The Penfolds owner freezes its shares ahead of a crucial market update, following a A$687 million U.S. impairment and weakening demand in China.
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Penfolds
Treasury Wine Estates’ shares fell to their lowest level in a decade last week after the company announced a A$687 million write-down on its U.S. operations. Read More
Treasury Wine Estates says its entire A$687 million U.S. goodwill is likely worthless — a stark sign of how sharply America’s wine market has cooled. Read More
Chinese authorities arrested three suspects and seized more than 4,300 bottles of finished and semi-finished fake Penfolds in Hubei province. Read More
Several investment banks have downgraded their target prices for TWE following the news of its withdrawl of profit guideline. Read More
Australian wine giant Treasury Wine Estates (TWE) has cut its earnings forecast for its flagship brand Penfolds for the first time this year, citing a slowdown in China as the biggest drag on growth. Read More
From baijiu to imported wine, once bulletproof brands are losing their shine. Data from the National Bureau of Statistics show alcohol prices have been falling for months, weighed down by weak consumer demand and distress sales. Read More
When Australia’s most famous wine label meets one of China’s biggest baijiu distillers, the result is not just a limited-edition bottle but a glimpse into the uneasy realities of doing business amid declining sales. Read More
Amid the slump, wine sales provided a rare bright spot. VATS liquor store said wine revenue rose 10.96% to RMB 246.7 million (US$34.5 million) in the first half. Read More
Australian wine label Penfolds will bring its “Re-Corking Clinic” to Hong Kong on Aug. 22–23, offering collectors a chance to have aged bottles inspected, authenticated, and re-corked under the supervision of its chief winemaker. Read More