Cask Trade expands to AsiaBy Kate Malczewski
Whisky barrel marketplace Cask Trade has opened an office in Hong Kong that will serve investors across the Asian market.
Cask Trade was founded in 2018 with the goal of creating an ‘open and honest marketplace’ for whisky enthusiasts and bottlers.
The London-based whisky investment service has decided to set up an arm in China after experiencing a 25% increase in its business in Asia, and forecasts a minimum 25% increase in sales with the addition of its new office.
Cask Trade said its services will allow customers in Asia to purchase barrels of whisky at UK prices, which are ‘significantly lower’ than the market standard, for the first time.
Simon Aron, managing director and co-founder of Cask Trade, commented: “By opening in Hong Kong, we are addressing a demand from existing and potential customers throughout Asia offering direct access to casks for whatever purpose, at competitive UK prices with complete transparency and a seamless service.”
According to Euromonitor International figures cited by the company, value sales of whisky in China are predicted to reach about £2.2 billion (US$3bn) by 2022 – a 38.6% increase from 2018.
The business’ Hong Kong operations will be led by John Wong, who notes that the East Asian market is home to “highly skilled and educated” consumers.
“Drinkers from Greater China and Asia Pacific are always seeking a diverse range of taste and flavour profiles in whisky,” he said.
“They look for rarity and investment opportunities with stories behind the liquid. With me on the ground in Hong Kong, I can immerse myself into the whisky community because there is nothing better than meeting face to face with a dram in your hand.”