The Californian rap star might not immediately seem like the safest bet for a brand ambassador to one of the world’s most prestigious wine companies. But the risk has paid off.
The winemaking giant will pivot to the US market and focus on its highly profitable Penfolds brand in a bid to restart profit growth without the help of the lucrative Chinese market.
Australian winemakers have been hit by fresh tariffs from China that will deliver a sharp economic blow to the sector.
Major local shareholders in winemaking giant Treasury Wine Estates have it is likely the business could be subject to a takeover offer in the coming months.
Treasury Wine Estates has announced it will license $100 million worth of its US brands to major US wine producer The Wine Group.
Major fund manager VanEck has backed winemaker Treasury Wine’s decision to keep upmarket label Penfolds within its stable.
And comes by the boatload.
An alliance of MPs from nine countries wants others to unite against"bullying and coercion"by Beijing.
China's newly imposed duty all but extinguishes local producers'access to the world's largest market.
A report forecasts the prices of summer vegetables and fruits could jump by between 15 to 25 per cent.
Australian winemakers remain positive about the prospect of channelling their drops into growing markets such as Thailand and Vietnam.