THE ROLE OF IMPORTERS IN THE UK MARKET (PAPER 4, THE BUSINESS OF WINE) Jon Pepper MW Managing Director, Buckingham Schenk

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1 THE ROLE OF IMPORTERS IN THE UK MARKET (PAPER 4, THE BUSINESS OF WINE) Jon Pepper MW Managing Director, Buckingham Schenk

2 BUCKINGHAM SCHENK Agent / Importer based in the UK 18m turnover c.18m bottles 14 staff Multiple off-trade specialists UK arm of pan-european Schenk Group ( 250m)

3 PAST EXAM QUESTIONS How can the role of the intermediaries between producer and on and offtrade retailers be justified? How is it changing? (2013 P3 Q2) As an export manager for a medium sized wine estate, what strategies would you employ in the USA, Europe and China? (2013 P3 Q6) What factors would you consider when creating a distribution strategy for a range of New World wines in a mature market? (2012 P3 Q3) How important is vertical integration for the success of wine brands? (2009 P4 Q1)

4 WHAT THIS SESSION WILL COVER What is an agency? What role do agencies play? What are the challenges currently facing UK agents? Exam tips

5 WHAT DOES AN AGENT / IMPORTER DO? Imports wine Sits between supplier and retailer / distributor Understands local market needs and supplier aims Uses this knowledge to service market and drive sales NB In the UK the terms Agent and Importer are used reasonably interchangeably; in many markets Agent refers to somebody working on commission whereas Importer is a company which buys and sells Works on margin of 5 to 25%

6 WHY DOES ANYONE USE THIRD PARTIES LIKE AGENTS?

7 1 SUPPLIER PERSPECTIVE

8 UK IS A COMPLEX MATURE MARKET UK Still Light Wine Market estimates 2010 m cases Off Trade 98.6m cs Internet / Mail Order, 15 Catering, 7 Northern Ireland, 7 On-Trade, 21.8 Multiple Grocers, 82.7 Impulse, 15.9 solid areas - Nielsen & CGA Market Tracking patterned areas - estimates Source: Nielsen and CGA Strategy 2010

9 UK OFF-TRADE SALES BY RETAIL PRICE POINT Volume in 000 hl Source: AC Nielsen 52 weeks to 11/10/14

10 UK OFF-TRADE SALES BY COUNTRY Source: AC Nielsen 52 weeks to 11/10/14

11 UK OFF-TRADE SALES BY COLOUR Source: AC Nielsen 52 weeks to 11/10/14

12 UK OFF-TRADE SALES BY VARIETY - REDS Source: AC Nielsen 52 weeks to 11/10/14

13 UK OFF-TRADE SALES BY VARIETY - WHITES Source: AC Nielsen 52 weeks to 11/10/14

14 FAVOURITE VARIETIES Source: YouGov Survey Dec 2014

15 UK ON-TRADE SALES BY COUNTRY Source: CGA Strategy 52 weeks to 04/10/14

16 UK ON-TRADE SALES BY COLOUR Source: CGA Strategy 52 weeks to 04/10/14

17 GB On Trade Universe & Structure: Sept 2014 vs Great Britain 123, % Eating Drinking Enjoying Sleeping 37, % 56, % 17, % 12, % Restaurant Wet Led Pubs Nightclubs Hotels 26, % 27, % 1, % 7, % Food Led Pubs Social Clubs Large Venue 11, % 12, % 3, % Circuit Bars Sports Clubs 15, % 11, % SOURCE: CGA Outlet Index, September 2014 vs. September 2013 N.B. Chart shows selected breakdowns only

18 ROUTES TO MARKET

19 Nat Wholesale x

20 Macro Reg Wholesale x Nat Wholesale

21 Reg Wholesale Macro Reg Wholesale x Nat Wholesale

22 Reg Wholesale Macro Reg Wholesale x Local Wholesale & C&C Nat Wholesale

23 Reg Wholesale. x Macro Reg Wholesale Local Wholesale & C&C Nat Wholesale Ind Retailer

24 ON-TRADE ROUTES TO MARKET National Hotel Groups Sports Clubs/ Golf Clubs Ethnic Restaurants Gastro Pubs Top Restaurants Top Hotels Style Restaurants Country House Hotels/ Small Hotel Groups NATIONAL WHOLESALERS INDEPENDENT WHOLESALERS UK AGENTS CASH & CARRIES Bars Wine Bars Brasseries Branded Restaurants Food Led NATIONAL PUB COMPANIES REGIONAL PUB COMPANIES Middle Tier Restaurants Event Caterers Managed Pubs Branded Food Pubs Leased/ Tenanted & Free Pubs

25 PRIMARY ROLE SALES Represent wineries in the local market Knowledge of supplier commercial and strategic aims + in-market expertise + customer relationships = targeted channel-driven strategy to maximise sales Off-trade: filter wines and suppliers for customers On-trade: trend-and customer-driven sales Understands and develops optimal route to market / distribution strategy for each brand and product

26 EFFICIENT AND LEGAL DISTRIBUTION Small volume distribution is very expensive per case Only very large wineries can handle multi-country distribution Agencies consolidate supply across lots of wineries, enabling efficient distribution Agencies also offer expert knowledge of local laws

27 MARKETING Most Importers run their supplier brand marketing in the country Brand managers often funded by supplier Joint Brand and Business Plans agreed Annual events and marketing programme Brands benefit from country-specific expertise# Importers should develop and execute appropriate promotional plans for all brands they handle

