Wine tariffs continues to affect millions and a French restaurant loses its long-held Michelin Star plus more!
Wine Tariff Uncertainty Takes a Toll on Millions
Source: SevenFifty Daily
What is in store for a $70.5 billion industry that has caused nothing but headaches, layoffs, broken deals and logistical chaos? If the waiting game continues it'll result in millions of dollars lost, widespread bankruptcy, and alter the wine industry completely. Steve Melchiskey, a managing member of USA Wine West was quoted saying," It has already completely restructured the wine import landscape. Importers have had to sign documents from the government stipulating that if the tariffs go into effect—which theoretically could happen tomorrow—the government will remove from our bank accounts whatever the wine coming into port is worth.” Currently there is no deadline for decisions on the tariff, though many say it could be decided as early as February, a decision that affects about 10 million people who work in the wine, restaurant, and hospitality industry in the U.S.
Paul Bocuse’s Restaurant Loses Its Long-Held Third Michelin Star
One of the most legendary restaurants in France, L’Auberge du Pont de Collonges, will be demoted to two Michelin Stars just two year after the death of chef Paul Bocuse. L’Auberge du Pont de Collonges held the longest current streak in the world for a three Michelin Star rating, since 1965. Even with the loss of a Michelin Star, the restaurant "hopes to never lose the soul of Mr. Paul."
Is Hard Seltzer to Blame for the First Drop in Wine Consumption?
Source: The Motley Fool
Since hitting the scene, hard seltzers have changed the way consumers drink, choosing the lighter healthier option, but does it also have an affect on the wine industry? Wine sales volumes fell 0.9% in 2019, the first time since 1994, right when hard seltzer sales grew by triple-digit growth. Connection? Part of this change comes from millennials seeking health-oriented, lighter, fruitier and greater effervescence, all of which are offered by hard seltzers.
More Headlines This Week