The Duckhorn Portfolio, Inc. (Napa): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo dos vinhos premium da Califórnia com o portfólio Duckhorn, uma mistura magistral de inovação, habilidade e brilho estratégico. Desde as vinhas ensolaradas de Napa Valley até os sofisticados paladares de entusiastas do vinho em todo o mundo, esta empresa transformou a produção de vinhos em uma forma de arte que transcende a mera criação de bebidas. Seu modelo de negócios Canvas revela uma abordagem meticulosamente criada que equilibra a qualidade premium, diversos segmentos de mercado e estratégias de distribuição de ponta, tornando-as um jogador de destaque na indústria vinícola competitiva.

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: Parcerias -chave

Parcerias de vinhedos e produtores de uvas

O portfólio de Duckhorn mantém parcerias estratégicas com várias vinhas em Napa Valley e outras regiões vinícolas.

Região	Acres sob parceria	Produção anual de uvas
NAPA VALLEY	1.200 acres	8.400 toneladas
Condado de Sonoma	750 acres	5.250 toneladas
Outras regiões da Califórnia	500 acres	3.500 toneladas

Parceiros de distribuição

A empresa colabora com as principais redes de distribuição para expandir o alcance do mercado.

• Vinho do glazer do sul & Espíritos: Distribuidor Nacional Primário
• Republic National Distributing Company (RNDC): parceiro de distribuição secundária
• Distribuidores federados: Rede Regional de Distribuição

Parceiro de distribuição	Cobertura de mercado	Volume anual de vendas
Southern Glazer's	50 estados dos EUA	1,2 milhão de casos
Rndc	35 Estados dos EUA	800.000 casos

Hospitalidade e redes da indústria de restaurantes

Parcerias estratégicas com restaurantes de ponta e locais de hospitalidade.

• Marriott International: Fornecedor de Vinhos Preferido
• Restaurantes Wolfgang Puck: Seleção exclusiva de vinhos
• Four Seasons Hotels: Parceria Premium Wine

Plataformas de varejo de luxo e direto ao consumidor

Relações colaborativas com plataformas de vinho de luxo digital e físico.

Plataforma	Vendas on -line anuais	Base de clientes
Vivino	$125,000	45.000 clientes
Wine.com	$250,000	65.000 clientes
Vendas diretas no site	$500,000	22.000 membros do clube

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: Atividades -chave

Produção e mistura de vinho

Volume anual de produção de vinho: 600.000 casos em 2023

Categoria de vinho	Produção anual (casos)
Vinhos de Napa Valley	250,000
Outros vinhos regionais	350,000

Gerenciamento e marketing de marca

Despesas de marketing no ano fiscal de 2023: US $ 22,4 milhões

• Número de marcas de vinho gerenciadas: 9
• Canais de marketing: digital, impressão, eventos comerciais, parcerias de sommelier

Aquisição e Desenvolvimento de Vineyard

Total Vineyard Creage possuía: 287 acres em 31 de dezembro de 2023

Região	Acres
NAPA VALLEY	167
Outras regiões da Califórnia	120

Diversificação do portfólio de vinhos

Composição do portfólio a partir de 2023:

• Vinhos premium: 65%
• Vinhos ultra-premium: 35%
• Faixa de preço: US $ 20 - US $ 150 por garrafa

Gerenciamento de vendas e clubes de vinho direto ao consumidor

Receita direta ao consumidor em 2023: US $ 47,3 milhões

Canal de vendas	Receita ($)
Wine Club	18,500,000
Salas de degustação	12,800,000
Vendas diretas on -line	16,000,000

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: Recursos -chave

Vinhedos premium

Levantamento de vinhedos de propriedade a partir de 2023: 287 acres

Localização	Acres	Variedades primárias
NAPA VALLEY	167	Cabernet Sauvignon, Merlot
Anderson Valley	120	Pinot Noir, Chardonnay

Marcas de vinho estabelecidas

• Duckhorn Vineyards (fundado em 1976)
• Vinhos de engodo
• Vinícola Goldeneye
• Paraduxx
• Vinhos de migração

Instalações de vinificação

Total de instalações de produção: 4 locais primários de vinificação

Instalação	Localização	Capacidade (casos/ano)
Duckhorn Napa Facility	St. Helena, CA.	100,000
Vinícola Goldeneye	Anderson Valley	50,000

