Naked Wines
“Can a direct-to-consumer wine subscription club built around community-funded winemakers achieve sustainable unit economics and growth after post-pandemic contraction?”
HQNapa, CA 94558 (US operations); also UK and Australia
IndustryE-commerce / DTC brand
The story
Naked Wines originally operated alongside Majestic Wine but divested that business in 2019 to become a pure-play direct-to-consumer online wine subscription company. Its 'Angel' model — where members pre-fund a monthly account balance used to purchase wine — creates a quasi-subscription fintech layer embedded in a wine retail business. The company has been focused on a turnaround since 2022–2024, renegotiating credit facilities and improving liquidity after a period of customer contraction.
Last 12 months
Product timeline
2019
Naked Wines sold Majestic Wine to Fortress Investment Group for £95m, with £12m as a loan note, pivoting to focus solely on the direct-to-consumer online wine subscription model.· pivot
2024
Naked Wines secured a new $60m five-year asset-based credit facility with PNC Bank, replacing the previous Silicon Valley Bank agreement, providing improved liquidity.· banking
2024
Naked Wines redeemed early a £12m Majestic Wine loan note for a discounted £9.1m to bolster liquidity as part of a broader turnaround effort.· lending
The stack
Payments / PSP
Accounting gap: minor