promises a fine vintage
By Nie Xin |
00:00 UTC+8 December 13, 2012
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Print Edition
Print Edition
M1NT Cellars, established in February, operates an online and store-based retail liquor business supplying imported liquor to more 350 cities on Chinese mainland. Naran Andreyev, from the United States, was recently appointed chief executive officer.
"I am very excited about the appointment, these guys are well ahead of the curve in China and with M1NT's brand being so well respected, my job of securing 1 percent of China's US$4 billion retail liquor market is made all the more achievable," says Andreyev.
The 45-year-old joins M1NT Cellars following 22 years experience in the logistics and beverage industry in the US and China.
China's imported retail liquor industry had a turnover of US$4.1 billion in 2011, predominantly made up from supermarkets, convenience stores and unlicensed operators. M1NT Cellar's forecasts are based on capturing 1 percent of this market.
Research shows that medium to high earners in China aged between 26 and 60 spend an average of 8.4 percent of their annual salary and corporate expenses on liquor for personal consumption and gifts.
"The wine industry in China almost doubled every year for five years, although the past year has been a difficult year, during which it went down," says Andreyev. "I believe that people's taste in wines is changing. In China, wine is a luxury product, and will still be. But at the same time, the Chinese population has started to become involved in it."
People used to spend a lot to import wines as investments, but this has changed in 2012, believes Andreyev.
French wines used to dominate the market, but now Chinese people's choices are more diverse, as they start to have more wine knowledge and develop their taste, he says.
Just as M1NT changed the clubbing style in Shanghai when it's opened in 2008, M1NT Cellars aims to change the way people consume wine in this country, through providing good quality products at reasonable prices.
"We're going to use our suppliers to bring wine to everybody," says Andreyev, "If we can do three things - providing good value, good prices and a M1NT-style of doing things, we will succeed in bringing a better and better world of wine to people in China, especially in Shanghai.
"We hope that 80 percent, 90 percent and even 100 percent of people in China can enjoy wine."
Andreyev arrived in Shanghai in 2003 from New Jersey and opened Logistics Plus China. This followed six years as managing director of Logistics Plus. He says the opportunities and development taking place in Shanghai attracted him to this exciting challenge.
During the past 10 years working in China's wholesale liquor and logistics industries, Andreyev has developed a deep understanding of the market and its changes, bringing a wealth of experience to M1NT Cellars.
"People doubt Chinese people's taste on wine and compare it with Western countries. But it's hard to make a comparison," Andreyev says. "Wine is regarded to have existed in Western countries 'forever,' but China is the new market. I have found this really cool to explore."
Before coming to M1NT, Andreyev was commercial director for China's largest beverage logistics business, JF Hillebrand, the global leader in beverage transportation. In this role, Andreyev participated in the explosive growth of the China wine market.
"Andreyev was our No. 1 target for the position of CEO of M1NT Cellars and I am very pleased that we have him leading this business on behalf of the board and the shareholders in China," says Paul Robinson, executive chairman of M1NT.
The new Cellar CEO has a degree in East Asian Languages and Culture from Cheng-Chi University in Taiwan, with an additional major in Mandarin Chinese. In 2002, he was appointed the commissioner of the New Jersey Asian American Council/Ethnic Advisory Board by the governor of New Jersey.
Knowing Chinese culture is very important to understanding the market and helping the business, he adds.
For more, check www.m1ntcellars.com.
"I am very excited about the appointment, these guys are well ahead of the curve in China and with M1NT's brand being so well respected, my job of securing 1 percent of China's US$4 billion retail liquor market is made all the more achievable," says Andreyev.
The 45-year-old joins M1NT Cellars following 22 years experience in the logistics and beverage industry in the US and China.
China's imported retail liquor industry had a turnover of US$4.1 billion in 2011, predominantly made up from supermarkets, convenience stores and unlicensed operators. M1NT Cellar's forecasts are based on capturing 1 percent of this market.
Research shows that medium to high earners in China aged between 26 and 60 spend an average of 8.4 percent of their annual salary and corporate expenses on liquor for personal consumption and gifts.
"The wine industry in China almost doubled every year for five years, although the past year has been a difficult year, during which it went down," says Andreyev. "I believe that people's taste in wines is changing. In China, wine is a luxury product, and will still be. But at the same time, the Chinese population has started to become involved in it."
People used to spend a lot to import wines as investments, but this has changed in 2012, believes Andreyev.
French wines used to dominate the market, but now Chinese people's choices are more diverse, as they start to have more wine knowledge and develop their taste, he says.
Just as M1NT changed the clubbing style in Shanghai when it's opened in 2008, M1NT Cellars aims to change the way people consume wine in this country, through providing good quality products at reasonable prices.
"We're going to use our suppliers to bring wine to everybody," says Andreyev, "If we can do three things - providing good value, good prices and a M1NT-style of doing things, we will succeed in bringing a better and better world of wine to people in China, especially in Shanghai.
"We hope that 80 percent, 90 percent and even 100 percent of people in China can enjoy wine."
Andreyev arrived in Shanghai in 2003 from New Jersey and opened Logistics Plus China. This followed six years as managing director of Logistics Plus. He says the opportunities and development taking place in Shanghai attracted him to this exciting challenge.
During the past 10 years working in China's wholesale liquor and logistics industries, Andreyev has developed a deep understanding of the market and its changes, bringing a wealth of experience to M1NT Cellars.
"People doubt Chinese people's taste on wine and compare it with Western countries. But it's hard to make a comparison," Andreyev says. "Wine is regarded to have existed in Western countries 'forever,' but China is the new market. I have found this really cool to explore."
Before coming to M1NT, Andreyev was commercial director for China's largest beverage logistics business, JF Hillebrand, the global leader in beverage transportation. In this role, Andreyev participated in the explosive growth of the China wine market.
"Andreyev was our No. 1 target for the position of CEO of M1NT Cellars and I am very pleased that we have him leading this business on behalf of the board and the shareholders in China," says Paul Robinson, executive chairman of M1NT.
The new Cellar CEO has a degree in East Asian Languages and Culture from Cheng-Chi University in Taiwan, with an additional major in Mandarin Chinese. In 2002, he was appointed the commissioner of the New Jersey Asian American Council/Ethnic Advisory Board by the governor of New Jersey.
Knowing Chinese culture is very important to understanding the market and helping the business, he adds.
For more, check www.m1ntcellars.com.
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