Australia’s most valuable producer Treasury Wine Estates splashed out $1.6 billion to buy a premium Californian winemaker just one week after the Chinese government said it will lift its onerous wine tariffs.
Treasury Wine Estates bought family-owned DAOU Vineyards, created only 17 years ago by Lebanese born brothers Georges and Daniel Daou.
DAOU is reported to be the fastest growing premium wine brand in America.
The Daou’s are best known for their Cabernet Sauvignon Patrimony wines which Vivino says retails for around $437 a bottle.
It also shows a tendency for TWE to move deeper into the premium wine market, after its 19 Crimes label, with rapper Snoop Dogg as its face, saw declining sales in the past year or so.
Business and Finance | Herald Sun