Treasury to sell some of Australia’s highest-profile wine brands

Wolf Blass, Lindemans and Yellowglen were once among the most powerful wine brands in Australia.

But owner Treasury Wine Estates today announced that all three brands are no longer wanted and will be sold.

The lower-priced wines have no place in Treasury's increasingly premium portfolio, headed by Penfolds and Wynns Coonawarra Estate.

Treasury told the Australian stock exchange that it intends to divest its commercial brand portfolio. That portfolio also includes US brand Blossom Hill.

The compnay said that collectively the four brands represented less than 5% of TWE’s net profits in the recently financial year 2023-2024.

“Following the latest review of the carrying value of the Group’s assets as part of its annual impairment testing process, TWE will recognise a non-cash impairment charge of $354m ($290m post-tax) in its financial result for the year ended 30 June 2024 in relation to the TPB division,” TWE said in its message to the ASX.

TWE has also announced that it will be increasing the price of Penfolds wines globally “by leveraging our unique Penfolds brand status to drive ongoing demand, we remain steadfast on our clear ambition to be the number one luxury wine brand in the market,” said Penfolds CEO Tim Ford.