Penfolds owner faces criticism for doubling down on US market

has the backing of shareholders despite drawing heat from analysts worried the Penfolds owner is “doubling down” on the US market.

“When you get a brand that fits within your own portfolio, you have to press ahead even if the timing might not be exactly what you’re after.” “I just don’t get why you need to keep doubling down on the US,” said Bank of America analyst David Errington. “Why wouldn’t you just buy back your own stock and leverage up Penfolds?”Ron Sargeant of Touchstone Asset Management: “So much of the problems in the US are caused by Australian-sourced, low-value product. This is the polar opposite of that.”“There’s no reason why we can’t do both. Penfolds clearly is a beautiful business, and we give it what it needs to continue to grow,” he said.

Mr Sargeant added the premium Daou brands separated it from Treasury Wine’s cheaper offerings, such as the 19 Crimes Brand, which have struggled to perform in the past year.

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