It’s been one year since Vinomofo’s expansion into the Singapore market and it’s been one remarkably strong year, according to the Australian wine online retailer.
Completely different to Vinomofo’s first international market – New Zealand has proven to be a much slower, steadier growth – the first year’s positive performance in Singapore has taken Vinomofo by surprise.
With a revenue (run rate) of $3.5 million within the first year, more than 150,000 bottles of wine sold and almost 20,000 members signed up in the region, Singapore is proving to be a good decision for Vinomofo. “We sold out of wine within the first 24 hours of launching in Singapore!” says Justin Dry, chief executive and co-founder of Vinomofo, which was a good sign of things to come.
“Asia is a rising tide for wine with little to no wine produced in the market and the hot climate has traditionally meant wine has been expensive, not of great quality and hard to come by in these regions. To put it simply, they’ve been spending too much on shit wine for too long.”
“But, with our business model – buying only super-premium wine, buying directly from the wine producer, cutting out all of the distributors and the multiple import and export middlemen – we’re able to cut through the clutter and it’s proven that it’s working. Plus Singaporeans are a thirsty bunch.”
The success of the Singapore region has beenas a confidence-booster for Vinomofo who are looking to tackle a big market next as part of their rapid global expansion plans, with the US being slated for April next year.
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