Treasury Wine Estates (TWE) has announced its decision to acquire a 75% equity stake in Ningxia Stone & Moon Winery Co. Ltd for approximately RMB130 million (around $27.5 million). The acquisition, based in QingTongXia city, is aimed at reinforcing TWE’s presence in the Chinese wine market and fostering stronger connections with local consumers.
Tim Ford, CEO of TWE, emphasized the company’s commitment to expanding in the Chinese wine industry. “This acquisition aligns with our vision to grow our luxury wine presence in key international markets, while reinforcing our investment in China’s wine sector,” he stated. Ford also expressed gratitude for the support received from both national and local governments, as well as industry partners.
The partnership with Stone & Moon Winery will fast-track TWE’s winemaking capabilities in China, leveraging the expertise of the local team. Ford noted that the collaboration would help enhance Penfolds’ deep-rooted connections in China and position it as a global ambassador for Chinese luxury wine.
Following the launch of Penfolds’ first China-sourced luxury wine in 2023, the acquisition will play a key role in Penfolds’ multi-country strategy, which now includes China alongside its Australian, French, and American wine offerings. Penfolds will also support the production of its luxury Chinese Winemaking Trial (CWT) 521, which blends Ningxia’s regional characteristics with the Penfolds “House Style.”
XuanHao Kang, Founder of Stone & Moon Winery, expressed excitement about the partnership, stating, “We are proud to join TWE, a company renowned for producing world-class luxury wines. This partnership will showcase Ningxia’s exceptional wine quality to a global audience.”
The acquisition comes as part of TWE’s broader strategy to strengthen its position in international markets, following the removal of tariffs on Australian wine imports to China. The transaction is expected to be completed in the first half of 2025, further bolstering TWE’s presence in the Chinese wine market.
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