Croatia’s wine and spirits producer Badel 1862 has signed an investment contract with the Chinese Tadee Holding Group under which the two companies will form the Badel 1862 & Tadee Joint Venture Company that will market and sell Badel 1862's products in China.
The EUR 1.5 million contract was signed in Zagreb on Wednesday (January 11th) by the Badel 1862 CEO Srdjan Oreb and the Vice-President of the Tadee Holding Group, Zhang Zhuben.
Badel 1862 has been present in China for three years and negotiations on the joint venture lasted for nearly a year, according to Oreb. He said that the joint venture represents an important activity for Badel 1862 on the Chinese market where its European competitors have been present for some time.
Huanghou-based Tadee Holding Group has been present on the Chinese market for ten years. The company’s activities range from real estate business, oil industry and various investment projects in China and abroad.
The newly founded joint venture company will start marketing its products in shopping centres and wine shops. Initial plans also include the opening of the wine shop in Huanghou, followed by three more shops and a wine club which will be serving Croatian gourmet specialities.
First exports to China will include top quality wines from wineries Korlat, Svirce and Daruvar. Badel 1862 will also export its Antik wine, Glembay grape-brandy and a few other brands. Depending on the demand, there are plans to engage other wineries for joint production.