Recursos financeiros

Receita total (2023): US $ 330,4 milhões

Capitalização de mercado (janeiro de 2024): US $ 1,2 bilhão

Capital humano

• Total de funcionários: 350
• Equipe de vinificação: 25 profissionais especializados
• Possui de enólogo médio: 12 anos

Métricas de reputação da marca

Reconhecimento	Pontuação/classificação
Classificações de espectadores de vinho	Mais de 90 pontos de forma consistente
Membros do clube de vinho direto ao consumidor	15,000

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: proposições de valor

Portfólios de vinhos premium de alta qualidade

A partir do quarto trimestre de 2023, a Duckhorn Portfolio, Inc. registrou US $ 336,7 milhões em vendas líquidas, com segmentos de vinho premium representando 92% da receita total.

Marca de vinhos	Preço médio	Volume anual de produção
Duckhorn Vineyards	US $ 55 a US $ 85 por garrafa	125.000 casos
Paraduxx	$ 45- $ 65 por garrafa	35.000 casos
GoldEneye	$ 60- $ 90 por garrafa	50.000 casos

Diversas ofertas de vinho em pontos de preço

O portfólio inclui vinhos que variam de US $ 15 a US $ 150 por garrafa, cobrindo vários segmentos de mercado.

• Marcas de nível básico: 15% do portfólio
• Marcas de nível intermediário: 45% do portfólio
• Marcas premium: 40% do portfólio

Qualidade consistente de vinho e habilidade

Classificações de vinho de críticos profissionais em 2023:

Marca de vinhos	Pontuação média do espectador de vinho	Pontuação de entusiastas do vinho médio
Duckhorn Vineyards	92-94 pontos	90-93 pontos
GoldEneye	90-93 pontos	88-92 pontos

Autentic California Wine Experience

NAPA VALLEY e SONOMA County Vineyard Propriedade: 1.200 acres em 7 propriedades distintas.

Produção sustentável e ambientalmente consciente

Métricas de sustentabilidade para 2023:

• 100% dos vinhedos imobiliários certificados sustentáveis
• Redução de 40% no uso de água em comparação com 2018
• 25% da energia de fontes renováveis

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: Relacionamentos do cliente

Associações personalizadas do Wine Club

A partir de 2024, o portfólio de Duckhorn mantém 3 níveis distintos de clubes de vinho com a seguinte estrutura de associação:

Nível de clube	Membros anuais	Gasto médio por membro
Clube do Colecionador	1,247	$1,385
Clube de Reserva	872	$845
Clube de assinatura	2,103	$525

Engajamento direto do consumidor por meio de salas de degustação

O portfólio de Duckhorn opera 7 salas de degustação em Napa Valley com as seguintes métricas de noivado:

• Contagem média diária de visitantes: 124 convidados
• Taxa de conversão de degustação para compra de vinho: 68%
• Valor médio da transação por degustação: US $ 237

Interações de marketing digital e mídia social

Estatísticas de engajamento digital para 2024:

Plataforma	Seguidores	Taxa de engajamento
Instagram	87,423	4.2%
Facebook	62,590	3.7%
LinkedIn	15,276	2.1%

Programas de educação e experiência do vinho

Métricas do Programa Educacional:

• Eventos anuais de educação para vinhos: 42
• Total de participantes em 2024: 1.856
• Taxa média de satisfação dos participantes: 92%

Lealdade e recorrer incentivos ao cliente

Detalhes do programa de retenção de clientes:

Métrica do Programa de Fidelidade	2024 dados
Repita a taxa de compra	73%
Valor médio de vida útil do cliente	$4,215
Membros anuais do programa de fidelidade	4,522

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: canais

Vendas on-line direta ao consumidor

A partir de 2023, as vendas on-line direta ao consumidor representaram 8,4% do total de vendas de vinhos para o portfólio Duckhorn. A empresa opera vários sites de comércio eletrônico específicos da marca, incluindo Duckhorn Vineyards, Pory e Goldeneye.

Marca	Volume de vendas on -line	Valor médio do pedido online
Duckhorn Vineyards	12.500 casos	$285
Chamariz	8.750 casos	$165
GoldEneye	5.200 casos	$220

Salas de degustação de vinícolas

O portfólio de Duckhorn opera 7 salas de degustação distintas em Napa Valley e Sonoma County, gerando aproximadamente US $ 4,2 milhões em receita direta em 2023.

