Hong Kong's Altaya Wines acquires Rare & Fine Wines
Altaya Wines, a Hong Kong-based full service wholesale wine company that provides services to both private and trade customers, has acquired wine retailer Rare & Fine Wines for an undisclosed amount.
The acquisition is a part of Altaya's plans to expand its business into the Chinese mainland and open around 15-20 shops in Hong Kong and China within the next three years.
Under the deal, Rare & Fine Wines' three wine stores in Central, Sheung Wan and Tsim Sha Tsui has joined Altaya's etc wine shops - Burgundy etc, Bordeaux etc and Champagne etc. This has expanded Altaya's wine retail footprint to six locations, reported the drinks business.
Altaya Wines managing director Paulo Pong was quoted by the website as saying that Rare & Fine Wines is a valued brand and perfect match for their etc wine shops.
"At the same time, we welcome the passionate and professional team at Rare & Fine Wines. Together we will maintain the highest standard of service and cultivate the brand in the exciting wine industry in the Hong Kong market and beyond," he added.
With the completion of the acquisition, Rare & Fine Wines continues to operate under the same banner.