He said the price increases would happen over the next six months but would not be applied with a “broad brush”. “We’ll be quite targeted and selected in doing that.”
Like many other retailers,Treasury,which makes the high-end Penfolds range,19 Crimes and Beringer,has not been immune to the ongoing global supply chain crisis,and Mr Ford said his team was managing it on a daily basis.
“We are planning for this to continue for the rest of fiscal year 2022. The best information we have is that it should start to settle down after that,” he said.
The $11 billion giant on Thursday announced the acquisition of a luxury wine business in California’s Napa Valley,which Mr Ford said was the second-biggest luxury chardonnay brand in the United States.
The $433.5 million acquisition of Frank Family Vineyards marks the company’s latest step in its strategy to more deeply penetrate the US market through more upmarket wines as the company pivots away from China afterBeijing slapped hefty 200 per cent tariffs on Australian wine late last year.