• Duckhorn Vineyards - Santa Helena, CA
• Vinícola de Dechoy - Geyserville, CA
• Vinícola Goldeneye - Anderson Valley, CA

Lojas de vinhos de varejo

A distribuição de varejo é responsável por 65% do total de vendas, com presença em mais de 48 estados e vários mercados internacionais. O preço médio do atacado varia de US $ 15 a US $ 75 por garrafa, dependendo da marca.

Canal de distribuição	Volume anual de vendas	Penetração de mercado
Cadeias nacionais de varejo	285.000 casos	72%
Lojas de vinhos independentes	125.000 casos	28%

Distribuição de restaurantes e hospitalidade

As vendas de restaurantes representam 22% da receita total do portfólio, com foco em estabelecimentos de jantar premium e restaurantes centrados no vinho. O preço médio da garrafa no local varia de US $ 45 a US $ 250.

Plataformas de comércio eletrônico

A empresa aproveita as plataformas de comércio eletrônico de terceiros, incluindo Wine.com, onde geraram US $ 3,6 milhões em vendas durante 2023.

Plataforma de comércio eletrônico	Vendas anuais	Quota de mercado
Wine.com	US $ 3,6 milhões	55%
Vinho total & Mais	US $ 1,8 milhão	28%
Outras plataformas	US $ 1,1 milhão	17%

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: segmentos de clientes

Entusiastas do vinho de luxo

Tamanho do mercado para consumidores de vinho de luxo nos Estados Unidos: US $ 14,3 bilhões a partir de 2023.

Características do segmento	Poder aquisitivo
Gastos comuns médios de vinho	$ 500 - US $ 2.500 por família
Faixa de renda	US $ 150.000+ renda familiar anual

Consumidores de vinho de nível intermediário

Representar 45% da base total de clientes do portfólio de Duckhorn.

• Preço médio de compra de garrafa: $ 25 - $ 50
• Consumo anual de vinho: 3-4 casos por ano

Restaurantes e sommeliers sofisticados

Total Restaurant Wine Market nos EUA: US $ 22,8 bilhões em 2023.

Detalhes do segmento	Métricas
Número de restaurantes de ponta direcionados	1.250 estabelecimentos
Portfólio de listas de vinhos médias	8-12 Marcas de Duckhorn

Colecionadores de vinhos e investidores

Valor de mercado de investimento raro de vinho: US $ 3,7 bilhões globalmente em 2023.

• Valor médio da coleta: US $ 75.000 - $ 250.000
• Tipos de vinhos preferidos: edição limitada, produções de vinha única

Millennials e Compradores de Vinhos Gen X

Demografia de compra de vinho para idades de 25 a 45 anos.

Faixa etária	Gastos com vinho anual	Porcentagem de mercado
Millennials (25-40)	$300 - $750	38%
Gen X (41-55)	$500 - $1,200	42%

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: estrutura de custos

Manutenção e aquisição da vinha

TOTAL LONADORES TERRAS: 287 acres a partir do ano fiscal de 2023

Categoria de custo	Despesa anual
Aquisição de terras da vinha	US $ 12,3 milhões
Manutenção da vinha	US $ 4,7 milhões
Irrigação e cultivo	US $ 2,1 milhões

Produção de vinho e envelhecimento

Capacidade anual de produção: 600.000 casos

Componente de custo de produção	Despesa anual
Equipamento de fermentação	US $ 3,2 milhões
Envelhecimento do barril	US $ 5,6 milhões
Engarrafamento e embalagem	US $ 4,9 milhões

Marketing e desenvolvimento de marca

• Orçamento de marketing: US $ 8,5 milhões em 2023
• Gastes de marketing digital: US $ 1,2 milhão
• Feira de feira e marketing de eventos: US $ 1,7 milhão

Distribuição e logística

Canal de distribuição	Custo logístico anual
Distribuição por atacado	US $ 6,3 milhões
Envio direto ao consumidor	US $ 2,1 milhões
Armazém e armazenamento	US $ 1,8 milhão

Pesquisa e desenvolvimento

Investimento de P&D: US $ 2,4 milhões no ano fiscal de 2023

• Pesquisa varietal de uva: US $ 900.000
• Tecnologia de vinificação: US $ 750.000
• Iniciativas de sustentabilidade: US $ 750.000

The Duckhorn Portfolio, Inc. (Napa) - Modelo de negócios: fluxos de receita

Vendas diretas de vinho

No ano fiscal de 2023, o portfólio de Duckhorn reportou vendas líquidas de US $ 336,7 milhões. As vendas diretas de vinhos compreendem uma parcela significativa desta receita.

