Buyer Beware

I recently read the following a few articles which discuss the bankruptcy of a fine wine retailer in Berkeley California, Premier Cru. Weighed down by $70m of debt the retailer was forced to file for bankruptcy in December last year:

http://www.decanter.com/wine-news/californias-premier-cru-wine-retailer-files-for-bankruptcy-287352/

http://www.winespectator.com/webfeature/show/id/52560

Premier Cru “made its reputation by selling top-tier wines at lower prices than competitors, but often selling them as 'pre-arrivals.'” Customers would sometimes have to wait years before their orders for specific vintages were fulfilled. However, the company’s delivery times became so long (more than 6 years) that they were considered delinquent, and disgruntled customers discovered in December that the retailer was filing for bankruptcy. 11 of these customers are now suing Premier Cru; they’re owed hundreds of thousands of dollars.

I believe that any industry regulation should protect end consumers from unfair business practices. And I find it shocking that Premier Cru was able to defraud its clients out of hundreds of thousands of dollars. I think the lack of transparency in the wine industry between producers, importers, wholesalers and retailers leaves the end consumer at the mercy of these other (more powerful) players in the value chain. And so I think regulation that supports more direct-to-consumer endeavours should be supported in order to empower the end consumer, allowing them to make more informed decision and exercise more influence in the wine value chain.