Value approach to foil wine shortage
Pernod Ricard managing director Pierre Pringuet has said the company will focus on building the value of its Jacob's Creek brand instead of seeking high volume sales as Australia
faces a grape shortage.
Announcing financial results for the year ending June 30, Pringuet said the predicted end to Australia's wine glut was now a reality with harvests down about 30 per cent.
He said: "I am afraid the time for cheap Australian wine has disappeared so we will go back to the true value, the true thing."
Sales of Jacob's Creek rose by 5 per cent worldwide last year, but in the UK sales were flat. However, Pernod Ricard's New Zealand brand, Montana, performed well in the UK .
Overall, the company reported sales of €6,443 million, a rise of 6.2 per cent.
Australian wine feature, page 24.