June 3, 2026 — Treasury Wine Estates (TWE) today outlined plans to reshape its portfolio around evolving consumer and customer needs, and to 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 Fischer said the company was building on strong foundations.
“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 across 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 aligned to where consumers and customers are heading.”
Backing the growth areas shaping the future of wine
Mr Fischer said TWE’s transformation was designed around 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’re also seeing strong growth in lighter styles, more relaxed social occasions and moderation trends, particularly among younger consumers.
“We’re reshaping Treasury Wine Estates to where we see the strongest long-term demand and growth opportunities in luxury red, luxury white, and more contemporary wine experiences.”
TWE will transition to a more focused portfolio centered on ‘Power Brands’ and ‘Regional Heroes’. The ‘Power Brands’ – Penfolds, DAOU and Matua – will receive increased investment and support to accelerate growth across multiple markets from F28.
Complementing the Power Brands are ‘Regional Heroes’, brands with regional relevance and playing important roles within their local markets. In the United States, Frank Family Vineyards will continue to play a leading role alongside Stags’ Leap Winery and Beaulieu Vineyard.
The Regional Heroes portfolio also includes key brands in Australia and New Zealand – Wynns, Squealing Pig, Pepperjack, and Coldstream Hills.
TWE expects these 10 brands to contribute around 90 per cent of Group Net Sales Revenue within five years.
Over time, TWE expects its portfolio to reduce from 76 brands to less than 30, allowing it to concentrate investment behind the 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 Matua continues to lead refreshment-led wine occasions 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 Fischer 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 an important role in meeting specific consumer needs, particularly in the U.S., with targeted investment, during the multi-year transition period.
Aligning TWE’s footprint to support future growth
In support of a more focused portfolio, TWE will continue work underway to simplify its operating footprint – primarily across its production regions in the US and Australia. This includes the potential divestment, retirement, or optimisation of selected assets – primarily in California and Australia – to improve operational efficiency, and ensure the business is better aligned to future consumer demand.
TWE Chief Supply & Sustainability Officer Kerrin Petty said the wine industry continues to navigate structural challenges, including changing consumer preferences and excess supply in some commercial wine segments, and TWE’s supply transformation would better align the business to future demand.
“We’re responding proactively and responsibly by aligning our footprint and asset utilisation to 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 the 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 commenced a strategic and operational review of its Americas business.
While the company continues to see 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 range of options to improve performance and shareholder value.
A phased transition over time
TWE Ascent, is a multi-year transformation program, with changes expected to be implemented progressively from F27 over several years as the business transitions toward its future-state portfolio and operating model.
Mr Fischer said TWE remained 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.
“The future of wine will be shaped by brands that stay closely connected to consumers, lead with innovation and continue creating meaningful wine experiences and that’s the future Treasury Wine Estates is building,” Mr Fischer said.
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, D.C., and Texas. TWE is working closely with Reyes to support a smooth transition and looks forward to the partnership, which brings scale, proven execution, and a shared commitment to growing the wine category.
