Penfolds’ Billionaire Backer Sees Comeback for Luxury Wine Maker

French billionaire Olivier Goudet says he is backing Treasury Wine Estates Ltd. for the long haul, betting on resilient global demand for high-end wine to revive the beleaguered Penfolds maker.

His Platin Sarl investment vehicle bought a 5% stake in Treasury in December and has upped its holding since, an endorsement of plans laid out by a new chief executive to reverse the fortunes of a company whose shares fell more than 50% last year — the biggest annual drop since a 2011 listing.