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TWE overhauls its operations: The week in focus

In this week's news wrap up, we examine Treasury Wine Estate’s announcement that they will be writing off $260 million from its fiscal 2014 full year profit.

Treasury wine CEO Michael Clarke says that fiscal 2015 will be a “reset year” for the company as it strives to deliver improvements in performance.

 “Today’s announcement of an asset impairment further highlights the need for TWE to do things differently. The current business model is not being optimised and fails to reflect the company’s outstanding capability, brands and people,” Clarke said.

In May, TWE said it will cut 175 jobs in a move to invest more heavily in marketing and promoting its brands shortly after freshening up its ‘everyday’ Rosemount range label to make a play for the UK convenience store market, with an estimated $360 million in revenue in impulse purchases.

For more information on what the restructure will involve, check out the video below!

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