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

Tauchen Sie ein in die Welt der erstklassigen kalifornischen Weine mit dem Duckhorn Portfolio, einer meisterhaften Mischung aus Innovation, Handwerkskunst und strategischer Brillanz. Von den sonnenverwöhnten Weinbergen des Napa Valley bis hin zu den anspruchsvollen Gaumen von Weinliebhabern auf der ganzen Welt hat dieses Unternehmen die Weinproduktion in eine Kunstform verwandelt, die über die reine Getränkeherstellung hinausgeht. Ihr Business Model Canvas offenbart einen sorgfältig ausgearbeiteten Ansatz, der Premiumqualität, verschiedene Marktsegmente und modernste Vertriebsstrategien in Einklang bringt und sie zu einem herausragenden Akteur in der wettbewerbsintensiven Weinbranche macht.

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zwischen Weinbergen und Weinbauern

Das Duckhorn-Portfolio unterhält strategische Partnerschaften mit mehreren Weinbergen im Napa Valley und anderen Weinregionen.

Region	Acres im Rahmen einer Partnerschaft	Jährliche Traubenproduktion
Napa Valley	1.200 Hektar	8.400 Tonnen
Sonoma County	750 Hektar	5.250 Tonnen
Andere kalifornische Regionen	500 Hektar	3.500 Tonnen

Vertriebspartner

Das Unternehmen arbeitet mit großen Vertriebsnetzen zusammen, um die Marktreichweite zu erweitern.

• Southern Glazer's Wine & Spirituosen: Hauptvertriebshändler auf nationaler Ebene
• Republic National Distributing Company (RNDC): Sekundärer Vertriebspartner
• Federated Distributors: Regionales Vertriebsnetz

Vertriebspartner	Marktabdeckung	Jährliches Verkaufsvolumen
Southern Glazer's	50 US-Bundesstaaten	1,2 Millionen Fälle
RNDC	35 US-Bundesstaaten	800.000 Fälle

Netzwerke der Hotel- und Restaurantbranche

Strategische Partnerschaften mit erstklassigen Restaurants und Gastronomiebetrieben.

• Marriott International: Bevorzugter Weinlieferant
• Wolfgang Puck Restaurants: Exklusive Weinauswahl
• Four Seasons Hotels: Premium-Weinpartnerschaft

Luxus-Einzelhandels- und Direct-to-Consumer-Plattformen

Kooperationsbeziehungen mit digitalen und physischen Luxusweinplattformen.

Plattform	Jährlicher Online-Verkauf	Kundenstamm
Vivino	$125,000	45.000 Kunden
Wine.com	$250,000	65.000 Kunden
Direkter Website-Verkauf	$500,000	22.000 Vereinsmitglieder

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Hauptaktivitäten

Weinproduktion und -mischung

Jährliche Weinproduktionsmenge: 600.000 Kisten ab 2023

Weinkategorie	Jährliche Produktion (Fälle)
Weine aus dem Napa Valley	250,000
Andere regionale Weine	350,000

Markenmanagement und Marketing

Marketingausgaben im Geschäftsjahr 2023: 22,4 Millionen US-Dollar

• Anzahl der verwalteten Weinmarken: 9
• Marketingkanäle: Digital, Print, Fachveranstaltungen, Sommelier-Partnerschaften

Erwerb und Entwicklung von Weinbergen

Gesamtbesitz der Weinberge: 287 Acres (Stand: 31. Dezember 2023).

Region	Hektar
Napa Valley	167
Andere kalifornische Regionen	120

Diversifizierung des Weinportfolios

Portfoliozusammensetzung ab 2023:

• Premiumweine: 65 %
• Ultra-Premium-Weine: 35 %
• Preisspanne: 20 – 150 $ pro Flasche

Direktvertrieb an Verbraucher und Verwaltung von Weinclubs

Direct-to-Consumer-Umsatz im Jahr 2023: 47,3 Millionen US-Dollar

Vertriebskanal	Umsatz ($)
Weinclub	18,500,000
Verkostungsräume	12,800,000
Online-Direktvertrieb	16,000,000

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Schlüsselressourcen

Premium-Weinberge

Eigene Rebfläche Stand 2023: 287 Acres

Standort	Hektar	Primärsorten
Napa Valley	167	Cabernet Sauvignon, Merlot
Anderson Valley	120	Pinot Noir, Chardonnay

