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Penfolds has just unveiled a China-exclusive wine with the country’s VATS Liquor Store, a nationwide wine and spirits distributor.

Named ‘Tribute 177′, the Cabernet-based wine is made from Californian grapes .It is launched to celebrate Penfolds’ 177th anniversary since its founding in 1844 with limited edition release.

"It is exclusively tailored for the Chinese market,” the company announced at the China International Consumer Products Expo held in Hainan.

Since China officially slapped up to 218% tariffs on Australian wine, it essentially cut off the lucrative Chinese market to Australia. Wine exports as a result plunged from AU$1.2 billion to just AU$200 million within a year, and TWE, the biggest exporter of Australian wine to China, bore the brunt of the loss.

The company said its profits in mainland China plunged by 97% in the first half of Fiscal Year of 2022. Its EBITS (Earnings before interest, tax, SGARA and material items) in mainland China declined to just AU$2 million from AU$78.2 million of the same period last year.

The partnership with VATS Liquor Store  says is a further step into their collaboration that first began in 2017.

In 2021, despite the impacts of the pandemic,  VATS turned in RMB 7.46 billion (US$1.1 billion) in sales, a year-on-year increase of 50.97%, according to a local newspaper.