The organization detailed: "Compared to the same month last year, sales of non-varietal wines (+3.8%), varietal wines (+8.4%), and other wines (+30.8%) increased, while sparkling wines decreased by -15.0%".
90.4% of the wine sold in the domestic market during September comes from Mendoza.
A report by consultant Javier Merino, presented at the beginning of this year, had already highlighted that the Argentine vitivinicultural sector faces a complex scenario that combines macroeconomic difficulties, financial and exchange instability, with global market trends characterized by a fall in consumption and fewer export possibilities.
The consultant summarized the demands for Argentine producers by stating that to be competitive and profitable, "today it is necessary to sell less quantity at a higher price".
At the same time, it is required to "constantly innovate in order to earn a place in a gondola that offers more and more options".
The executive added in a statement that "the company reaffirms its commitment to its employees and the vitivinicultural community and will continue to work with the same spirit of effort and excellence that has characterized it for 130 years".
Founded in 1895 in Luján de Cuyo, Mendoza, Norton highlights that it has more than 128 harvests and is present in more than 72 countries around the world.
From the company, they detailed that their mission is to create "a wide range of wines, from varietals to high-end blends and high-perceived value experiences that positively impact consumers, business partners, and employees who value history, prestige, and reliability".
Vitivinicultural Market Context
The filing for a preventive bankruptcy by Norton occurs in a complex scenario for the sector. According to data from the National Institute of Vitiviniculture (INV), in the first nine months of the year, wine sales in the domestic market fell by 2.5%.
Bodega Norton filed for a Preventive Bankruptcy, a decision taken by the company "to secure jobs and ensure the continuity of operations".
Meanwhile, exports fell by 6.3% in the same period compared to the previous year.
However, wine sales in the domestic market during September reached a volume of 739,232 hectoliters, an increase of 4.4% compared to the same month of the previous year.
The announcement by one of the country's leading and most historic wineries comes in the context of a "challenging scenario for the vitivinicultural industry both locally and internationally".
Tomás Lange, CEO of the company, detailed that the measure was taken after "evaluating different alternatives to solve the company's financial situation".
