Penfolds, Australia's best-known global wine brand, has been through a raft of corporate owners since being started in 1844 in South Australia by a doctor convinced of wine's medicinal qualities, Dr Christopher Penfold, and his wife Mary.

By the end of 2021 it is headed for yet another iteration, with current owner Treasury Wine Estates set for a de-merger of Penfolds onto the ASX as a stand-alone company. It is Treasury's crown jewel and makes more than 50 per cent of its profits.