British supermarket and liquor giant Tesco is cutting 15pc of its total range over the next six months in a move that will hurt Australian wine exports, which account for 25pc of the total UK market.
The Australian Financial Review reports that Foster's Group and Constellation Brands, which owns the former Hardy Wine Company, are among the top five global suppliers into the UK wine market, of which Tesco accounts for 25pc of all wine sold in the UK.
The move by Tesco is aimed at protecting its profits amid the global economic downturn and competition from the likes of Aldi, but comes at a time when Australian wine exports to the UK are already on the slide, falling 16pc in the year to October 31.
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