The Duckhorn Portfolio, Inc. (NAPA): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde des vins de Californie Premium avec le portefeuille Duckhorn, un mélange magistral d'innovation, d'artisanat et d'éclat stratégique. Des vignobles du soleil de Napa Valley aux palais sophistiqués des amateurs de vin dans le monde, cette entreprise a transformé la production de vin en une forme d'art qui transcende la simple création de boissons. Leur toile de modèle commercial révèle une approche méticuleusement conçue qui équilibre la qualité supérieure, divers segments de marché et les stratégies de distribution de pointe, ce qui en fait un acteur remarquable dans l'industrie du vin compétitif.

The Duckhorn Portfolio, Inc. (NAPA) - Modèle commercial: partenariats clés

Vineyards and Grape Growers Partnerships

Le portefeuille de Duckhorn maintient des partenariats stratégiques avec plusieurs vignobles de Napa Valley et d'autres régions viticoles.

Région	Acres sous partenariat	Production annuelle de raisin
Napa Valley	1 200 acres	8 400 tonnes
Comté de Sonoma	750 acres	5 250 tonnes
Autres régions de Californie	500 acres	3 500 tonnes

Partenaires de distribution

La société collabore avec les principaux réseaux de distribution pour étendre la portée du marché.

• Le vin du Glazer du Sud & Spiritueux: distributeur national primaire
• Republic National Distributing Company (RNDC): partenaire de distribution secondaire
• Distributeurs fédérés: réseau de distribution régional

Partenaire de distribution	Couverture du marché	Volume des ventes annuelles
Glazer du Sud	50 États américains	1,2 million de cas
RNDC	35 États américains	800 000 cas

Réseaux de l'industrie de l'hôtellerie et de la restauration

Partenariats stratégiques avec des restaurants haut de gamme et des lieux hôteliers.

• Marriott International: fournisseur de vin préféré
• Restaurants Wolfgang Puck: Sélection exclusive des vins
• Four Seasons Hotels: Premium Wine Partnership

Retail de luxe et plates-formes directes aux consommateurs

Relations collaboratives avec les plateformes de vin de luxe numériques et physiques.

Plate-forme	Ventes en ligne annuelles	Clientèle
Vivino	$125,000	45 000 clients
Wine.com	$250,000	65 000 clients
Ventes directes du site Web	$500,000	22 000 membres du club

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: Activités clés

Production et mélange de vin

Volume annuel de production de vin: 600 000 caisses en 2023

Catégorie de vin	Production annuelle (cas)
Vins de Napa Valley	250,000
Autres vins régionaux	350,000

Gestion et marketing de la marque

Dépenses de marketing au cours de l'exercice 2023: 22,4 millions de dollars

• Nombre de marques de vin gérées: 9
• Canaux de marketing: numériques, imprimés, événements commerciaux, partenariats de sommelier

Acquisition et développement du vignoble

Total Vineyard Apeagore possédé: 287 acres au 31 décembre 2023

Région	Acres
Napa Valley	167
Autres régions de Californie	120

Diversification du portefeuille de vin

Composition de portefeuille en 2023:

• Vins premium: 65%
• Vins ultra-primium: 35%
• Gamme de prix: 20 $ - 150 $ par bouteille

Gestion des ventes et des clubs de vin directement aux consommateurs

Revenus directs aux consommateurs en 2023: 47,3 millions de dollars

Canal de vente	Revenus ($)
Club de vin	18,500,000
Salles de dégustation	12,800,000
Ventes directes en ligne	16,000,000

The Duckhorn Portfolio, Inc. (NAPA) - Modèle commercial: Ressources clés

Vignobles premium

Superficie de vignobles en 2023: 287 acres

Emplacement	Acres	Célèbres primaires
Napa Valley	167	Cabernet Sauvignon, Merlot
Valley Anderson	120	Pinot Noir, Chardonnay

Marques de vin établies

• Duckhorn Vineyards (fondé en 1976)
• Vins leurres
• Cave Goldeneye
• Paraduxx
• Vins de migration

Installations de vinification

Installations totales de production: 4 lieux de vinification primaire

Facilité	Emplacement	Capacité (cas / an)
Duckhorn Napa Facility	St. Helena, CA	100,000
Cave Goldeneye	Valley Anderson	50,000

Ressources financières

Revenu total (2023): 330,4 millions de dollars

Capitalisation boursière (janvier 2024): 1,2 milliard de dollars

Capital humain

• Total des employés: 350
• Équipe de vinification: 25 professionnels spécialisés
• Tenure moyenne des vignerons: 12 ans

Métriques de la réputation de la marque

Reconnaissance	Score / classement
Notes de spectateur de vin	90+ points de manière cohérente
Membres du club de vin directement aux consommateurs	15,000

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: propositions de valeur

Portefeuilles de vin de haute qualité et de qualité supérieure

Au quatrième trimestre 2023, The Duckhorn Portfolio, Inc. a déclaré 336,7 millions de dollars de ventes nettes, avec des segments de vin premium représentant 92% du total des revenus.

