China's Most Successful NBA Import - Yao Ming - Looks To Build Wine Empire In Napa
ST. HELENA (CBS SF) -- Yao Ming used to dominate the the low post in NBA games, but now he's looking to become an even bigger player in China's wine game.
The former Houston Rockets center founded Yao Family Wines in 2011, and says he's already sold $8 million around the globe. But now the 7'6" former All-Star is thinking bigger. He's started a crowdfunding campaign to raise $3,000,000 to expand the brand. The brand is based in St. Helena, and Ming now wants to establish a tasting room there, as well as in his hometown of Shanghai.
"We have sold more premium Napa Valley wine in China than any other California winery," says winemaker Tom Hinde. "We see a market growing at 25 percent a year."
Here's his full sales pitch:
Wine critics, including the famed Robert Parker, have scored the wines well and suggested that this is more than just a vanity project.
"It's his personality that ultimately emerges in the wine," said Hinde, noting that Parker gave one of their recent reserve Cabernet releases at 95 on the 100 point scale.
The CrowdFunder campaign - which is open only to American investors - requires a minimum $5,000 investment. As of Wednesday, the campaign had taken in more than $1.5 million. The business is currently valued at $15 million.
#Grateful for all the support we have gotten from you all at https://t.co/OVrn9KED8v @crowdfunder
— Yao Family Wines (@YaoFamilyWines) March 4, 2015
The Wall Street Journal reports that bottles of Yao Family wines, which are all reds, sell for $85 or much more in China.
Among the other sports stars who have put their names, or money behind California wines are NASCAR's Jeff Gordon, Golf's Arnold Palmer, MLB pitching great Tom Seaver, Charles Woodson of the Raiders and Olympic gold medalist Peggy Flemming.