One of Vinomofo’s co-founders has stepped down but the company is reporting that it’s in a strong position moving forward.
Australian online wine retailer Vinomofo has announced that co-founder Andre Eikmeier has stepped down from his position as co-CEO. Justin Dry has been the sole chief executive since August.
Like many great e-commerce startup stories, Vinomofo was founded in a garage. Brothers-in-law Dry and Eikmeier started the wine delivery service in Adelaide seven years ago.
“We’re all aligned about both brand and strategic direction. This change has been a very smooth transition; the team is feeling positive, the company is profitable, hitting targets and we’re excited for where we’re heading,” Dry said of Eikmeier’s departure.
Eikmeier has said that he will continue to serve as a director and shareholder as well as “brand champion” and branch out into helping other startups with culture and branding through his agency Cult Tribal.
Vinomofo’s plans to expand to the US, which they announced late last year, have been put on hold. Yet the company says this has nothing to do with Eikmeier’s departure and is related licensing timelines pushing things back and reprioritising entry into other markets. Vinomofo has previously launched to Singapore and New Zealand and has continued focus on growth.
Following a $25 million investment from Blue Sky Capital in 2016, the company developed an aggressive domestic and international business strategy, including televised and online video advertising aiming to secure growth over different markets including Singapore, US, Hong Kong, China, the UK and Europe.
“The business is in a great position and I’m super excited about where we can take it, both here and globally, in the years ahead,” Dry said.