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Australia’s most exported wine brand, Yellow Tail, has launched its Chile-made Yellow Tail range for the Chinese market this month to sidestep China’s punishing tariffs on Australian wine, the company has told Vino Joy News.
First made-in-China Penfolds will be released exclusively for the Chinese market in coming months, as Penfolds aims to play a meaningful role in Chinese wine industry to skirt tariffs.
Penfolds, the flagship brand of Treasury Wine Estates, is launching a rare 2018 Superblend Imperial Duo as two NFTs on BlockBar, a New York-based luxury wine and spirits NFT platform for its first-ever NFT wine auction
Speculations are running high inside China that Australia’s most known wine brand Penfolds is a step closer in launching its Chinese Penfolds, reportedly made by blending wines from the country’s premier wine region Ningxia and South Australia.
China’s eastern Jiangsu province has dismantled what the policed described as a “mega cross regional” fake wine production ring, seizing over 8,000 bottles of counterfeit Penfolds worth over RMB 10 million (US$1.6 million).
Treasury Wine Estate (TWE), the parent company of popular Australian wine brand Penfolds, revealed its revenue in mainland China has plunged by more than 97% or about AU$76.2 million from July to December 2021 due to China’s crushing anti-dumping tariffs.
Customs officers in Shenzhen Bay Port have seized RMB 1.5 million (US$ 236,637) worth of fine wines smuggled from tax-free Hong Kong to mainland China, mostly consisting of Australian wines.
China’s regional court has convicted four men of counterfeiting Penfolds’ trademark, after uncovering more than 1,140 bottles of fake Penfolds and 500kg of unbottled bulk wines during a police operation last January.
Secondary market activity for Australian wine experienced significant decline as a result of Chinese anti-dumping tariffs, as reported by Liv-Ex.
East Meets West Fine Wines (EMW) has become the exclusive on-trade distributor of Ningxia’s Xige Estate, which is likened to “China’s Penfolds”, expanding the wine merchant’s Chinese wine portfolio that already includes Tiansai and Legacy Peak.