Penfolds to re-enter Chinese market after wine tariffs lifted

Australia's biggest wine company Treasury Wine Estates is gearing up to re-enter the Chinese market with its famous Penfolds brand, after China lifted injurious tariffs on Australian wine. Treasury today updated investors on its return to China in March with strong sales demand. The company expects profit growth of around 15 per cent in each of the next two years with Penfolds profit expected to be between $418 and $421 million. Treasury said by 2030, China is expected to consume more than 25 per cent of the world's luxury goods with a massive increase in wine sales expected.