The Bordeaux wine industry is going through a period of destabilisation that affects all of its segments, from the “small” Bordeaux to its greatest crus. Because the latter carry the image of Bordeaux, their current difficulties reflect on the whole industry. It is therefore essential, for the entire world of Bordeaux wines, that the grands crus take their destiny back in hand and regain a healthy market.
Even if the crisis is explained by well-identified causes — the near standstill of the Chinese market, the loss of purchasing power of French and European consumers, the disaffection for red wines — the grands crus remain products apart: limited volumes, high prices, very strong image. How, then, has this privileged market come to face difficulties too? Let us say simply that all the players, négociants and owners alike, showed an excess of confidence in the resilience of the system.
Looking closely at the situation, we see that the overstocks essentially concern the 2017 and later vintages, whereas older vintages are rare on the market and have therefore kept their prices. As the 2017 was sold from the spring of 2018, it took the full brunt of the fall of the Chinese market. In concrete terms, the Bordeaux négoce did not manage to find a clientele interested and wealthy enough to replace the Chinese buyers — and it is hard to see where one could have been found.
The present situation is uncomfortable: Bordeaux négociants and foreign importers are heavily overstocked with recent vintages, which makes them more sellers than buyers and, in a way, places them in direct competition with the classified growths. Prices then fell, the value of stocks eroded and, while the Bordeaux négoce is still at its post, several burnt foreign importers have announced that they wish to reduce the place of Bordeaux wines in their range in future.
It therefore becomes crucial, for the grands crus as for the whole industry, that the 2025 en primeur campaign reverse this trend and be a genuine success. Now, “August makes the must”, says the proverb, and as August was superb, the wines are too. The first condition of a fine campaign — quality — is there. It remains for the producers to offer a price capable of attracting a new clientele with more modest means than the former Chinese buyers. It would seem that owners are ready for it.
If the coming en primeur campaign is a success, it will give our whole vineyard the image of products offering exceptional value for money and may relaunch the entire market, well beyond the grands crus. That is why we must start by putting the grands crus back in fighting order.
Our letter asks questions, like everyone in Bordeaux, and Mohamed Boudellal adds one: “Château Lafleur, whistleblower?” We also invite you to discover the history and current challenges of the Fronsac and Canon-Fronsac appellations. Finally, you will find in our echoes the latest news from the vineyard.
Yves Raymond
