The Treasury Wine Estates Ltd (ASX: TWE) share price is climbing today despite the company losing a key staff member.
Treasury Wine shares are currently trading at $11.38, a $0.71% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) is jumping 2% today.
So what could this latest development mean for Treasury Wines?
Brand director poached
The Treasury Wine brand director for 19 Crimes has been hired by competitor Accolade Wines, the Financial Review reported.
19 Crimes is a key brand for Treasury Wine on bottles of Red Blend, Cabernet Sauvignon, Shiraz and Chardonnay.
Ming Alterman, currently based in San Francisco, will become head of marketing at Accolade, the publication stated. Alterman reportedly played a key role in growing the 19 Crimes Brand. This included leveraging the 19 Crimes partnership with the entertainment icon Snoop Dogg.
Treasury Wine sold more than 5 million cases of 19 Crimes in the 2021 financial year. In a recent presentation to the Macquarie Conference in Sydney, the company described this brand as a "global phenomenon". The US is the major market for 19 Crimes, but it is sold globally.
Other major brands pivotal to Treasury Wine include Penfolds, Squealing Pig, Frank Family Vinyeyards, Pepperjack and Stags' Leap.
In other news, Morgans analysts have rated the Treasury Wine share price as an "add" and placed a $13.93 price target on the company's shares. This is 22% more than the current share price.
As my Foolish colleague James reported Saturday, Morgans is optimistic that the company can continue to deliver growth. The broker said the "foundations are now in place for TWE to deliver strong double-digit growth from 2H22 over the next few years."
Treasury Wine share price snapshot
The Treasury Wine share price has soared nearly 32% in the past year. Year to date, it has leapt close to 40% alone.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has shed 8% over the past year.
Treasury Wine has a market capitalisation of about $8.2 billion based on the current share price.
