The price of some Fenjiu liquor products will rise by 20 percent on average, according to an announcement by Shanxi Xinghuacun Fenjiu Liquor Group on Oct 9. Other products including Guocang Fenjiu liquor, Qinghua Fenjiu liquor and Bofen liquor will remain the same.
The announcement attributes the price adjustment to the company’s development and price optimization strategy.
Insiders said that the price adjustment mainly focuses on mid-priced liquor because the price control policy of the state government influences high-priced liquor and has little impact on mid-priced products.
Shanxi Xinghuacun Fenjiu Liquor Group is a large-scale comprehensive state-owned enterprise with a long-standing reputation. It was restructured on the basis of the original Shanxi Xinghuacun Fenjiu Liquor Group in March 2002.
The price adjustment is expected to increase company profits and contribute to its ambitious 10-billion-yuan ($1.59 billion) sales goal.
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