James Thompson

People on those drugs don't eat as much and they don't drink as much alcohol.

And I think the estimates are around 12% of the US population is taking one of those drugs at the moment.

So everything is pushing against the wine business and it's just really hard.

Jane Herdlicker used to run Virgin Australia and Jetstar.

She had a few things to say about this idea that people aren't drinking as much at Investor Day, didn't she?

What did you make of that little glimpse into Casa de Herdlicker?

Yeah, well said.

I don't think so, Anthony.

No, I don't think so.

I mean, I think the nature of Dan Murphy's has changed a lot.

It used to be sort of stack them high and low prices.

You know, people did used to go to Dan Murphy's and buy cases of wine.

I mean, people go to Dan Murphy's and buy bottles of wine.

It just gets back to that different consumption pattern.

My sense of what Herdlicker's turnaround plan at Endeavour Group is that she wants to be the place that you go when you decide to buy booze.

If you decide that you're going to buy a bottle of wine, you're going to Dan Murphy's or BWS first.

And so I think her message was very much one around, we're not going to be out-competed here.

We are going to own this market.

This is our market.

We're not letting anyone else in.