El Portafolio Duckhorn, Inc. (NAPA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo de los vinos premium de California con la cartera de Duckhorn, una mezcla magistral de innovación, artesanía y brillantez estratégica. Desde los viñedos bañados por el sol del valle de Napa hasta los sofisticados paladares de los entusiastas del vino en todo el mundo, esta compañía ha transformado la producción de vinos en una forma de arte que trasciende la mera creación de bebidas. Su lienzo de modelo de negocio revela un enfoque meticulosamente elaborado que equilibra la calidad premium, los diversos segmentos del mercado y las estrategias de distribución de vanguardia, lo que los convierte en un jugador destacado en la industria del vino competitiva.

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: asociaciones clave

Asociaciones de viñedos y productores de uva

La cartera de Duckhorn mantiene asociaciones estratégicas con múltiples viñedos en Napa Valley y otras regiones vinícolas.

Región	Acres bajo asociación	Producción anual de uva
Valle de napa	1.200 acres	8.400 toneladas
Condado de Sonoma	750 acres	5.250 toneladas
Otras regiones de California	500 acres	3.500 toneladas

Socios de distribución

La compañía colabora con las principales redes de distribución para expandir el alcance del mercado.

• Vino de Southern Glazer & Espíritus: distribuidor nacional primario
• Republic National Distributing Company (RNDC): socio de distribución secundaria
• Distribuidores federados: Red de distribución regional

Socio de distribución	Cobertura del mercado	Volumen de ventas anual
Glazer del sur	50 estados de EE. UU.	1,2 millones de casos
RNDC	35 estados de EE. UU.	800,000 casos

Redes de la industria de la hospitalidad y los restaurantes

Asociaciones estratégicas con restaurantes de alta gama y lugares de hospitalidad.

• Marriott International: proveedor de vinos preferido
• Restaurantes de Wolfgang Puck: selección exclusiva de vinos
• Hoteles de Four Seasons: Premium Wine Partnership

Plataformas minoristas de lujo y directas a consumidores

Relaciones colaborativas con plataformas de vino de lujo digital y física.

Plataforma	Ventas en línea anuales	Base de clientes
Vivino	$125,000	45,000 clientes
Wine.com	$250,000	65,000 clientes
Ventas directas del sitio web	$500,000	22,000 miembros del club

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: actividades clave

Producción y mezcla de vinos

Volumen anual de producción de vinos: 600,000 cajas a partir de 2023

Categoría de vino	Producción anual (casos)
Vinos de Napa Valley	250,000
Otros vinos regionales	350,000

Gestión de marca y marketing

Gastos de marketing en el año fiscal 2023: $ 22.4 millones

• Número de marcas de vino administradas: 9
• Canales de comercialización: eventos digitales, impresos, comerciales, asociaciones de sumiller

Adquisición y desarrollo de viñedos

Total Vineyard Acreage propiedad: 287 acres al 31 de diciembre de 2023

Región	Acres
Valle de napa	167
Otras regiones de California	120

Diversificación de cartera de vino

Composición de cartera a partir de 2023:

• Vinos premium: 65%
• Vinos Ultra-Premium: 35%
• Rango de precios: $ 20 - $ 150 por botella

Ventas directas a consumo y gestión de clubes de vinos

Ingresos directos al consumidor en 2023: $ 47.3 millones

Canal de ventas	Ingresos ($)
Club de vinos	18,500,000
Salas de degustación	12,800,000
Ventas directas en línea	16,000,000

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: recursos clave

Viñedos premium

Agua de viñedo propiedad de 2023: 287 acres

Ubicación	Acres	Variedades principales
Valle de napa	167	Cabernet Sauvignon, Merlot
Valle de Anderson	120	Pinot Noir, Chardonnay

Marcas de vinos establecidas

• Vineyards de Duckhorn (fundado 1976)
• Vinos señuelo
• Bodega Goldeneye
• Paraduxx
• Vinos migratorios

Instalaciones de vinificación

Instalaciones de producción totales: 4 ubicaciones de vinificación primaria

Instalación	Ubicación	Capacidad (casos/año)
Instalación de Napa de Duckhorn	Santa Helena, CA	100,000
Bodega Goldeneye	Valle de Anderson	50,000

Recursos financieros

Ingresos totales (2023): $ 330.4 millones

Capitalización de mercado (enero de 2024): $ 1.2 mil millones

Capital humano

• Total de empleados: 350
• Equipo de vinificación: 25 profesionales especializados
• Promedio de la tenencia del enólogo: 12 años

Métricas de reputación de la marca

Reconocimiento	Puntaje/ranking
Calificaciones de espectadores de vino	90+ puntos consistentemente
Miembros del club de vinos directo al consumidor	15,000

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocio: propuestas de valor

Carteras de vinos premium de alta calidad

A partir del cuarto trimestre de 2023, la cartera de Duckhorn, Inc. reportó $ 336.7 millones en ventas netas, con segmentos de vino premium que representan el 92% de los ingresos totales.

