Majestic to rebrand as Naked Wines
Majestic has revealed that its group trading is in line with expectations as it announced plans to focus on growth opportunities presented by its Naked Wines business.
This will involve the entire group being renamed as Naked Wines to enable it to work under a single brand and model.
The group is planning to introduce a new tranformation plan in June to help it achieve its aims. This will include releasing capital from the Majestic side of the business and the closure of some stores.
Rowan Gormley, Majestic group chief executive, said; "It is clear that Naked Wines has the potential for strong sustainable growth, and we will deliver the best results for our shareholders, customers, people and suppliers by focusing all our energies on delivering that potential.
“We also believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both.
”Where we have no choice but to close stores we will aim to minimise job losses by migration into Naked.”
Since its acquisition by Majestic in 2015, Naked Wines has more than doubled in size, with sales expected to exceed £175 million in the current financial year.
Majestic also said it expects to achieve its £500 million sales target and that its group adjusted pre-tax profits are also on track for the year to 1 April.
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