Breakingviews - Wine IPO is a very rich toast to affluent India
A woman arranges grapes in a basket during vintage on the outskirts of the southern Indian city of Bangalore May 6, 2007. Picture taken May 6, 2007. REUTERS/Jagadeesh Nv - GM1DVFBIUTAABANGALORE, Aug 12 - Indians are developing a taste for wine, but it might be a drier than expected year ahead for Sula VineyardsSula is a household brand for well-heeled Indians. Its vineyard is just a few hours’ drive from the financial capital of Mumbai and attracts some 370,000 annual visitors.
Yet there are reasons to leave this one on the shelf. The country very much remains a spirit-loving nation. While Indian-made gin and beer occupy more and more space on bar menus in big cities, local wine is not held in the same high regard. A new trade deal with Australia will gradually lower import duties on wines from Down Under, ushering in a bigger and better-tasting range of bottles currently too expensive for all but the richest customers.Sula is a very rich toast to India’s wealthy.
What’s more, almost all those Affluent India stocks grew their top line faster than Sula’s 8% in the year to March; many are similarly or more profitable too. Indeed, investors have a growing crowd of overpriced consumer names targeting the wealthy to choose from: about one quarter of the group of 23 including high-end property developer Macrotech
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