Australia’s biggest listed winemaker will diversify away from China as it said Beijing’s move to slap tariffs on imports from the country threatens almost a third of its earnings.
Treasury Wine Estates said on Monday that Chinese demand for its luxury brands, such as Penfolds, would be “extremely limited” because of duties worth 169 per cent applied to its products from Saturday.
TWE said it would reallocate its exports of the Penfolds Bin and Icon ranges from China — which represent a quarter of the brand’s global volume — to markets including the US, Europe, Australia and elsewhere in Asia.
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