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Gloucestershire Business News

Naked Wines profit from stay at home era

Naked Wines has profited from people staying at home more over the last two years.

The UK based subscription business delivers booze from around the world to people's doorsteps.

Its full year sales rose five per cent year on year in 2021/22 and 77 per cent on a two-year basis as repeat customers boosted performance, reports Retail Gazette.

The online wine retailer said sales retention was 80 per cent, which was stronger than expectations and sales from repeat customers increased 13 per cent year on year.

Naked Wines was founded by Rowan Gormley in 2008 to bring the concept of crowdfunding to the world of winemaking. It now has one million customers and buys wines directly from the winemakers. Customer, or angels as Naked terms them, numbers were up 9 per cent to 964,000 over the year.

CEO Nick Devlin said: "Our unique model offers a win for both winemakers and consumers and is backed by attractive and well-proven unit economics.

"I am especially pleased to see the improvements to our customer experience and product range reflected in sustained retention rates above our expectations."

Naked Wines revealed that its US sales were soaring last year and it was already the largest direct to consumer wine company in the country.

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