Angostura, the renowned local public alcoholic beverage giant celebrating its bicentennial this year, has re-entered the Chinese market in a strategic move set to boost revenue and market share. The company recently signed an agreement with Caribbean Commercial Management (Hangzhou) Company, a subsidiary of First Caribbean Marketing Company (FCMC), a key player in the trade of Chinese goods in the region.
CEO Laurent Schun expressed his optimism about the partnership, emphasizing the tremendous opportunity it presents for the Angostura brand to make a mark in China. The decision to re-enter the Chinese market comes after a brief hiatus in 2022 to evaluate marketing strategies, according to Schun.
If Angostura can capture just one percent of the market for the legal drinking-age population in China, it has the potential to reach an estimated 11 million consumers, Schun suggested. This ambitious goal aligns with the company’s mission to expand its premium rum products and bitters to new markets around the world.
The exclusive distribution agreement with Caribbean Commercial Management will see Angostura products, including rum and bitters, marketed and distributed across China, as well as in Macau and Hong Kong, through various channels including e-commerce, retail, and on-trade establishments such as bars and restaurants.
With plans to further expand into new markets like Panama, Angostura is leveraging the increasing demand for high-quality spirits and bitters. The company’s re-entry into the Chinese market signifies a significant milestone in its expansion strategy, signaling growth opportunities on the horizon.
Chinese Ambassador Fang Qiu commended the cooperation between the parties involved in the agreement, including the Ministry of Trade and Industry, particularly as Trinidad and Tobago and China commemorate 50 years of diplomatic relations. The longstanding relationship between the two nations has paved the way for comprehensive development and mutual respect over the past five decades.
