Treasury Wine Estates (TWE) has announced plans to launch a Penfolds China wine, which will be made in China from grapes that have been grown in the country.
Speaking at the recent Macquarie Australia Conference, TWE’s CEO Tim Ford trials were already underway to make wines from grapes grown in Shangri-La in Yunnan province and Ningxia in China’s central-north. The Penfolds China red blend is expected to retail for between $30-$50 a bottle.
Ford said: “We’re confident we can produce a premium Chinese Penfolds that maintains the distinctive Penfolds house style and uncompromising quality.
“China has always been an important market for us, and we look forward to continuing to deepen our relationships and affinity with our consumers and the broader Chinese wine community.”
Speaking to The Australian, he added: “The reality is with the launch we are announcing, with our confidence around our Chinese country of origin Penfolds, we are going to start talking to customers in China pretty much from tonight and tomorrow to start to get the ball rolling.
“China is an emerging fine winemaking region and we’re confident we can produce a premium Chinese Penfolds that maintains the distinctive Penfolds house style and uncompromising quality.”
TWE has also confirmed it has entered into a strategic cooperation agreement with China’s wine industry body, the China Alcoholic Drinks Association with the company to share knowledge and expertise to help build China’s wine industry.
Ford said: “As a leading global wine producer, we have a responsibility to help build the wine category and industry in our different markets.
“The Penfolds brand continues to be strong among consumers in China, and sharing our global expertise is part of our ongoing investment in our local team, our brands, customers, consumers, partners and the broader industry. That’s what long-term commitment to a market really means.”