Treasury Wine Fails to Find Buyers for Its Budget Brands

Australia’s Treasury Wine Estates admitted defeat in its effort to divest brands including Wolf Blass and Blossom Hill, moderating its annual earnings guidance amid weaker sales of its cheaper products.

Last year, Treasury outlined plans to offload its so-called commercial portfolio in a pivot toward costlier, higher-margin brands. As part of the move, it bought California’s Frank Family Vineyards in 2021 and Daou Vineyards in 2023 in deals worth US$1.31 billion combined.

On Thursday, Treasury told investors that it had failed to find a buyer for its budget brands.

“TWE has concluded that the offers received for these brands did not represent compelling value and therefore their retention is the best course of action,” Treasury said.

The company, which is best known for its prestigious Penfolds brand, said that demand for brands typically retailing for less than US$19 a bottle had fallen by 4.9% in the December-half. That includes the commercial portfolio, which comprises the company’s cheapest offerings.

As a result, Treasury expects so-called Ebits—earnings before interest, tax and other impacts including one-off items—for the full fiscal year of 780 million Australian dollars, or about US$489.8 million. That’s at the bottom end of its previously issued A$780 million-A$810 million guidance range.

Even so, Treasury on Thursday reported a A$220.9 million net profit for its fiscal first half, up 33% on year as the company continued to re-establish its Penfolds brand in China following that country’s removal of tariffs on Australian wine.

Revenue rose by 20% to A$1.57 billion, while profit increased 33% to A$239.6 million once material items and currency moves were stripped out.

The average analyst forecast had been for a net profit of A$242.1 million from revenue of A$1.57 billion, according to data compiled by Visible Alpha. Treasury reported first-half Ebits of A$391.4 million.

The board declared a dividend of 20 Australian cents a share, up from 17 cents a year earlier.

Rolls-Royce has unveiled the Phantom Centenary Private Collection, a landmark series of just 25 motor cars honouring the 100th anniversary of its most storied model.

Described as the marque’s most complex and technologically ambitious creation to date, the Centenary Collection is a statement of craftsmanship, symbolism and legacy, three years in the making.

Each Phantom Centenary tells the story of the nameplate’s century-long reign as the pinnacle of luxury motoring.

Every surface, from its embroidered headliner to its gold-detailed engine cover, reflects an element of Rolls-Royce’s history.

The Bespoke Collective of designers and artisans distilled the Phantom’s heritage into 77 motifs that appear throughout the car, created using groundbreaking techniques such as 3D marquetry, ink layering, laser-etched leather and 24-carat gold leafing.

Chief Executive Chris Brownridge called the Centenary Collection “a tribute to 100 years of the world’s most revered luxury item,” describing it as “a motor car which reaffirms Phantom’s status as a symbol of ambition, artistic possibility, and historical gravitas.”

Inside, the rear seats feature more than 160,000 stitches across 45 panels of high-resolution printed and embroidered fabric inspired by historic Phantoms, developed in partnership with a fashion atelier.

The front seats are laser-etched with hand-drawn sketches that reference key design codenames, while the Anthology Gallery installation – 50 brushed aluminium fins engraved with a century of quotes – forms a centrepiece that reads like a living archive.

The exterior pairs Super Champagne Crystal paint with Arctic White and Black tones, finished with iridescent glass particles. Each car is crowned with a solid 18-carat gold Spirit of Ecstasy, enamelled and hallmarked with a bespoke “Phantom Centenary” mark. Even the famed RR badges have been plated in 24-carat gold and white enamel for the first time.

Bespoke woodwork depicts the Phantom’s most defining journeys, from Sir Henry Royce’s homes in France and England to the 4,500-mile expedition of the first Goodwood-era Phantom across Australia. Roads and landscapes are etched in gold, and interior embroidery continues these lines in gleaming thread.

The Starlight Headliner, with 440,000 stitches, portrays the mulberry tree under which Royce once worked, complete with bees from the marque’s Goodwood apiary and constellations referencing legendary Phantoms such as Sir Malcolm Campbell’s ‘Bluebird’.

Limited to 25 cars worldwide, the Phantom Centenary Private Collection stands as both an homage to Rolls-Royce’s past and a promise of its future, a modern-day heirloom crafted to be read, driven and remembered over generations.

Treasury Wine Fails to Find Buyers for Its Budget Brands

The company is best known for its prestigious Penfolds brand

Only 25 of the most intricate Rolls-Royce Phantoms ever made will celebrate the nameplate’s 100-year legacy.