Business

Companies

Wine

Opinion

China’s nanny state collides with Penfolds profit

Elizabeth Knight Business columnist October 16, 2025 — 2.20pm Advertisement

You could forgive Treasury Wine Estates’ chairman John Mullen for wanting a glass of Penfolds Grange after the week he’s had.

On the one hand, he has had to contend with China’s Politburo cracking down on the country’s alcohol consumption; on the other has been the backlash from a cohort of governance-stickler shareholders who want to replace him.

The maker of Penfolds, Treasury Wine Estates, has been hit by a Chinese government crackdown on alcohol spending by party officials. Credit: Marija Ercegovac

China is a big market for Treasury Wine, so this government intervention has serious profit implications.

All

See Full Page