Business
Launch of SMWS Taiwan
Launch of SMWS Taiwan.
About this update from Artisanal Spirits Company Plc
[{"type":"text","content":"\n\n22 August 2023\n \nThe Artisanal Spirits Company plc\n \n(\"The Artisanal Spirits Company\", \"ASC\" or \"the Group\")\n \nLaunch of SMWS Taiwan\n \nNew subsidiary gives direct access to world's third-largest market for Ultra-Premium Scotch Whisky\n \nThe Artisanal Spirits Company (AIM: ART), the owner of The Scotch Malt Whisky Society (\"SMWS\"), the leading curator and provider of premium single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, is pleased to announce the successful launch of a new subsidiary in Taiwan, the third-largest market for Ultra-Premium Scotch Whisky globally.\n \nThe newly established SMWS Taiwan subsidiary replaces the existing franchise agreement and provides direct sales access to the Taiwanese market. Taiwan is the world's third-largest market for Ultra-Premium Scotch Whisky, based on value, with an estimated total addressable market of $593 million (source: IWSR 2022). It marks the next milestone in the Group's strategic expansion in Asia where SMWS already has similar subsidiary operations in China and Japan as well as franchise partners in a range of markets, including new partners in Malaysia, and a recently established franchise agreement in South Korea.\n \nIn the first day of trading, SMWS Taiwan enrolled 500 paying members. The Group plans to now drive sales and engagement through the SMWS website, in-person events and digital marketing, as well as social media activity, building on launch activity for media, whisky clubs, brand ambassadors and retailers.\n \nUnder the terms of the agreement, the Group will hold 70% ownership of the entity. The subsidiary is led by an experienced management team of Murphy Chang, former Brand Heritage Manager for Moët Hennessy Taiwan, as Country Director who will have operational responsibility, supported by Eric Huang, the former franchise partner and one of the foremost whisky experts in Asia, as SMWS President and Andrew Dane (CEO of The Artisanal Spirits Company) as Chair of the Taiwan entity.\n \nAndrew Dane, CEO of The Artisanal Spirits Company, commented:\n \n\"Taiwan is one of the world's largest and most sophisticated whisky markets. The new subsidiary expands our footprint in Asia and gives us direct access to this exciting territory, helping...