Hong Kong, November 2024 — Watson’s Wine has unveiled significant price cuts on more than 100 premium spirits, with reductions ranging from 20 percent to as much as 59 percent. The move comes in the wake of a recent policy change by the Hong Kong government to lower duty rates on high-end liquors, as outlined in Chief Executive John Lee’s latest policy address.
The price cuts apply to a range of high-end brands, including Cognac Tesseron, Macallan, and Martell. Notably, the price of a 70cl bottle of Cognac Tesseron’s Experience 01 has been slashed from HK$36,800 to HK$15,000 — a reduction of 59.2 percent. Other Tesseron offerings, such as the Signature Tresor and Signature XO Passion Cognacs, have seen price drops of 41.3 percent and 32.1 percent, respectively. The Macallan Litha is now available at a 29.4 percent discount.
In addition to these price cuts, Watson’s Wine is planning to launch a new concept store in 2025, focusing on premium spirits, including rare whiskies and artisanal Cognacs. The new store will aim to offer an exceptional shopping experience for liquor enthusiasts, introducing emerging categories such as Chinese spirits.
The retailer is also setting ambitious goals to expand its market share in the spirits sector by 25 percent over the next three years. This will be achieved through initiatives such as expert-led tastings, culinary pairings, and sommelier masterclasses designed to engage and educate customers.
Jeremy Stockman, managing director of Watson’s Wine, welcomed the government’s duty reduction, which he believes will benefit both consumers and the industry at large. “This reduction will significantly benefit our customers and the broader spirits sector,” Stockman said. “With these price adjustments and our investment in a new retail format, Watson’s Wine aims to position Hong Kong as a premier destination for high-end liquors.”
The recent duty cut, announced by Chief Executive John Lee, reduces the tax on liquor imports priced above HK$200 from 100 percent to just 10 percent on the portion exceeding HK$200. The initiative is part of the administration’s broader strategy to boost the city’s liquor trade, drawing on past successes in the wine industry through similar tax exemptions. However, Lee emphasized that the policy is not intended to encourage increased alcohol consumption.
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