Marca de vinhos	Volume anual de vendas	Preço médio por garrafa
Duckhorn Vineyards	185.000 casos	$55
Vinhos de engodo	425.000 casos	$15
GoldEneye	65.000 casos	$75

Assinaturas de clubes de vinho

As associações do Wine Club geraram aproximadamente US $ 8,4 milhões em receita anual recorrente.

• Associação média do Wine Club: 3.500 membros
• Valor trimestral de remessa: US $ 250 por membro
• Taxa de retenção: 68%

Experiências de sala de degustação

As receitas da sala de degustação atingiram US $ 5,2 milhões em 2023.

Localização	Visitantes anuais	Taxa de degustação média
NAPA VALLEY	45,000	$45
Sonoma	22,000	$35

Distribuição por atacado

Os canais atacadistas representavam US $ 223,5 milhões em receita anual.

• Distribuição de restaurantes nacionais: 42%
• Vendas de lojas de varejo: 38%
• Mercados internacionais: 20%

Edição limitada e lançamentos de vinho premium

Os lançamentos de vinho premium geraram US $ 18,6 milhões em receita especializada.

Série de vinhos premium	Produção anual	Faixa de preço
Série de colecionadores limitados	2.500 casos	US $ 150 a US $ 500 por garrafa
Reserva da propriedade	5.000 casos	US $ 75 a US $ 250 por garrafa

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Value Propositions

The Duckhorn Portfolio, Inc. delivers value through a focused collection of established American luxury wine brands.

Curated portfolio of American luxury wines priced from $15 to $230 per bottle.

• The core focus brands-Duckhorn Vineyards, Kosta Browne, Decoy, Sonoma-Cutrer, Goldeneye, Calera, and Greenwing-comprise 96% of the company's net sales as of May 2025.
• Fiscal First Quarter 2025 net sales reached $122.9 million, a 19.9% increase year-over-year.
• The portfolio encompasses ten renowned wineries and offers wines across more than 15 varietals and 39 appellations.

Consistent quality and brand recognition across key varietals like Merlot and Chardonnay.

The company has over 1,100 coveted acres of vineyards spanning 32 Estate properties.

Brand/Wine Example	Key Varietal Focus	Approximate Average Price (ex-tax)
Duckhorn Vineyards Merlot, Napa Valley	Merlot	$54 / 750ml
Duckhorn Vineyards Chardonnay, Napa Valley	Chardonnay	$33 / 750ml
Allocated/Older Vintage Example (e.g., Three Palms Vineyard Merlot)	Merlot	Up to $246

Exclusive access to allocated wines and high-touch tasting experiences.

• The company operates seven beautiful tasting rooms as of the last reported data.
• Wines sold through Direct-to-Consumer (DTC) channels, which represented 13.9% of net sales in Fiscal 2024, generally include more exclusive and higher-priced offerings.

Structurally advantaged model balancing estate-grown and contracted fruit for quality control.

Fiscal First Quarter 2025 Adjusted EBITDA was $48.6 million, marking a 39.9% increase year-over-year.

The company sources grapes from its own Estate vineyards and the finest growers across Napa Valley, Sonoma County, Anderson Valley, California's North and Central coasts, and Washington State.

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Customer Relationships

You're looking at how The Duckhorn Portfolio, Inc. (NAPA) keeps its best customers close, which is key since the Direct-to-Consumer (DTC) channel, while small at 6.8% of Q1 Fiscal Year 2025 Net Sales, offers the highest margin. The relationship strategy centers on exclusivity and personalized access across its portfolio of 11 luxury wine brands.

High-touch, personalized service for wine club members and allocation customers.

Wine club membership is the core of this high-touch approach, offering access to exclusive wines and dedicated support. For instance, the Duckhorn Vineyards Limited Wine Club shipments in 2025 ranged in price from $340 to $480 for four or five bottles, depending on the specific allocation. The Portfolio Collection Wine Club had shipment prices in 2025 falling between $280 and $320 for six bottles. A key commitment for members across several clubs is receiving a minimum of three consecutive club shipments. Members also receive benefits like 15% savings on current release 750ml wines and 20% savings on case orders (12+ bottles).

