Berry Bros & Rudd announces restructure of FMV business
Berry Bros & Rudd has confirmed its decision to change its trade business model, following its internal review of Fields Morris & Verdin (FMV).
The retailer has revealed FMV will represent “a smaller portfolio of the world’s most prestigious fine wine producers”. Burgundy will continue to be a focus region, and FMV will also represent "outstanding wines from established and promising producers across several key wine regions".
The trade customer base will predominantly be luxury retailers, independent and fine wine merchants, and a number of high-profile on-trade establishments.
Over the past few weeks, FMV has been communicating with producers and customers to discuss the outcome of this decision and said is pleased to see that several of these producers have already found new homes. FMV said it looks forward to watching these agencies build upon the strong foundations it has laid as it focusses on building the strength of a refined portfolio.
Chairman Lizzy Rudd said: “Following the completion of our internal review, I can confirm that we are restructuring FMV to support a smaller portfolio of renowned producers, in line with BB&R’s private client strategy. Although this has been a difficult decision, it is the right one to adapt our business to the market conditions we see ahead. It will enable us to focus on providing excellent service as well as continuing to build strong relationships and long-lasting friendships with our producers and customers.”
Last year, Berry Bros. & Rudd announced its strategic priorities – focussing on its private client business and developing spirits brands, both areas where the business has an established history, and a wealth of experience and expertise. Going forward, its spirits range will be distributed directly by Berry Bros & Rudd.
This announcement follows several recent developments in the 300-year-old business including the recent appointment of Emma Fox as Chief Executive.