Naked Wines to raise wine prices by 5%

Naked Wines’ CEO Rowan Gormley has announced that the company is to raise the price of half of its wines by 5% next month due to the falling value of the pound.

Rowan Gormley, CEO of Naked Wines

As reported by ThisIsMoney.co.uk, Gormley informed Naked Wines’ customers, known as ‘Angels’, last week of the price hikes via email.

Rather than asking suppliers to lower their prices, Naked Wines is raising the price of some of its most popular wines by around 50p.

“Winemakers supplying the UK need your support now more than ever. We’re not the type of business to start a war with suppliers over price. Nor are we going to compromise on quality to hit margins,” the email explained.

Gormley remains bullish about the quality to price ratio of Naked’s wine range. “Naked Wines are still better value for the quality of wine we provide versus the supermarkets’ everyday ranges, so our Angels are still getting a brilliant deal,” he said.

Naked’s parent company, Majestic Wines, has no plans to raise the price of its wines, having been buffered due to stocking up on euros before the Brexit vote.

Meanwhile, Dan Jago, head of wine merchant Berry Bros & Rudd, which carries a Royal Warrant, told The Mail on Sunday:

Dan Jago of Berry Bros & Rudd admitted to The Mail on Sunday that currency fluctuations after the vote had taken many importers by surprise.

“While it is inevitable some prices may increase, despite efforts to keep them stable, we are fortunate in being both a wine and spirits business, so our Glenrothes Malt Whisky from Speyside is seeing strong export performance, as is our sales of fine wine to Asia,” he told the paper.

Yesterday former deputy prime minister Nick Clegg warned that consumers face “crippling” rises in wine prices of up to 14% if the UK leaves the EU without a trade deal.

“A hard Brexit will lead us off a cliff edge towards higher food prices, with a triple whammy of punishing tariffs, customs checks and workforce shortages,” Clegg said.

“The only way the government will be able to avoid this outcome is if it maintains Britain’s membership of the Single Market. We must hold Theresa May’s government to account and fight to ensure what comes next is best for British consumers and businesses,” he added.