Marca de vinos	Precio promedio	Volumen de producción anual
Viñedos de duckhorn	$ 55- $ 85 por botella	125,000 casos
Paraduxx	$ 45- $ 65 por botella	35,000 casos
Goldeye	$ 60- $ 90 por botella	50,000 casos

Ofertas de vinos diversas en los puntos de precio

La cartera incluye vinos que van desde $ 15 a $ 150 por botella, cubriendo múltiples segmentos de mercado.

• Marcas de nivel de entrada: 15% de la cartera
• Marcas de nivel medio: 45% de la cartera
• Marcas premium: 40% de la cartera

Calidad constante del vino y artesanía

Calificaciones del vino de críticos profesionales en 2023:

Marca de vinos	Puntaje promedio de espectadores de vinos	Puntaje promedio de entusiastas del vino
Viñedos de duckhorn	92-94 puntos	90-93 puntos
Goldeye	90-93 puntos	88-92 puntos

Auténtica experiencia en el vino de California

Valle de Napa y propiedad del viñedo del condado de Sonoma: 1,200 acres en 7 fincas distintas.

Producción sostenible y ambientalmente consciente

Métricas de sostenibilidad para 2023:

• 100% de los viñedos del patrimonio certificado sostenible
• Reducción del 40% en el uso del agua en comparación con 2018
• 25% de la energía de fuentes renovables

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: relaciones con los clientes

Membresías personalizadas del club de vinos

A partir de 2024, la cartera de Duckhorn mantiene 3 niveles distintos de clubes de vinos con la siguiente estructura de membresía:

Nivel de club	Miembros anuales	Gasto promedio por miembro
Club de coleccionista	1,247	$1,385
Club de reserva	872	$845
Club de firma	2,103	$525

Compromiso directo del consumidor a través de salas de degustación

La cartera de Duckhorn opera 7 salas de degustación en Napa Valley con las siguientes métricas de compromiso:

• Recuento promedio de visitantes diarios: 124 invitados
• Tasa de conversión de la degustación a la compra del vino: 68%
• Valor de transacción promedio por degustación: $ 237

Marketing digital e interacciones en redes sociales

Estadísticas de participación digital para 2024:

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

Programas de educación y experiencia del vino

Métricas del programa educativo:

• Eventos anuales de educación del vino: 42
• Total de participantes en 2024: 1,856
• Tasa de satisfacción promedio de los participantes: 92%

Lealtad e incentivos de clientes repetidos

Detalles del programa de retención de clientes:

Métrica del programa de fidelización	2024 datos
Repita la tasa de compra	73%
Valor promedio de por vida del cliente	$4,215
Miembros anuales del programa de fidelización	4,522

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: canales

Ventas en línea directas al consumidor

A partir de 2023, las ventas en línea directas al consumidor representaron el 8.4% de las ventas totales de vinos para la cartera de Duckhorn. La compañía opera múltiples sitios web de comercio electrónico específicos de marca que incluyen Vineyards de Duckhorn, Decoy y Goldeneye.

Marca	Volumen de ventas en línea	Valor de pedido en línea promedio
Viñedos de duckhorn	12,500 casos	$285
Señuelo	8,750 casos	$165
Goldeye	5.200 casos	$220

Salas de degustación de bodegas

La cartera de Duckhorn opera 7 salas de degustación distintas en el valle de Napa y el condado de Sonoma, generando aproximadamente $ 4.2 millones en ingresos directos en 2023.

• Vineyards de Duckhorn - Santa Helena, CA
• Bodega de señuelos - Geyserville, CA
• Goldeneye Winery - Anderson Valley, CA

Tiendas de vinos minoristas

La distribución minorista representa el 65% de las ventas totales, con presencia en más de 48 estados y múltiples mercados internacionales. Los precios al por mayor promedio varían de $ 15- $ 75 por botella, dependiendo de la marca.

Canal de distribución	Volumen de ventas anual	Penetración del mercado
Cadenas minoristas nacionales	285,000 casos	72%
Tiendas de vinos independientes	125,000 casos	28%

Distribución de restaurantes y hospitalidad

Las ventas de restaurantes representan el 22% de los ingresos totales de la cartera, con un enfoque en establecimientos gastronómicos premium y restaurantes centrados en el vino. El precio promedio de la botella local varía de $ 45 a $ 250.

Plataformas de comercio electrónico

La compañía aprovecha plataformas de comercio electrónico de terceros, incluidos Wine.com, donde generaron $ 3.6 millones en ventas durante 2023.

