“It’s the investment behind the brand,how we bring that brand of life,how we execute in store. Penfolds does an amazing job of what we call the in-store theatre of the brand. The Chinese consumer loves it,” Ford told this masthead.
Treasury Wine is hoping to reconnect with “heartland” customers and attract new ones after having broken down its consumers into categories,distinguishing “new luxuriant” drinkers – generally younger and want a luxury brand experience – from “classic connoisseurs”,who enjoy the theatre of tastings,dinners and grand events.
“We think we understand that better than anyone else,” said Ford. “How you execute against that is where we see the brand succeeding and growing and being very targeted in how we’re going after those consumers.”
At its pre-pandemic height before diplomatic ties between China and Australia soured,China was Treasury Wine’s most lucrative market – accounting for about 30 per cent of total earnings.
From July 1,Treasury Wine will increase prices by an average of 6 per cent for customers around the world,including Australia,which Ford said was based on global demand and supply across a three-four year period.
“We want to continue to build the brand and sell more of the wines consumers are prepared to pay.”