Alibaba founder plans wine ‘Black Friday’
Online retailer Alibaba is planning a new ‘Black Friday’-style sales day on 9 September devoted exclusively to deals on wine.
The event, dubbed ‘9/9’ and apparently inspired by China’s Singles’ Day shopping event on 11 November, was confirmed by Alibaba founder Jack Ma during a public discussion with Italian Prime Minister Matteo Renzi at April’s Vinitaly trade fair in Verona.
Ma, who recently bought Château de Sours in Bordeaux’s Entre-Deux-Mers region, referred to his new project as a ‘day of wine’, said Italian press agency Ansa, and said he planned to create a variety of online offers annually on wine sold through Alibaba on 9 September.
The figure nine is pronounced in Chinese as ‘jiu’, which also means ‘alcohol’, and stands for longevity and health in Chinese culture.
Ma was also instrumental in popularising Singles’ Day as a shopping event in China; sales on 11 November last year totalled US$14bn (£10bn), making it one of the most important dates in the Chinese retail calendar.
According to trade sources, Ma is planning to work with several partners in the Bordeaux region – including actress Zhao Wei, who owns Château Monlot – to supply some of the wines to be offered on 9/9.
Leading Chinese online retailer JD.com has said that it expects to triple its wine sales this year thanks to the event.
Ma is also part of a group of investors that owns a number of Bordeaux wine estates, including Château Preuillac, Château HautMazeris, Château Puy-Guilhem, Château de Sours and Château Mayne Blanc, with plans to buy more over the next few years. The group is also reportedly considering forming its own négociant business.
At Vinitaly, Ma spoke about the digital economy and its importance to Italian wine producers, claiming that he wanted Alibaba to be a gateway for Italian produce in China, reported Ansa.
Italy’s wine industry has said it wants to reach €7.5bn (£6bn) in exports by 2020, up from €5.4bn today.