PENFOLDS CONFIDENT IN ITS EMERGING WHITE WINES
WINE lovers know all about Penfolds luxury red wines, but the whites? Not so much.
Treasury Wine Estates, which owns Penfolds, wants to boost interest in Penfolds white wines, which include Yattarna Chardonnay and Max’s Chardonnay.
Treasury Wine chief Michael Clarke says the company is planning “an exciting white wine strategy for Penfolds”, mainly concentrating on chardonnay and riesling.
“Increasing production of white wine under the Penfolds banner represents an additional phase of growth,” Mr Clarke said yesterday.
“We have exciting plans for this brand on a global stage in fiscal 2019 and beyond.”
He said that although wine consumption in Australia was roughly split 60-40 between red and white, 90 per cent of Penfolds sales were of red.
“There is a huge opportunity to grow white wine,” Mr Clarke said.
“We’re now significantly accelerating the sourcing of white wine for the Penfolds portfolio.”
Mr Clarke said it would take a very long time for a white wine to reach the status of Penfolds Grange, if ever.
He was speaking as the Melbourne-based winemaker, Australia’s biggest, posted a net profit of $269.1 million for the year to June.
The bottom line was up 55.3 per cent from the previous year, boosted mainly by earnings growth in Asia and the Americas, and cost savings.
Treasury Wine said the market in China was growing so strongly it was finding it hard to keep up with demand.
Earnings in its Asian operations grew 47 per cent to $150.1 million as the company expanded the number of brands it offers, particularly in China and Japan. Earnings for the Americas business rose 44 per cent to $189 million.
Treasury Wine is also relaunching its sub-$10 commercial brand of wine Lindeman’s, with new labels designed to be more attractive to consumers.