Put 500 g (1 lb) of the peaches in a blender and blend to a purée. Transfer to a large bowl. Slice the remaining fruit, put in a separate bowl and gently toss with the wine.
Whizz the lemon juice, icing sugar and ice cubes in the blender until the ice is well crushed – you may need to do this in stages to avoid overheating the blender.
Transfer the crushed ice mixture to the bowl with the fruit and stir well to combine thoroughly. Taste, adding more icing sugar if necessary, and serve immediately, topped with the sliced fruit.