VANCOUVER, BC – Russell Brewing has announced the signing of a letter of intent with FVI Capital – a Vancouver-based private equity firm associated with Anyi Capital Group in Shanghai, China – to have its brands and trademarks licensed for the Chinese market.
Under the agreement, a new company will be formed by FVI, with Russell owning a 20% stake. This company will be headed by Guodong Wang, a veteran of the Chinese brewing industry, and will have “rights to import, produce, package, use, market, sell and distribute Russell brands and branded merchandise … in China.”
In a statement, Mr. Wang said, “Even though premium craft beer is still a relatively new concept in China, there are significant business opportunities and potential for craft beer makers as China is now the largest and fastest growing beer market in the world. Our research over the past 6 months confirms that especially for large cities in China, demographics, income level and cultural trend are currently at the right level to provide the same fertile ground that nurtured the craft beer movement in Europe and North America two decades ago. We are confident that we have the ability to bring the craft beer business model to China leveraging RBI’s award winning brands and industry expertise.”
For more details, see the full press release on Marketwire.