Marque de vin	Prix ​​moyen	Volume de production annuel
Vignobles	55 $ - 85 $ par bouteille	125 000 cas
Paraduxx	45 $ - 65 $ par bouteille	35 000 cas
Goldeneye	60 $ - 90 $ par bouteille	50 000 cas

Diverses offres de vin à travers les prix

Le portefeuille comprend des vins allant de 15 $ à 150 $ par bouteille, couvrant plusieurs segments de marché.

• Marques d'entrée de gamme: 15% du portefeuille
• Marques de niveau intermédiaire: 45% du portefeuille
• Marques premium: 40% du portefeuille

Qualité et artisanat du vin constant

Notes de vin des critiques professionnels en 2023:

Marque de vin	Score moyen du spectateur de vin	Score moyen des amateurs de vin
Vignobles	92-94 points	90-93 points
Goldeneye	90-93 points	88-92 points

Expérience de vin de Californie authentique

Napa Valley and Sonoma County Vineyard Propriété: 1 200 acres dans 7 domaines distincts.

Production durable et soucieuse de l'environnement

Mesures de durabilité pour 2023:

• 100% des vignobles de l'agencement certifiés durables
• Réduction de 40% de l'utilisation de l'eau par rapport à 2018
• 25% de l'énergie provenant de sources renouvelables

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: relations avec les clients

Adhésions aux clubs de vin personnalisés

En 2024, le portefeuille de Duckhorn maintient 3 niveaux distincts du club de vin avec la structure d'adhésion suivante:

Niveau du club	Membres annuels	Dépenses moyennes par membre
Club de collection	1,247	$1,385
Réserve	872	$845
Club de signature	2,103	$525

Engagement direct aux consommateurs à travers des salles de dégustation

Duckhorn Portfolio exploite 7 salles de dégustation à travers la vallée de Napa avec les mesures d'engagement suivantes:

• Compte de visiteurs quotidiens moyens: 124 invités
• Taux de conversion de la dégustation à l'achat de vin: 68%
• Valeur de transaction moyenne par dégustation: 237 $

Marketing numérique et interactions sur les réseaux sociaux

Statistiques d'engagement numérique pour 2024:

Plate-forme	Abonnés	Taux d'engagement
Instagram	87,423	4.2%
Facebook	62,590	3.7%
Liendin	15,276	2.1%

Programmes d'éducation et d'expérience sur le vin

Métriques du programme éducatif:

• Événements annuels de l'éducation au vin: 42
• Total des participants en 2024: 1 856
• Taux de satisfaction moyen des participants: 92%

Fidélité et incitations aux clients répétés

Détails du programme de rétention de la clientèle:

Métrique du programme de fidélité	2024 données
Taux d'achat répété	73%
Valeur à vie moyenne du client	$4,215
Membres du programme de fidélité annuelle	4,522

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: canaux

Ventes en ligne directes aux consommateurs

En 2023, les ventes en ligne directement aux consommateurs représentaient 8,4% du total des ventes de vin pour le portefeuille Duckhorn. L'entreprise exploite plusieurs sites Web de commerce électronique spécifiques à la marque, notamment Duckhorn Vineyards, Decoy et Goldeneye.

Marque	Volume de vente en ligne	Valeur de commande en ligne moyenne
Vignobles	12 500 cas	$285
Attirer	8 750 cas	$165
Goldeneye	5 200 cas	$220

Salles de dégustation de la cave

Le portefeuille Duckhorn exploite 7 salles de dégustation distinctes à travers la vallée de Napa et le comté de Sonoma, générant environ 4,2 millions de dollars de revenus directs en 2023.

• Duckhorn Vineyards - St. Helena, CA
• Déritude de leurre - Geyserville, CA
• Goldeneye Winery - Anderson Valley, CA

Magasins de vin de vente au détail

La distribution de détail représente 65% du total des ventes, avec une présence dans plus de 48 États et plusieurs marchés internationaux. Le prix moyen en gros varie de 15 $ à 75 $ par bouteille en fonction de la marque.

Canal de distribution	Volume des ventes annuelles	Pénétration du marché
Chaînes de vente au détail nationales	285 000 cas	72%
Magasins de vin indépendants	125 000 cas	28%

Distribution des restaurants et de l'hospitalité

Les ventes de restaurants représentent 22% du total des revenus du portefeuille, en mettant l'accent sur les établissements de restauration premium et les restaurants centrés sur le vin. La tarification moyenne des bouteilles sur site varie de 45 $ à 250 $.

Plates-formes de commerce électronique

La société tire parti des plateformes de commerce électronique tierces, notamment Wine.com, où elles ont généré 3,6 millions de dollars de ventes en 2023.

