3 June 2026 – Treasury Wine Estates (TWE) today outlined plans to reshape its portfolio in line with evolving consumer and customer needs and focus increased investment behind its strongest long-term growth opportunities.
TWE will become a simpler and more focused luxury wine business, investing in fewer, stronger brands, while increasing its emphasis on lighter styles and no- and low-alcohol wines.
TWE Chief Executive Officer Sam Fisher said the company is building on a strong foundation.
“We have some of the world’s most recognized wine brands, outstanding vineyards and winemaking assets, deep expertise from grape to glass, and strong customer relationships in global markets,” Mr. Fischer said.
“Wine continues to play an important role in consumers’ lives, but consumer preferences and market dynamics are changing.
“The future belongs to wine businesses that are more focused, agile and closely connected to where consumers and customers are going.”
Supporting growth areas that shape the future of wine
Mr Fischer said TWE’s transformation was designed based on the trends shaping the future of global wine.
“Premiumization remains a powerful long-term trend, with consumers increasingly choosing to drink less but better,” he said.
“At the same time, we are also seeing strong growth in trends for lighter styles, more casual social occasions and sobriety, especially among younger consumers.
“We are reshaping Treasury Wine Estates where we see the strongest long-term demand and growth opportunities in luxury reds, luxury whites and more contemporary wine experiences.”
TWE will transition to a more focused portfolio focused on ‘Power Brands’ and ‘regional heroes’. The ‘Power Brands’ – Penfolds, DAOU and Matua – will receive increased investment and support from F28 to accelerate growth in multiple markets.
Complementing the power brands are ‘regional heroes’, brands with regional relevance and playing a significant role in their local markets. In the United States, Frank Family Vineyards will continue to play a leading role with Stags Leap Winery and Beaulieu Vineyards.
The Regional Heroes portfolio also includes leading brands from Australia and New Zealand – Winns, Squealing Pig, Pepperjack and Coldstream Hills.
TWE expects these 10 brands to contribute about 90 per cent of the group’s net sales revenue within five years.
Over time, TWE expects to reduce its portfolio from 76 brands to fewer than 30, allowing it to focus investments behind brands with the strongest long-term growth opportunities and consumer relevance.
“Penfolds continues to define modern luxury wine globally, DAOU has reshaped luxury Cabernet for a new generation of consumers, and Mutua continues to lead freshness-based wine opportunities through strong cultural relevance and innovation.
“This sharper focus allows us to invest more behind the brands, innovation and consumer experiences that will be the engine of TWE’s future growth,” Mr Fisher said.
While Power Brands and Regional Heroes will lead the portfolio, other brands – including Beringer, 19 Crimes and Cali by Snoop – will continue to play a key role in meeting specific consumer needs, particularly in the US, with targeted investments during the multi-year transition period.
In support of a more focused portfolio, TWE will continue to work to simplify its operational footprint – primarily across its production areas in the US and Australia. This includes the potential divestiture, retirement, or optimization of selected assets – primarily in California and Australia – to improve operational efficiency, and ensure the business is better aligned with future consumer demand.
Karin Petty, TWE’s chief supply and sustainability officer, said the wine industry continues to face structural challenges, including changing consumer preferences and excess supply in some commercial wine segments, and TWE’s supply transformation will better align the business with future demand.
“We are responding proactively and responsibly by aligning our footprint and asset utilization with future demand expectations, while continuing to protect the quality, flexibility and reliability our customers expect,” Mr Petty said.
“The transformation of our supply chain directly supports our investment in brands and opportunities where we see the strongest long-term growth potential, while supporting a healthy balance between supply and demand in the industry over time,” he said.
TWE has also initiated a strategic and operational review of its US business.
While the company sees attractive long-term opportunities in the region, elevated inventory levels and excess supply chain capacity are challenging overall operating performance. The review will consider a number of options to improve performance and shareholder value.
step change over time
TWE Ascent, a multi-year transformation programme, is expected to gradually implement changes from F27 over several years as the business transitions towards its future-state portfolio and operating model.
Mr Fisher said TWE is committed to supporting team members, customers and partners throughout the transition.
“TWE’s transformation program is designed to position TWE for long-term sustainable growth by creating a more focused portfolio, a simpler and more efficient operating model and stronger alignment to evolving consumer preferences globally.
Mr. Fisher said, “The future of wine will be shaped by brands that stay closely connected to consumers, lead with innovation and continue to create meaningful wine experiences and Treasury Wine Estates is building that future.”
Distribution transition finalized with Reyes Beverage Group
Republic National Distributing Company (RNDC) has finalized the transfer of several markets to Reyes Beverage Group, including Arizona, Colorado, Hawaii, Louisiana, Oklahoma, Maryland (including Montgomery County), South Carolina, Virginia, Washington, DC and Texas. TWE is working closely with Reyes to support a smooth transition and look forward to the partnership, which brings scale, proven execution and a shared commitment to enhancing the wine category.