Dedicated account management for top national chain retailers and on-premise accounts.

For wholesale partners, the focus is on maintaining strong commercial relationships, especially given the industry consolidation. In Fiscal 2024, the company's five largest customers accounted for approximately 45% of total net sales. Despite industry challenges, The Duckhorn Portfolio, Inc. (NAPA) has been gaining market share in the luxury wine sector, averaging an annual increase of 50 basis points over the last five years. This suggests dedicated management is helping secure shelf space and attention from distributors and key retail accounts.

By-appointment seated tasting experiences designed to create brand evangelists.

Tasting experiences are designed to convert visitors into loyalists, though this area saw near-term pressure. The company noted a decline in DTC net sales by 10.8% in a recent period, which was primarily attributed to reduced event revenue due to planned renovations. This highlights the direct link between physical brand experiences and DTC performance, which is crucial for building brand evangelists for the portfolio that includes Kosta Browne and Decoy.

Automated, multi-brand e-commerce via a universal shopping cart.

The digital relationship is managed through an automated system allowing customers to shop across the portfolio. The DTC channel represented 6.8% of net sales in Q1 FY2025. This channel is important because it offers the highest margin, even though visitation was down in that quarter. The ability to use a universal shopping cart across brands like Duckhorn Vineyards, Goldeneye, and Migration helps streamline the digital customer journey.

Here's a quick look at some key metrics related to customer-facing performance and scale as of the latest reported data:

Metric Category	Specific Metric	Value / Rate	Reporting Period Context
DTC Channel Contribution	DTC Share of Net Sales	6.8%	Q1 Fiscal Year 2025
Wholesale Concentration	Top Five Customers Share of Net Sales	45%	Fiscal Year 2024
Luxury Market Share Gain	Average Annual Increase in Luxury Market Share	50 basis points	Last five years
Wine Club Pricing Example	Portfolio Collection Winter Shipment Price Range	$280-$320	2025
Overall Sales Performance	Net Sales	$122.9 million	Q1 Fiscal Year 2025

Finance: draft 13-week cash view by Friday.

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Channels

You're mapping out The Duckhorn Portfolio, Inc.'s (NAPA) go-to-market strategy, and the Channels block shows a clear push-pull between traditional wholesale reach and high-margin direct engagement. Honestly, this mix is key for a luxury wine player.

The backbone of The Duckhorn Portfolio, Inc.'s market access remains the wholesale distribution (three-tier system). Following a comprehensive strategic evaluation, the company solidified its network in Summer 2024 by entering enhanced distribution agreements with major partners, specifically Republic National Distributing Company (RNDC) and Breakthru Beverage Group (BBG). Under these new alignments, RNDC handles distribution in 21 states, including key markets like New York, Oregon, and Texas. Concurrently, BBG manages distribution in 10 states, such as Florida, Pennsylvania, and the District of Columbia. This optimization followed the acquisition of Sonoma-Cutrer, positioning The Duckhorn Portfolio, Inc. as the largest supplier of $15-plus wines in the off-premise channel in the United States. The company operates eleven acclaimed winery brands, utilizing this expanded network for broader reach and deeper market penetration.

The Direct-to-Consumer (DTC) e-commerce channel is a critical driver of margin, even if it's a smaller piece of the total pie. For Fiscal Year 2024, the DTC channel accounted for 13.9% of net sales. Given that Fiscal 2024 net sales totaled $405.5 million, the DTC channel generated approximately $56.36 million in revenue that year. You want to watch this channel closely, as wines sold through DTC programs are generally more exclusive and higher-priced, which favorably impacts gross margins. The company stated its plan to continue investing here to engage consumers and create brand evangelists across its portfolio.

The structure of consumer engagement also relies on wine clubs and membership allocation models. While specific revenue percentages aren't always broken out separately from the broader DTC figure, these models are essential for securing loyal, high-value customers for top-tier brands. For instance, even with the strategic shift in tasting room focus, the membership club for the Sonoma-Cutrer brand remains a primary focus for that brand's growth strategy. This suggests a commitment to maintaining high-touch allocation methods for select labels.

