Penfolds brand to include wine sourced with California grapes
July 03, 2018
Australia-based Treasury Wine Estates on Monday announced it will produce a new wine sourced with Napa Valley fruit under its iconic Penfolds brand. The production starts with the 2018 crop.
The new Penfolds wine is scheduled to be released in 2022, according to Michelle Terry, chief marketing officer for Treasury Wine Estates.
The fruit, including Cabernet Sauvignon, will come from a variety of vineyards in the Napa Valley and California, including Camatta Hills on the Central Coast.
Treasury did not say how many cases are going to be produced. The wine will be sold globally, Terry said.
Penfolds, which marks its 175th anniversary in 2018, is an “exponent” of multi-regional sourcing, according to Treasury.
“Our Penfolds House Style certainly allows and embraces the freedom to explore premium viticultural regions across the world.,” Penfolds chief winemaker Peter Gago said in a written statement. “We are striving to add outstanding Californian-sourced wines to our offering by fiscal 2022.”
Penfolds Bin prices range from $30 to $500 per bottle, according to Treasury.
Treasury on Monday also announced other new Penfolds bottlings: Lot. 990, a brandy available immediately; Lot. 518, a spirited wine to be released in September; and a Champagne to be released in 2019.
"Today’s news on Penfolds signifies another important step on Treasury Wine Estates’ journey to invest in and build true trust marks; expanding the Penfolds stable to include brandy, spirited wine and multi-country sourcing. Innovation of this nature plays a critical role in driving long term, sustainable growth for the company as we broaden brand appeal and offerings to consumers around the world,” Treasury Wine Estates’ Chief Executive Officer, Michael Clarke, said in a written statement.
“Multi- region and multi-country sourcing brings excitement and energy into established brands and at the same time, strengthens TWE’s ability to deliver consistent, quality wine year on year; regardless of vintage variation. What we have announced for Penfolds is just the start of a much larger agenda we have to deliver continued growth,” Clarke said.
Australia-based Treasury Wine Estates owns about 70 brands and is present in more than 100 countries. It owns more than 120 vineyards, through most of the Napa Valley vineyards are leased under long-term contracts, including the Gamble Ranch.
Treasury’s stated goals include growing in the United States through premiumization and routes-to-market optimization, according to a recent company presentation.