Casella toasts billionth Yellow Tail
Derided by some critics as the epitome of all that is wrong with Australia's wine industry, earning it the "cheap and cheerful" moniker, Yellow Tail has gone from an idea after the Sydney Olympics to the biggest imported wine in the US market.
Chief executive John Casella said Yellow Tail had its best year this year, with volumes up 8 per cent.
Supplier Amcor Glass will present a commemorative bottle when the billionth bottle comes off the production line.
Pumping out about 12 million cases a year, nearly 96 per cent of Yellow Tail wine is exported - mostly to an American audience who just can't get enough of the bottle with a leaping yellow kangaroo.
Casella slumped to its first loss in 20 years last year when the strong Australian dollar tarnished its accounts, forcing it to push through heavy write-downs and trigger a breach of its banking covenants.
"The issue with that loss was that it was never a trading loss," Mr Casella said.
"It was a write-down, we have always travelled OK, we haven't really operationally lost money and it was just a matter of clearing up our books."
Frequently Asked Questions about this Article…
Casella Wines has reached the impressive milestone of producing the billionth bottle of its popular Yellow Tail wine.
Yellow Tail has become the biggest imported wine in the US market, known for its 'cheap and cheerful' appeal and the iconic leaping yellow kangaroo on its label.
Yellow Tail had its best year recently, with volumes increasing by 8%, showcasing its growing popularity and success.
Nearly 96% of Yellow Tail wine is exported, with the majority being sold to an enthusiastic American audience.
Casella Wines experienced its first loss in 20 years due to the strong Australian dollar, leading to heavy write-downs and a breach of banking covenants.
No, the loss was not due to operational issues. It was primarily a write-down to clear up the company's books, not a trading loss.
Supplier Amcor Glass will present a commemorative bottle when the billionth Yellow Tail bottle comes off the production line.
Yellow Tail produces about 12 million cases of wine each year, highlighting its large-scale production capabilities.
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