Naked Wines: predictably upbeat but we remain unconvinced
Naked Wines continues to lavish huge amounts on marketing but there is little to differentiate its product offering and we question the lack of disclosure
Full Year Results from online wine retailer Naked Wines (LON:WINE) were full of the usual positives, although it remains to be seen whether this business and its unique operating model (for the sector at least) can generate material profits (or nay profits), given the significant marketing spend and cost of customer acquisition. Revenue for the year ending 30 March 2020 rose 14% to £203m, with revenue growth coming from both new customers (£29.2m, +14.6%) and repeat customers (£173.7m, +13.6%). They delivered growth in all markets, with the largest market the USA growing the fastest at +20.2%. The group remained loss…