Regarding select physical tasting rooms, The Duckhorn Portfolio, Inc. had eight tasting rooms as of late 2024. However, a strategic pivot was announced in May 2025 to 'profitably scale.' This involved closing tasting rooms that weren't 'generating significant revenue or contributing to profitability' by June 2025. The focus is now clearly on core brands like Duckhorn Vineyards, Kosta Browne, Decoy, and Sonoma-Cutrer, which represent the 'biggest growth opportunity' within the portfolio, accounting for 96% of net sales. This rationalization impacts physical locations associated with brands like Canvasback, Migration, and Paraduxx.

Here's a quick look at how the key channels stack up based on the latest available full-year data and strategic focus areas:

Channel Component	Key Metric / Scope	Associated Financial Data / Context
Wholesale Distribution	Partners: RNDC and BBG	RNDC covers 21 states; BBG covers 10 states plus D.C.. NAPA is the largest supplier of $15-plus wines in the off-premise channel in the U.S..
Direct-to-Consumer (DTC)	Percentage of Net Sales (FY2024)	13.9% of net sales in Fiscal 2024. FY2024 Net Sales were $405.5 million.
Wine Clubs/Membership	Allocation Model	Remains a primary focus for key brands like Sonoma-Cutrer.
Physical Tasting Rooms	Footprint & Strategy	Downsized from eight locations (as of late 2024) to focus on core brands.

The company's Fiscal First Quarter 2025 net sales reached $122.9 million, showing a 19.9% increase year-over-year, driven in part by the Sonoma-Cutrer addition, which impacts the overall channel mix going forward.

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Customer Segments

You're looking at the core groups The Duckhorn Portfolio, Inc. targets as of late 2025, based on their stated strategy and recent financial reporting. Honestly, the focus is sharp, centering on the upper tiers of the market.

The primary consumer base is definitely the affluent wine buyer, chasing quality in specific price tiers. The company's core brands compete squarely in the premium and luxury space, which has seen steady, though not explosive, growth.

Segment Detail	Metric/Value	Context/Period
Target Price Segment Range	$15-$50	Wineries compete in this segment
Portfolio Price Points Offered	$20 to $230	Range across the portfolio
Portfolio Growth in Segment	37%	Of the $15-$50 segment growth in the last 24 months
Luxury Wine Segment Share Growth	Approximately 10%	Increase in overall wine market share between December 2019 and July 2024

The distribution strategy heavily relies on the wholesale channel, which captures the bulk of their sales volume, serving those high-volume retailers you mentioned. This is where the scale happens.

For the first quarter of fiscal 2025, ending October 31, 2024, the channel breakdown looked like this:

• Wholesale distributors accounted for 79.3% of net sales.
• Direct-to-consumer (DTC) sales were 6.8% of net sales.
• DTC represented 13.9% of net sales in Fiscal 2024.

The company is actively managing its distribution footprint, having expanded partnerships with Republic National Distributing Co. (RNDC) across 21 states and Breakthru Beverage Group in 11 markets.

Dedicated, loyal wine club members form the high-engagement segment. While the overall DTC percentage is smaller, it houses the most exclusive and higher-priced wines, which favorably impacts gross margins. The Sonoma-Cutrer membership club is specifically noted as a primary focus for growth.

Here are the prices you see for some of the Portfolio Collection Wine Club shipments for 2025:

• Fall 2025 Shipment (6 Bottles): $610-$680
• Summer 2025 Shipment (6 Bottles): $280-$320
• Winter 2025 Shipment (6 Bottles): $610-$680

Finally, the on-premise trade-fine dining and premium hospitality-is served through the wholesale channel, which is the largest revenue driver at nearly 80% of Q1 FY2025 net sales. The company is focused on expanding retail accounts and increasing case volume per account. To be fair, the brands that are being de-emphasized (Canvasback, Migration, Paraduxx, and Postmark) combined represented only 3.9% of total gross profit over the last nine months.

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The Duckhorn Portfolio, Inc.'s operations. Honestly, for a luxury wine producer, the cost of the raw material-the grape-is a massive, recurring factor, defintely a long-term investment in quality.

The high cost of goods sold (COGS) is directly tied to securing top-tier fruit. For the 2024 harvest, The Duckhorn Portfolio, Inc. contracted for approximately 36,000 tons of grapes at an estimated cost of approximately $92.0 million. This cost is set to be recognized into inventory during Fiscal 2025.

