Constellation Europe president Troy Christensen told the Times this year's two duty increases have cost the company £50 million, and warned that promotional investment could be cut as well as more jobs.
He said: "If there's another duty increase, then the only thing you can do is reduce your local investment even further.
"We are a global company and we tend to put investment in countries that produce the best returns. At the moment, there are a lot better opportunities elsewhere in Europe."
A Constellation spokeswoman told OLN: "It is because of the further duty increase in the pre-Budget report. Wines are in negative growth for the first time this year, so we have had to make cuts."