Plataforma de comercio electrónico	Venta anual	Cuota de mercado
Wine.com	$ 3.6 millones	55%
Vino total & Más	$ 1.8 millones	28%
Otras plataformas	$ 1.1 millones	17%

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocio: segmentos de clientes

Entusiastas del vino de lujo

Tamaño del mercado para consumidores de vino de lujo en los Estados Unidos: $ 14.3 mil millones a partir de 2023.

Características de segmento	Poder adquisitivo
Gasto promedio de vino anual	$ 500 - $ 2,500 por hogar
Soporte de ingresos	$ 150,000+ ingresos familiares anuales

Consumidores de vino de nivel medio

Representa el 45% de la base total de clientes de Duckhorn Portfolio.

• Precio promedio de compra de botella: $ 25 - $ 50
• Consumo anual de vino: 3-4 casos por año

Restaurantes y sumilleros de alta gama

Mercado total del vino de restaurante en EE. UU.: $ 22.8 mil millones en 2023.

Detalles de segmento	Métrica
Número de restaurantes de alta gama	1.250 establecimientos
Cartera promedio de la lista de vinos	8-12 marcas de duckhorn

Coleccionistas de vinos e inversores

Valor de mercado de la inversión del vino raro: $ 3.7 mil millones en todo el mundo en 2023.

• Valor de colección promedio: $ 75,000 - $ 250,000
• Tipos de vinos preferidos: edición limitada, producciones de viñedos individuales

Compradores de vinos de Millennials and Gen X

Compra de vinos Demografía para edades de 25 a 45 años.

Grupo de edad	Gasto anual de vino	Porcentaje de mercado
Millennials (25-40)	$300 - $750	38%
Gen X (41-55)	$500 - $1,200	42%

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocio: Estructura de costos

Mantenimiento y adquisición de viñedos

Total de propiedades terrestres: 287 acres a partir del año fiscal 2023

Categoría de costos	Gasto anual
Adquisición de tierras de viñedo	$ 12.3 millones
Mantenimiento de viñedos	$ 4.7 millones
Riego y cultivo	$ 2.1 millones

Producción de vino y envejecimiento

Capacidad de producción anual: 600,000 casos

Componente de costos de producción	Gasto anual
Equipo de fermentación	$ 3.2 millones
Envejecimiento de barril	$ 5.6 millones
Embotellado y embalaje	$ 4.9 millones

Marketing y desarrollo de la marca

• Presupuesto de marketing: $ 8.5 millones en 2023
• Gasto de marketing digital: $ 1.2 millones
• Marketing de ferias comerciales y eventos: $ 1.7 millones

Distribución y logística

Canal de distribución	Costo de logística anual
Distribución al por mayor	$ 6.3 millones
Envío directo al consumidor	$ 2.1 millones
Almacén y almacenamiento	$ 1.8 millones

Investigación y desarrollo

Inversión de I + D: $ 2.4 millones en el año fiscal 2023

• Investigación varietal de uva: $ 900,000
• Tecnología de vinificación: $ 750,000
• Iniciativas de sostenibilidad: $ 750,000

The Duckhorn Portfolio, Inc. (NAPA) - Modelo de negocios: flujos de ingresos

Ventas de vinos directas

En el año fiscal 2023, la cartera de Duckhorn reportó ventas netas de $ 336.7 millones. Las ventas directas de vinos comprendían una parte significativa de este ingreso.

Marca de vinos	Volumen de ventas anual	Precio promedio por botella
Viñedos de duckhorn	185,000 casos	$55
Vinos señuelo	425,000 casos	$15
Goldeye	65,000 casos	$75

Suscripciones de clubes de vinos

Las membresías del club de vinos generaron aproximadamente $ 8.4 millones en ingresos anuales recurrentes.

• Membresía promedio del club de vinos: 3,500 miembros
• Valor de envío trimestral: $ 250 por miembro
• Tasa de retención: 68%

Experiencias de la sala de degustación

Los ingresos de la sala de degustación alcanzaron los $ 5.2 millones en 2023.

Ubicación	Visitantes anuales	Tarifa de degustación promedio
Valle de napa	45,000	$45
Sonoma	22,000	$35

Distribución al por mayor

Los canales mayoristas representaban $ 223.5 millones en ingresos anuales.

• Distribución nacional de restaurantes: 42%
• Ventas de tiendas minoristas: 38%
• Mercados internacionales: 20%

Lanzamientos de edición limitada y vinos premium

Las comunicadas de vino premium generaron $ 18.6 millones en ingresos especializados.

Serie de vinos premium	Producción anual	Gama de precios
Serie de coleccionista limitado	2.500 casos	$ 150- $ 500 por botella
Reserva de patrimonio	5,000 casos	$ 75- $ 250 por botella

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.