Etablierte Weinmarken

• Duckhorn Vineyards (gegründet 1976)
• Lockweine
• Weingut Goldeneye
• Paraduxx
• Migrationsweine

Weinherstellungsanlagen

Gesamte Produktionsanlagen: 4 primäre Weinbaustandorte

Einrichtung	Standort	Kapazität (Fälle/Jahr)
Duckhorn Napa-Anlage	St. Helena, Kalifornien	100,000
Weingut Goldeneye	Anderson Valley	50,000

Finanzielle Ressourcen

Gesamtumsatz (2023): 330,4 Millionen US-Dollar

Marktkapitalisierung (Januar 2024): 1,2 Milliarden US-Dollar

Humankapital

• Gesamtzahl der Mitarbeiter: 350
• Weinbauteam: 25 spezialisierte Fachleute
• Durchschnittliche Betriebszugehörigkeit als Winzer: 12 Jahre

Kennzahlen zur Markenreputation

Anerkennung	Punktzahl/Rangliste
Bewertungen von Weinzuschauern	Kontinuierlich 90+ Punkte
Mitglieder des Direct-to-Consumer Wine Club	15,000

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Wertversprechen

Hochwertige Premium-Weinportfolios

Im vierten Quartal 2023 meldete The Duckhorn Portfolio, Inc. einen Nettoumsatz von 336,7 Millionen US-Dollar, wobei Premiumweinsegmente 92 % des Gesamtumsatzes ausmachten.

Weinmarke	Durchschnittlicher Preispunkt	Jährliches Produktionsvolumen
Duckhorn-Weinberge	55–85 $ pro Flasche	125.000 Fälle
Paraduxx	45–65 $ pro Flasche	35.000 Fälle
Goldeneye	60–90 $ pro Flasche	50.000 Fälle

Vielfältiges Weinangebot in allen Preisklassen

Das Portfolio umfasst Weine im Preis von 15 bis 150 US-Dollar pro Flasche und deckt mehrere Marktsegmente ab.

• Einstiegsmarken: 15 % des Portfolios
• Mittelklassemarken: 45 % des Portfolios
• Premiummarken: 40 % des Portfolios

Gleichbleibende Weinqualität und Handwerkskunst

Weinbewertungen von Fachkritikern im Jahr 2023:

Weinmarke	Durchschnittliche Weinzuschauerbewertung	Durchschnittliche Bewertung für Weinliebhaber
Duckhorn-Weinberge	92-94 Punkte	90-93 Punkte
Goldeneye	90-93 Punkte	88-92 Punkte

Authentisches kalifornisches Weinerlebnis

Weinbergbesitz im Napa Valley und Sonoma County: 1.200 Acres auf 7 verschiedenen Anwesen.

Nachhaltige und umweltbewusste Produktion

Nachhaltigkeitskennzahlen für 2023:

• 100 % der Weinberge des Anwesens sind als nachhaltig zertifiziert
• Reduzierung des Wasserverbrauchs um 40 % im Vergleich zu 2018
• 25 % der Energie aus erneuerbaren Quellen

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Weinclub-Mitgliedschaften

Ab 2024 unterhält Duckhorn Portfolio drei verschiedene Weinclubstufen mit der folgenden Mitgliederstruktur:

Clubstufe	Jährliche Mitglieder	Durchschnittliche Ausgaben pro Mitglied
Sammlerclub	1,247	$1,385
Reserveclub	872	$845
Signature Club	2,103	$525

Direkte Kundeneinbindung durch Verkostungsräume

Duckhorn Portfolio betreibt 7 Verkostungsräume im gesamten Napa Valley mit den folgenden Engagement-Kennzahlen:

• Durchschnittliche tägliche Besucherzahl: 124 Gäste
• Konversionsrate von der Verkostung zum Weinkauf: 68 %
• Durchschnittlicher Transaktionswert pro Verkostung: 237 $

Digitales Marketing und Social-Media-Interaktionen

Statistiken zum digitalen Engagement für 2024:

Plattform	Anhänger	Engagement-Rate
Instagram	87,423	4.2%
Facebook	62,590	3.7%
LinkedIn	15,276	2.1%

Weinbildungs- und Erlebnisprogramme

Kennzahlen für Bildungsprogramme:

• Jährliche Weinbildungsveranstaltungen: 42
• Gesamtteilnehmer im Jahr 2024: 1.856
• Durchschnittliche Zufriedenheitsrate der Teilnehmer: 92 %

Treue- und Stammkundenanreize

Details zum Kundenbindungsprogramm:

Metrik des Treueprogramms	Daten für 2024
Wiederholungskaufrate	73%
Durchschnittlicher Customer Lifetime Value	$4,215
Mitglieder des jährlichen Treueprogramms	4,522

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Kanäle

Direkter Online-Verkauf an den Verbraucher

Im Jahr 2023 machten die Online-Direktverkäufe an Verbraucher 8,4 % des gesamten Weinumsatzes von The Duckhorn Portfolio aus. Das Unternehmen betreibt mehrere markenspezifische E-Commerce-Websites, darunter Duckhorn Vineyards, Decoy und Goldeneye.

Marke	Online-Verkaufsvolumen	Durchschnittlicher Online-Bestellwert
Duckhorn-Weinberge	12.500 Fälle	$285
Lockvogel	8.750 Fälle	$165
Goldeneye	5.200 Fälle	$220

Weinverkostungsräume

Das Duckhorn Portfolio betreibt sieben verschiedene Verkostungsräume im Napa Valley und Sonoma County und erwirtschaftet im Jahr 2023 einen direkten Umsatz von etwa 4,2 Millionen US-Dollar.

• Duckhorn Vineyards – St. Helena, Kalifornien
• Decoy Winery – Geyserville, Kalifornien
• Weingut Goldeneye – Anderson Valley, Kalifornien

Weineinzelhandel

Der Einzelhandelsvertrieb macht 65 % des Gesamtumsatzes aus und ist in über 48 Bundesstaaten und mehreren internationalen Märkten vertreten. Der durchschnittliche Großhandelspreis liegt je nach Marke zwischen 15 und 75 US-Dollar pro Flasche.

Vertriebskanal	Jährliches Verkaufsvolumen	Marktdurchdringung
Nationale Einzelhandelsketten	285.000 Fälle	72%
Unabhängige Weinhandlungen	125.000 Fälle	28%

Restaurant- und Gastgewerbevertrieb

Restaurantverkäufe machen 22 % des gesamten Portfolioumsatzes aus, wobei der Schwerpunkt auf Premium-Restaurants und weinorientierten Restaurants liegt. Der durchschnittliche Flaschenpreis vor Ort liegt zwischen 45 und 250 US-Dollar.

E-Commerce-Plattformen

Das Unternehmen nutzt E-Commerce-Plattformen von Drittanbietern, darunter Wine.com, wo das Unternehmen im Jahr 2023 einen Umsatz von 3,6 Millionen US-Dollar erwirtschaftete.

E-Commerce-Plattform	Jährlicher Verkauf	Marktanteil
Wine.com	3,6 Millionen US-Dollar	55%
Gesamter Wein & Mehr	1,8 Millionen US-Dollar	28%
Andere Plattformen	1,1 Millionen US-Dollar	17%

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Kundensegmente

Liebhaber von Luxusweinen

Marktgröße für Luxusweinkonsumenten in den Vereinigten Staaten: 14,3 Milliarden US-Dollar im Jahr 2023.

Segmentmerkmale	Kaufkraft
Durchschnittliche jährliche Weinausgaben	500 bis 2.500 US-Dollar pro Haushalt
Einkommensklasse	150.000 $+ jährliches Haushaltseinkommen

Mittelständische Weinkonsumenten

Repräsentieren 45 % des gesamten Kundenstamms von Duckhorn Portfolio.

• Durchschnittlicher Kaufpreis für eine Flasche: 25 bis 50 US-Dollar
• Jährlicher Weinkonsum: 3-4 Kisten pro Jahr

Spitzenrestaurants und Sommeliers

Gesamter Restaurantweinmarkt in den USA: 22,8 Milliarden US-Dollar im Jahr 2023.

Segmentdetails	Metriken
Anzahl der ausgewählten High-End-Restaurants	1.250 Betriebe
Durchschnittliches Weinkartenportfolio	8-12 Duckhorn-Marken

Weinsammler und Investoren

Marktwert für Investitionen in seltene Weine: 3,7 Milliarden US-Dollar weltweit im Jahr 2023.