Plate-forme de commerce électronique	Ventes annuelles	Part de marché
Wine.com	3,6 millions de dollars	55%
Vin total & Plus	1,8 million de dollars	28%
Autres plateformes	1,1 million de dollars	17%

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: segments de clientèle

Passionnés de vin de luxe

Taille du marché pour les consommateurs de vin de luxe aux États-Unis: 14,3 milliards de dollars en 2023.

Caractéristiques du segment	Pouvoir d'achat
Dépenses viticoles annuelles moyennes	500 $ - 2 500 $ par ménage
Tranche de revenu	150 000 $ + revenu annuel des ménages

Consommateurs de vin de niveau intermédiaire

Représentent 45% de la clientèle totale du portefeuille de Duckhorn.

• Prix ​​d'achat moyen de bouteille: 25 $ - 50 $
• Consommation annuelle de vin: 3-4 cas par an

Restaurants haut de gamme et sommeliers

Total Restaurant Wine Market aux États-Unis: 22,8 milliards de dollars en 2023.

Détails du segment	Métrique
Nombre de restaurants haut de gamme ciblés	1 250 établissements
Portfolio moyen de la liste des vins	8-12 marques Duckhorn

Collecteurs de vin et investisseurs

Valeur marchande de l'investissement en vin rare: 3,7 milliards de dollars dans le monde en 2023.

• Valeur de collecte moyenne: 75 000 $ - 250 000 $
• Types de vins préférés: édition limitée, productions de vignobles uniques

Millennials et acheteurs de vins Gen X

Achat de vin démographique pour les 25 à 45 ans.

Groupe d'âge	Dépenses de vin annuelles	Pourcentage de marché
Milléniaux (25-40)	$300 - $750	38%
Gen X (41-55)	$500 - $1,200	42%

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: Structure des coûts

Entretien et acquisition du vignoble

Total des fonds fonciers: 287 acres à partir de l'exercice 2023

Catégorie de coûts	Dépenses annuelles
Acquisition de terrains de vignobles	12,3 millions de dollars
Entretien du vignoble	4,7 millions de dollars
Irrigation et culture	2,1 millions de dollars

Production du vin et vieillissement

Capacité de production annuelle: 600 000 cas

Composant de coûts de production	Dépenses annuelles
Équipement de fermentation	3,2 millions de dollars
Vieillissement en fût	5,6 millions de dollars
Bouteille et emballage	4,9 millions de dollars

Marketing et développement de marque

• Budget marketing: 8,5 millions de dollars en 2023
• Dépenses en marketing numérique: 1,2 million de dollars
• Salon du commerce et marketing d'événements: 1,7 million de dollars

Distribution et logistique

Canal de distribution	Coût de la logistique annuelle
Distribution de gros	6,3 millions de dollars
Expédition directe à consommation	2,1 millions de dollars
Entrepôt et stockage	1,8 million de dollars

Recherche et développement

Investissement en R&D: 2,4 millions de dollars au cours de l'exercice 2023

• Recherche de raisin: 900 000 $
• Technologie de vinification: 750 000 $
• Initiatives de durabilité: 750 000 $

The Duckhorn Portfolio, Inc. (NAPA) - Modèle d'entreprise: Strots de revenus

Ventes directes du vin

Au cours de l'exercice 2023, le portefeuille de Duckhorn a déclaré des ventes nettes de 336,7 millions de dollars. Les ventes de vins directes comprenaient une partie importante de ces revenus.

Marque de vin	Volume des ventes annuelles	Prix ​​moyen par bouteille
Vignobles	185 000 cas	$55
Vins leurres	425 000 cas	$15
Goldeneye	65 000 cas	$75

Abonnements au club de vin

Les membres du club de vin ont généré environ 8,4 millions de dollars en revenus annuels récurrents.

• Adhésion moyenne au club de vin: 3 500 membres
• Valeur d'expédition trimestrielle: 250 $ par membre
• Taux de rétention: 68%

Expériences de salle de dégustation

Les revenus de la salle de dégustation ont atteint 5,2 millions de dollars en 2023.

Emplacement	Visiteurs annuels	Frais de dégustation moyens
Napa Valley	45,000	$45
Sonoma	22,000	$35

Distribution de gros

Les canaux en gros représentaient 223,5 millions de dollars de revenus annuels.

• Distribution nationale du restaurant: 42%
• Ventes de magasins de détail: 38%
• Marchés internationaux: 20%

Reliminaires de vin en édition limitée et premium

Les versions du vin premium ont généré 18,6 millions de dollars de revenus spécialisés.

Série de vins premium	Production annuelle	Fourchette
Série de collection limitée	2 500 cas	150 $ - 500 $ par bouteille
Réserve de domaine	5 000 cas	75 $ - 250 $ par bouteille

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.