Iconic Chinese brand still in low spirits

Upmarket baijiu label Shuijingfang has struggled to turn its business around after being hit by the austerity campaign in 2013 James Rice could not have arrived at a more difficult time. The Los Angeles-born executive took over as CEO of the upmarket baijiu company, Sichuan Swellfun Co Ltd, in March 2013.

Despite having a huge consumer base, the company that makes the unique Chinese spirits brand Shuijingfang was feeling the aftershocks of the government's anti-corruption drive, which hit the luxury label sector.

"About the time I arrived, the industry started to go on a slide," Rice told Marketplace, a radio program produced by American Public Media in the United States in November, 2013. "Our sales (were) down 50 percent. We had to give a warning to the stock market that our profit (would) be down."