GME is so January 2021. Get your diamond hands ready for the latest craze and prepare to drink some wine with your tendies. Virgin Wines is prepping for an IPO on the London Stock Exchange with a £100m (US$138) valuation.
Founded in 2000 and spun off from billionaire showman Sir Richard Branson’s Virgin Group (eg Virgin Air, Virgin Records, Virgin Galactic) in 2005, Virgin Wines finally found its moment during the COVID-19 pandemic. The company’s focus on direct-to-consumer sales found n expanded audience when public health regulations locked down bars and restaurants.
“We have enjoyed strong, consistent growth recently resulting in the group delivering more than 1m cases of wine to consumers during 2020,” said CEO Jay Wright. Underpinned by the strength of our customer proposition as well as the benefit of many positive consumer trends, we have a clear strategy to continue this growth over the coming years.”
The company is the UK’s biggest home delivery alcohol business and boast a small presence abroad, including the United States. According to their release, Virgin Wines serves 169,000 active customers, 147,000 of whom are on a subscription.
The IPO scheduled for March 2 is expected to deliver a cash infusion that will only grow those numbers and allow for international growth.