The two-speed market observation is spot on. Standard premiu performing while XO/Cordon Bleu struggle really captures how Chinese luxury consumption has structurally shifted rather than just paused. The point about fast commerce enabling home occasions at near on-trade quality fundamentally changes the value equation for high-end spirits beyond just pricing.
The two-speed market observation is spot on. Standard premiu performing while XO/Cordon Bleu struggle really captures how Chinese luxury consumption has structurally shifted rather than just paused. The point about fast commerce enabling home occasions at near on-trade quality fundamentally changes the value equation for high-end spirits beyond just pricing.
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