Naked Wines

Naked Wines is an online wine retailer founded by Rowan Gormley which launched in the UK on 1 December 2008.[1][2][3][4] In 2015, the company was purchased by Majestic Wine, a British brick and mortar retailer.[5]

Naked Wines
Retail
IndustryWine
Founded2008
FounderRowan Gormley
Headquarters
Norwich
,
United Kingdom
Websitewww.nakedwines.com

Business model

Naked Wines' customers (called Angels) fund independent winemakers from around the world, in return for wines at self-described "wholesale prices".[6] However, the Financial Times notes that most wines sold by Naked Wines are not available on the retail market, "making direct price comparisons virtually impossible", and most wines are priced "close to usual retail price".[7] They currently ship wine throughout the UK, USA and Australia.

The Naked model works as on social network principles, encouraging customers to review their wines and interact with other customers online; reviewers give the wines Likert-scale style scores out of five, a Yes/No to whether they would buy the wine again and a textual description. When prospective buyers look at a wine's page they will see the percentage of those who have said they would buy again a list of people's reviews.

'Archangels' are a smaller group of customers that Naked Wines have invited to assume the role on the basis that they engage actively on the site to help other customers and review all their wines.

Naked Wines was named the Online Business of the Year at the National Business Awards in 2011. In December 2013 it was named one of the top 1000 companies to inspire Britain by the London Stock Exchange Group, winning the 'Top Online Retailer' award.

On 10 April 2015, Naked Wines was acquired by Majestic Wine and Rowan Gormley was appointed CEO of the enlarged group.[8]

Naked Fine Wine Bond

In September 2013, it launched a financial bond to raise funds for fine wines – raising £5 million in a month. The Naked Fine Wine Bond offered consumers 7% gross in cash interest p.a. or 10% gross in Wine Credits p.a. (a credit to their Naked Wines account).[9]

Advance Bookings

In March 2010, Naked Wines rolled out a pricing model similar to airline pricing, called Advance Bookings, at the London International Wine Fair.[10] The model offers customers savings by ordering their wine in advance, with greater discounts the sooner the wine is ordered.[11] The model is funded by investment from Naked Wines as well as its customers.[12][13]

MarketPlace

In May 2011, the advance purchasing model was changed to a more direct approach in the form of the Naked MarketPlace.[14] MarketPlace allows prospective and established Naked Winemakers to promote their wines at a discounted price to Naked Wines' customer base. Customers can bid on a proposed case if they want it, and once the market exceeds a minimum volume then the deal goes into effect and the wines are shipped and delivered at pre-determined future dates. Naked Wines takes a commission of 10% in this process.[15]

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See also

References
  1. Waller, Martin (29 November 2008). "It is real business, with sales, products and profits, but done in the best possible taste". London: Times Online. Retrieved 4 March 2009.
  2. "Naked Wines founder follows his nose to simplify trade". London: The Telegraph. 21 April 2009. Retrieved 11 August 2009.
  3. "WSJ". Retrieved 28 March 2018 – via online.wsj.com.
  4. "ROWAN GORMLEY INTERVIEW: Former private equity big-shot challenges 'snobby and pretentious' wine giants". Retrieved 28 March 2018.
  5. Ruddick, Graham (10 April 2015). "Majestic Wine 'buys' a new boss with acquisition of Naked Wine". The Telegraph (UK). ISSN 0307-1235. Retrieved 23 July 2019.
  6. "The rise of no-name designers". The Economist. Retrieved 28 March 2018.
  7. "Subscribe to read". Financial Times. Retrieved 28 March 2018.
  8. "fastFT". Financial Times. Retrieved 28 March 2018.
  9. "Naked Wines looking to raise £3m through 'fine wine bond'". Retrieved 28 March 2018.
  10. "Naked Wines rolls out airline-pricing model at Wine Fair". The London International Wine Fair. 2010. Archived from the original on 16 July 2010. Retrieved 14 July 2010.
  11. "Naked Wines offers customers cut price wine by paying producers upfront". harpers. 2010. Archived from the original on 2 April 2010. Retrieved 14 July 2010.
  12. "Naked Wines founder Rowan Gormley on his "wine venture capital" business, which funds independent winemakers and cuts out the middleman for consumers". growingbusiness.co.uk. 2010. Archived from the original on 27 December 2010. Retrieved 14 July 2010.
  13. Hurley, James (15 June 2010). "Wine site's naked ambition frustrated by disbelieving suppliers". London: The Telegraph. Retrieved 14 July 2010.
  14. "Online retailer Naked Wines strips out the middleman". thisismoney.co.uk. 14 May 2011. Retrieved 11 January 2016.
  15. "Naked Wines relaunches online Marketplace". harpers.co.uk. 15 July 2011. Retrieved 11 January 2016.
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