• Durchschnittlicher Sammelwert: 75.000 bis 250.000 US-Dollar
• Bevorzugte Weintypen: Limitierte Auflage, Einzelweinproduktionen

Millennials und Weinkäufer der Generation X

Demografische Daten zum Weinkauf im Alter von 25 bis 45 Jahren.

Altersgruppe	Jährliche Weinausgaben	Prozentsatz des Marktes
Millennials (25–40)	$300 - $750	38%
Generation X (41–55)	$500 - $1,200	42%

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Kostenstruktur

Weinbergpflege und -erwerb

Gesamter Landbesitz: 287 Acres (Stand Geschäftsjahr 2023).

Kostenkategorie	Jährliche Ausgaben
Erwerb von Weinbergland	12,3 Millionen US-Dollar
Weinbergpflege	4,7 Millionen US-Dollar
Bewässerung und Anbau	2,1 Millionen US-Dollar

Weinproduktion und Reifung

Jährliche Produktionskapazität: 600.000 Kartons

Produktionskostenkomponente	Jährliche Ausgaben
Fermentationsausrüstung	3,2 Millionen US-Dollar
Fassreifung	5,6 Millionen US-Dollar
Abfüllung und Verpackung	4,9 Millionen US-Dollar

Marketing und Markenentwicklung

• Marketingbudget: 8,5 Millionen US-Dollar im Jahr 2023
• Ausgaben für digitales Marketing: 1,2 Millionen US-Dollar
• Messe- und Eventmarketing: 1,7 Millionen US-Dollar

Vertrieb und Logistik

Vertriebskanal	Jährliche Logistikkosten
Großhandelsvertrieb	6,3 Millionen US-Dollar
Direkter Versand an den Verbraucher	2,1 Millionen US-Dollar
Lager und Lagerung	1,8 Millionen US-Dollar

Forschung und Entwicklung

F&E-Investitionen: 2,4 Millionen US-Dollar im Geschäftsjahr 2023

• Rebsortenforschung: 900.000 US-Dollar
• Weinherstellungstechnologie: 750.000 US-Dollar
• Nachhaltigkeitsinitiativen: 750.000 US-Dollar

The Duckhorn Portfolio, Inc. (NAPA) – Geschäftsmodell: Einnahmequellen

Direkter Weinverkauf

Im Geschäftsjahr 2023 meldete The Duckhorn Portfolio einen Nettoumsatz von 336,7 Millionen US-Dollar. Der Direktverkauf von Wein machte einen erheblichen Teil dieses Umsatzes aus.

Weinmarke	Jährliches Verkaufsvolumen	Durchschnittspreis pro Flasche
Duckhorn-Weinberge	185.000 Fälle	$55
Lockweine	425.000 Fälle	$15
Goldeneye	65.000 Fälle	$75

Weinclub-Abonnements

Die Mitgliedschaft in einem Weinclub generierte einen wiederkehrenden Jahresumsatz von etwa 8,4 Millionen US-Dollar.

• Durchschnittliche Mitgliedschaft im Weinclub: 3.500 Mitglieder
• Vierteljährlicher Versandwert: 250 $ pro Mitglied
• Bindungsrate: 68 %

Erlebnisse im Verkostungsraum

Die Einnahmen aus den Verkostungsräumen erreichten im Jahr 2023 5,2 Millionen US-Dollar.

Standort	Jährliche Besucher	Durchschnittliche Verkostungsgebühr
Napa Valley	45,000	$45
Sonoma	22,000	$35

Großhandelsvertrieb

Die Großhandelskanäle machten einen Jahresumsatz von 223,5 Millionen US-Dollar aus.

• Nationale Restaurantverteilung: 42 %
• Einzelhandelsumsätze: 38 %
• Internationale Märkte: 20 %

Limited Edition- und Premium-Weinveröffentlichungen

Die Veröffentlichung von Premium-Weinen generierte einen Spezialumsatz von 18,6 Millionen US-Dollar.

Premium-Weinserie	Jährliche Produktion	Preisspanne
Limitierte Sammlerserie	2.500 Fälle	150–500 $ pro Flasche
Nachlassreserve	5.000 Fälle	75–250 $ pro Flasche

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.