"With that comes an appetite to explore in the luxury space." In fiscal 2023, 85% of TWE's sales came from its premium and luxury brands, a two-percentage-point increase compared to the year before. TWE already owns several wineries in the U.S. including Stag's Leap, Acacia Winery, and Beringer Vineyards, the oldest continuously operating vineyard in the Napa Valley. Expanding further into the American market has been a top priority for TWE ever since China imposed massive tariffs on Australian wine imports. That tariff came after Australian Prime Minister Scott Morrison called for an independent investigation into the origins of COVID-19, a probe that China called "political games." In March 2021, Chinese authorities retaliated by imposing a five-year tariff that went up to 218% for Australian wines that decimated Australia's wine business. Imports to China fell 97% the first year. "I don't see why we would wait for China," CEO Tim Ford told investors earlier this year.