Treasury Wine Estates is offloading the Rosemount wine label back to its founding family in its ongoing push to focus on fewer brands.
In a statement today (12 October), the Australian wine giant announced the sale of Rosemount, as well as the Ingoldby Wines and Secret Stone labels, to the Oatley family.
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Financial terms of the transaction were not disclosed.
In June, the Penfolds producer outlined plans to cut a portfolio of 76 brands to a line-up of 30 global and regional labels as part of wider changes at the business.
So far, Treasury Wine Estates has also sold brands including Seppelt, Rouge Homme, and Tollana.
Rosemount was founded in Australia’s Hunter Valley in 1969 by Bob Oatley. The business was acquired by fellow Australian wine group Southcorp in 2001, which in turn was sold to Foster’s Group four years later.
Foster’s spun off its wine business as Treasury Wine Estates in 2011.
The latest sale includes all three labels alongside their inventory. Treasury Wine Estates is to distribution Rosemount in Europe for up to three years.
Angus Lilley, the managing director of Treasury Wine Estates’ operations in Australia, New Zealand and Europe, said: “The Oatleys bring deep experience in Australian wine and are well placed to take Rosemount, Ingoldby and Secret Stone into the future. We’ll work closely with them to ensure a smooth handover for customers.”
Earlier this month, the Matua brand owner shed roughly 170 positions linked to its plans to “create a simpler and more focused organisation”.
The redundancies relate to Treasury Wine Estates’ move to a “regional operating model”, which the business disclosed in April.
That move followed CEO Sam Fischer in December announcing a “transformation programme” that included a review of products, cost cuts and changes to the company’s “operating model”.
The company now functions through four distinct territories: the Americas; Australia, New Zealand, and Europe; Greater China; and Emerging Markets.
At an investor event in June, Treasury Wine Estates said it was launching a review of its business in the Americas, a unit which has faced pressure in recent quarters, particularly in the US.