28 ALTERNATIVE SET UP YOUR OWN OFFICE Vertical integration Same financial impact as using an Importer 10% cost to run But complete control of distribution and marketing Critical mass needed e.g. Concha y Toro in UK Very successful but > 100m turnover

29 2 CUSTOMER PERSPECTIVE

30 MULTIPLE GROCERS / SUPERMARKETS Importers offer: One point of contact for multiple wineries Customer-specific knowledge Understand consumer and commercial needs of customer so can propose only relevant wines Understand customer s internal needs / processes / paperwork Understand customer s promotional mechanics and funding requirements Audit suppliers to ensure they meet necessary standards

31 COMMERCIAL Many producers have unrealistic pricing expectations Fully mature markets have very low price elasticity UK is a market of almost infinite substitution All customers have clear visibility of price / quality ratio of all significant wine regions and styles Importers negotiate hard on behalf of their customers in order to get wines which are commercially competitive

32 LEGAL Packaging / local laws Compliance Relationship with trading standards / Wine Standards Board for any issues in-market

33 TECHNICAL AUDITS AND QA/QC Audit suppliers UK market requirements: HACCP ISO 9000 BRC (set up to prevent multiple audits per site) Custom audits for specific retailers Importers handle Product complaints and recalls

34 INDEPENDENT AND SMALLER CUSTOMERS Importers offer: Consolidated warehousing and delivery Take care of all local logistics Small minimum drops Easy ordering with no language barrier Local reps who understand customer s business

35 FINANCIAL ANALYSIS Two models: invoicing vs commission Ex-cellars business requires no capital, buy and sell simultaneously Delivered business UK warehousing ties up significant amounts of capital Risk to capital if you can t sell all the wine

36 COSTS Pinot Grigio delle Venezie Case cost Ex-Works 7.98 = 6.38 (@ 1.25 / 1) Freight to UK 0.69 WRAP fee 0.06 RHD weeks rent at warehouse 0.62 Picking at warehouse 0.16 Pallet 0.04 Shrink Wrap 0.01 Onwards freight to customer 0.45 TOTAL COST 8.46 Importer 20% 2.11 Sell Price 10.57

37 PER BOTTLE PRODUCTION COSTS Pinot Grigio delle Venezie Wine cost 1.07 per litre 0.80 per 75cl Production cost 0.10 Lightweight bottle 0.25 Cork 0.03 Capsule 0.01 Labels 0.06 Carton 0.03 Pallet 0.04 Shrink wrap 0.01 TOTAL COST 1.33 For bulk prices:

38 FINANCIAL ANALYSIS 3 MODELS Company: Copestick Murray Hallgarten Druitt Bibendum Channel: Off-Trade Specialists On-Trade Specialists Mixed Model Turnover 15,500,000 44,337, ,263,000 Gross Profit 1,727, % 9,754, % 22,691, % Operating Costs 1,131, % 9,541, % 21,418, % Operating Profit 595, ,026 1,273,000 Off-Trade Specialists: very lean business, few staff, low margins (11%), low overheads (7%) On-Trade Specialists: high costs (21%), lots of staff, significantly higher margins required (22%)

39 CURRENT CHALLENGES Changing market Buying direct (IPL) Squeeze on margins causing Importers to go into administration (Thierry s) Consolidation (PLB / Bibendum)

40 CURRENT TRENDS - UK BOTTLING Increasingly Importers are blurring the line and becoming producers Cheapest way to produce entry-level wines Multiple label offers for exclusivity

41 CURRENT TRENDS - JOINT VENTURE BRANDS Important trend: agencies seeking shared brand ownership Long-term incentive to build sustainable profitable brands Enables development of brands which meet market-specific needs Viñalba Joint Venture between Buckingham Schenk and Bodegas Fabre

42 VIÑALBA KEY STRATEGY Retailer-specific wines UK-suitable style Branding developed for UK market Heavy emphasis on UK PR and competitions Built on key relationships with UK offtrade Result = 1 million bottles per year at > 7.99 retail

43 EXAM TIPS

44 STRUCTURES FOR ANSWERING QUESTIONS Key things to consider: Cost implication of everything Who is the consumer? Different parts of the supply chain Segmentation: Product: premium / mass market Distribution: on-trade / off-trade Markets: mature / developing / niche

45 ESSAY STRUCTURES: THE 4 P S OF MARKETING PRODUCT Style Range Quality Branding PROMOTION Marketing Price Promotion PRICE Price Value for Money PLACEMENT Distribution Sample Question: What factors would you consider when creating a distribution strategy for a range of New World wines in a mature market? (2012 P3 Q3)

46 ESSAY STRUCTURES: SWOT STRENGTHS OPPORTUNITIES WEAKNESSES THREATS Sample Question: How important is vertical integration for the success of wine brands? (2009 P4 Q1)

47 ESSAY STRUCTURES: SUPPLY CHAIN Grower Producer Shipper Distributor Retailer Consumer Agent / Importer Sample Question: How can the role of the intermediaries between producer and on and off-trade retailers be justified? How is it changing? (2013 P3 Q2)

48 CHECKLIST FOR ALL ESSAYS DEFINITION OF TERMS in introduction GLOBAL MARKETS (Mature - UK, Monopoly - Sweden, Producer, Developing - US, Emerging - Asia & India) WHOLE CHAIN (grower, producer, importer, distributor, retailer, consumer) ALL CHANNELS (on-trade, off-trade, multiples, independents) IMPACT OF SCALE (winery producing 1,000 cases, 100,000 cases or 10,000,000 cases) PRACTICAL, RELEVANT & REALISTIC

49 ANY QUESTIONS?

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