▻ Jean-Guillaume Prats
In conversation with Jean-Guillaume Prats
Episode Summary:-
Jean-Guillaume Prats surely has wine running through his veins. His great-grandfather was negociant Fernand Ginestet, who owned several châteaux, including 2nd Growth Château Cos d’Estournel in St Estèphe, Bordeaux, which his father Bruno ran for over 30 years. Elin McCoy talks to him about his remarkable wine life, how he left banking and returned to help his father, then stayed on when the château was sold, becoming its director at the age of 28. He is one of Bordeaux’s most well-known personalities, whose career has taken many surprising twists, from leaving Bordeaux to head up LVMH’s wine division, returning to Bordeaux to become CEO of Château Lafite, and then leaving to become an entrepreneur in Provence.
He tells Elin about his childhood visiting his grandmother in St Estèphe, and how vineyards were always seen as part of farming. He married in the local church, and feels privileged to have known the wine world before it became a luxury product. His original ambition was to become a hotelier, and he believes there is much in common between being a great hotelier and the director of an estate, especially attention to detail and creating an atmosphere of serenity.
Jean-Guillaume talks about how the family sold Château Cos d’Estournel, which had been in the family since 1917. Asked to stay on by the buyers as its CEO, he became caught up in their ambition to create a group to float on the New York Stock Exchange. After a couple of years, with that ambition not fulfilled, the owners sold to Michel Reybier, the current owner. Reybier’s direction was different – it was how to add another dimension to the estate. Jean-Guillaume explains how he was influenced by the new direction taken on the Right Bank by Hubert de Boüard, Alain Raynaud, and Jean-Luc Thuevin, who brought in green-harvesting, canopy management and lower yields. Those changes in viticulture were led from the Right Bank, he tells Elin, adding that his business background has been important in running an estate, as he believes everything has to be financially virtuous or it won’t last.
A phone call from Christophe Navarre, of Moët Hennessy, enticed him away from his former family estate to run the company’s wine division. He moved to Paris and started the most extraordinary chapter in his career: He was in charge of 19 properties in nine countries, and presided over several major initiatives, including launching Ao Yun in Shangri-La, China. “The most challenging of all was the project in China, in Shangri-La, which will remain the most extraordinary professional adventure in my career so far,” he says, though he adds that what he’s been doing lately in Provence rivals that.
““Bordeaux needs to take responsibility for telling our dreams and stories.””
It was a difficult decision to make, but when Baron Eric de Rothschild offered him the opportunity to take over from retiring CEO Christophe Salin, the urge to return to his roots could not be denied. He was asked to help Saskia de Rothschild, who was taking over from her father, and he discusses the changes he made, including closing the Paris office and recruiting a new team. After four years, he decided to leave, to become an entrepreneur on his own. His time back in Bordeaux has left him with strong feelings that the discussion of pricing has become a negative story for the châteaux, and that “Bordeaux needs to take responsibility for telling our dreams and our stories.” He discusses the role of Live-Ex and feels it is not helping Bordeaux, with its emphasis on price only. Alongside his own Provence venture, he is helping two Bordeaux properties, Château Léoville Las Cases and Château La Lagune. He is currently Jean-Hubert Delon’s right-hand man, as his children are still in their twenties, while at La Lagune he is helping the Frey family with strategy both in Bordeaux and the Rhone.
The venture in Provence is relatively simple, he tells Elin: “I wanted my own enterprise… Provence today is the new El Dorado when it comes to starting entrepreneurial projects.” He began by teaming up with his friend Stéphane Courbit to buy Château d’Estoublon in Baux-de-Provence. Apart from premium Rosé, there are single varietals, and recently Jean-Guillaume purchased 7.5 hectares in St Tropez. He tells Elin his biggest achievement is helping individuals to grow and find their paths. He believes climate change has been positive for Bordeaux and Provence, and the best way to tackle it is to learn from the regions who are finding solutions.
Elin asks if there is anything he wishes still to achieve in the wine world. “I want to be an entrepreneur and do things very quickly, create stories and dreams with the right people.” Anything in particular, Elin asks? Jean-Guillaume says he has 20 years left, so will come back and tell Elin in the future. Whatever it is, we know that with Jean-Guillaume Prats it will be exciting – and a surprise.
Running Order:-
-
0.00 – 14.50
“I totally disagree with the idea of running a vineyard wherever around the world if you don’t have financial virtuosity.”
– Early years at the family estate, Ch Cos d’Estornel.
– Joining his father at Ch Cos d’Estornel after life as a banker.
– Family sells Ch Cos d’Esotrnel.
– Becoming CEO at 28 years old.
– The influence of Right Bank vignerons in the late 1990s and early 2000. -
14.51 – 32.24
“At LVMH you can be an entrepreneur”
– Jean-Guillaume’s view on finance and the wine world.
– Advice to Jean-Guillaume from his father, Bruno Prats.
– Christophe Navarre invites Jean-Guillaume to run wine division of Moët Hennessy.
– Life running wine division of Moët Hennessy.
– The story of Ao Yun in Shangri-La. -
32.25 – 40.30
“Bordeaux needs to take responsibility for telling our dreams and stories.”
– Leaving Moet Hennessy wine division to become CEO of Château Lafite.
– Bringing in changes at Château Lafite.
– Leaving Château Lafite after four years.
– Jean-Guillaume’s thoughts on the current landscape of Bordeaux.
– Jean-Guillaume’s view on sites that concentrate on prices.
– Working with Jean-Hubert Delon at Ch Léoville-Las-Cases and the Frey family at Ch La Lagune. -
40.31 – 01.00
“Provence today is the El Dorado when comes to starting great entrepreneur projects.”
– Launching his own enterprise in Provence.
– Why Jean-Guillaume believes in the future of Provence.
– Buying a vineyard in St Tropez.
– Becoming the French National Champion of Real Tennis.
– Jean-Guillaume’s biggest achievements and mistakes.
– View on climate change.
– Jean-Guillaume’s thoughts on the consumer of the future.
Gary Boom of Bordeaux Index on how he built one of the world’s largest fine wine companies, his successes and failures, and his predictions for the future of fine wine.