Treasury Wine bets on China's thirst for Penfolds
The Australian winemaker has been stockpiling Penfolds as it hopes for return to China.
Treasury Wine Estates is hopeful it may finally regain access to its largest export market as the Prime Minister indicated he would petition China to remove large tariffs on Australian wine.
Speaking on a Tuesday earnings call, CEO Tim Ford said he was optimistic the ASX-listed winemaker could begin bolstering exports to mainland China.
“In the future should things change with tariffs in China, we're going to be talking about reallocation again... I look forward to that day actually,” Ford said.
The business flagged to the market that it would hold back cases of Penfolds in the first half of this financial year to redistribute to China should tariffs successfully be lifted there.