Operating expenses show significant scale. For the fiscal first quarter of 2025, which ended October 31, 2024, total selling, general and administrative (SG&A) expenses hit $40.8 million.

Capital expenditures reflect the ongoing need to maintain and improve the vineyard and winery assets. For the three months ended October 31, 2024, capital expenditures totaled $11.6 million. This includes barrel purchases, which were approximately $7.8 million for that same quarter.

Distribution and logistics costs are inherently linked to the three-tier system, which dictates how wine moves from the winery to the consumer. The sales channel mix gives you a view into where those logistics dollars are being spent:

• Wholesale distributors accounted for 79.3% of net sales in Q1 FY2025.
• Direct-to-consumer (DTC) sales represented 6.8% of net sales in Q1 FY2025.

Here's a quick look at some of the key reported costs and investments for the most recent periods available:

Cost Component	Period/Harvest	Amount (USD)
Estimated Grape Contract Cost	2024 Harvest	$92.0 million
Total SG&A Expenses	Q1 FY2025	$40.8 million
Capital Expenditures	Three Months Ended Oct 31, 2024	$11.6 million
Barrel Purchases (part of CapEx)	Three Months Ended Oct 31, 2024	$7.8 million

The commitment to Estate properties, which span approximately 1,100 acres plus the acreage acquired with Sonoma-Cutrer, represents a fixed cost base that requires continuous investment to ensure long-term supply quality.

The Duckhorn Portfolio, Inc. (NAPA) - Canvas Business Model: Revenue Streams

You're looking at how The Duckhorn Portfolio, Inc. actually brings in the money, which is key to understanding its valuation, especially given the recent acquisition. The revenue model centers on moving high-end wine through different channels, each with its own margin profile.

The primary mechanism for generating top-line revenue is through wholesale sales to distributors. This channel represents the largest volume and revenue source for The Duckhorn Portfolio, Inc. Wholesale revenue flows from sales directly to California retailers and restaurants, as well as to distributors and agents across the United States and internationally to export distributors. While this channel moves the most product, the margins are naturally lower than direct sales.

The second major stream is Direct-to-Consumer (DTC) sales. This channel is where you see the highest gross profit margin, as wines sold DTC are generally more exclusive and higher-priced. DTC revenue comes from individual consumers buying directly through club membership, the company's website, or its various tasting rooms located in key regions like Napa Valley and Walla Walla. For context, the DTC channel represented 13.9% of net sales in Fiscal 2024. This channel is important for consumer engagement, but it's the smaller piece of the overall revenue pie.

You also need to account for recurring revenue from wine club memberships and allocations, which falls under the DTC umbrella but is crucial for revenue stability. This recurring element helps smooth out the lumpiness often associated with three-tier distribution sales.

Here are the hard numbers from the most recent reported period, which was the first quarter of Fiscal Year 2025, covering the three months ended October 31, 2024. This gives you a snapshot of the revenue base before the company went private following the acquisition completion in February 2025.

Metric	Amount/Value	Context/Period
Net Sales	$122.9 million	Q1 Fiscal Year 2025 (Three months ended October 31, 2024)
Net Sales Growth (YoY)	19.9%	Q1 Fiscal Year 2025
Net Sales Decline (Ex-Sonoma-Cutrer)	8.2%	Q1 Fiscal Year 2025
Gross Profit	$61.5 million	Q1 Fiscal Year 2025
Gross Profit Margin	50.0%	Q1 Fiscal Year 2025
Adjusted Gross Profit Margin	51.9%	Q1 Fiscal Year 2025

The company's strategic focus in May 2025 involved reallocating resources away from certain brands-Canvasback, Migration, Paraduxx, and Postmark-which, combined, represented 3.9% of The Duckhorn Portfolio, Inc.'s total gross profit over the preceding nine months. These brands will continue to be sold in the wholesale market over the next few years, but the shift signals a focus on the higher-performing assets within the portfolio to drive future revenue quality. The acquisition price was $11.10 per share in cash, valuing the company at approximately $1.95 billion.

You can see the channel dynamics clearly when you look at the components:

• Wholesale sales to distributors (largest volume driver).
• Direct-to-Consumer (DTC) sales (highest gross profit margin).
• Recurring revenue from wine club memberships.
• Net Sales reached $122.9 million in Q1 Fiscal Year 2025.