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Why the French want in on South Africa's wine

Video guest: Josephine Mwangi

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Wednesday, 19 October 2016

Why the French want in on South Africa's wine

Image is everything, some say, and wine is no exception. For the past 20 years, South Africa's Cabernets and Chardonnays have fought hard to compete with their Old World rivals, which lean upon the strong reputation of historic wine making regions such as Bordeaux and Bourgogne. But now the fight is paying off. From success in new markets such as China and the U.S. to record auction prices and high scores in blind tastings, South African wines are gaining recognition and big players are taking note. Last month the French wine giant AdVini acquired 51% of Ken Forrester Wines, a major producer in the South African wine industry -- the most recent example of a number of acquisitions over the past few years. At the country's annual Nederburg auction in September, prices per litre for the wines on sale hit an all-time high, with red wines seeing a 50% increase in the average price. "There is a growing international interest in South African wine. We are no longer being seen as a marginal, or new worldish industry," says Ken Forrester, who will remain as CEO for the business with the same name after the French takeover.

Source: CNN