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Wine News

Naked Wines CEO Rowan Gormley to step down as losses grow

Rowan Gormley has announced he is stepping down from Naked Wines, after Majestic paid for his takeover and listing of Naked Wines. Replacing him is new CEO Nick Devlin who will take the business forward.

Naked Wines' core business has yet to make a profit and losses are growing at a faster rate than sales growth. Losses for the half year to the 30th September 2019 grew by 21% to £6.4m from £5.1m a year earlier while sales grew by 15.6% to £87.5m.

The growth in sales and associated losses stem from a focus on growing the US division which saw half year sales grow by 24%.