Château Margaux was the final first growth to release its 2016 wines en primeur yesterday (although we still await a second tranche from Château Lafite – see our blog post on the first tranche). The price of €420 per bottle ex-négociant matched that of Mouton and Haut-Brion, and represents an increase of 9% on 2015.
The reception was very positive all round, with pricing and volumes were both considered to be expertly judged, with one member of the Place de Bordeaux referring to the release as “very professional”, and another saying it was difficult to imagine any problems selling the stock, and “we’d be more than happy to hold a bit more back if necessary!”
A particularly astute move by the commercial team at Margaux was the decision to set a UK RRP this year, which effectively served to negate the weak pound, by curbing any possibility for UK merchants to allow themselves a larger margin, as they had done last year (when they quite rightly judged the immense demand for the very well rated 2015 – Wine Lister Quality score of 988). This means the 2016 represents a relatively modest year-on-year increase of 9% in pounds as well as in euros, rendering the RRP of £432 per bottle more palatable to UK customers.
Margaux also kept the trade happy releasing at least the same amount of the grand vin as last year, if not a little more in some cases, with UK merchants still clamouring for more. The second wine, Pavillon Rouge, was up 20% in volume terms. Bien joué.