AUS: Penfolds defends 'outrageous' price hikes
AUS: Penfolds defends 'outrageous' price hikes
Mar 8, 2012 6
(Stuff) - Premium Australian wine label Penfolds has defended its new pricing structure after a top New Zealand wine retailer threatened to drop the brand over "outrageous'' price hikes.
The Fine Wine Delivery Company said it was making a stand against Penfolds' owner, the ASX-listed Treasury Wine Estates (TWE).
Fine Wine's managing director Jeff Poole said TWE was using a surge in demand from the ``new and unproven Chinese market'' as an excuse to apply huge price increases in New Zealand across the Penfolds range.
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