COFCO Wine & Wine, one of China’s largest wine importers, has appointed seasoned executive Jiao Guoqiang to lead its imported wine and spirits division, signaling the company’s efforts to navigate a challenging market.
Jiao, a veteran of COFCO, China’s largest state-owned agrifood conglomerate, returns to the role of general manager for COFCO Wine & Wine, ending a two-year interim period during which Han Chaowu served as deputy general manager with acting authority. Jiao had previously held the position from 2019 to 2022, overseeing the company’s wine and spirits operations.
Founded in 2014 as COFCO Group’s global fine wine and spirits platform, COFCO Wine & Wine imports wines, spirits, premium Baijiu, and low-alcohol beverages. Today, it is one of China’s top 50 wine importers, managing a portfolio of 511 brands and over 3,000 SKUs.
Jiao’s reappointment, officially announced on January 14, is seen as a strategic move to strengthen the company’s market position. His proven leadership in COFCO’s Yellow Wine Division, where he expanded both domestic and international markets, has garnered attention within the industry. During his tenure, Jiao helped establish a strong export presence for COFCO’s yellow wines in markets such as Japan, South Korea, Hong Kong, and Europe.
When Jiao first took the helm at COFCO Wine & Wine in 2019, the company faced the challenges of the COVID-19 pandemic. Over the following years, he implemented bold reforms, shifting focus to COFCO’s own Baijiu and yellow wine brands while steering the imported wine division through a period of market contraction. His leadership resulted in a 17% increase in wine sales in 2020, with a notable 70-80% surge in 2021, although the company did not disclose specific revenue figures.
In 2022, Jiao was reassigned to lead COFCO’s Kongyiji Yellow Wine Division, where he spearheaded innovation and premiumization initiatives, resulting in steady revenue growth despite a tough economic environment. The division saw earnings rise slightly from RMB 61.35 million (US$8.36 million) in 2021 to RMB 61.52 million (US$8.38 million) in 2023.
Wine industry analyst Cai Xuefei remarked, “Jiao’s return signals COFCO’s commitment to its imported wine operations and offers an opportunity to strengthen its position in emerging categories, including yellow wine.” Cai emphasized that Jiao’s familiarity with COFCO’s operational structure and his experience with yellow wine provide a solid foundation for his leadership in global integration and market expansion.
COFCO’s decision to bring Jiao back underscores the company’s confidence in his ability to navigate the increasingly competitive wine and spirits market.
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