Naked Wines CEO: How to choose the right bottle of wine
A career that’s taken him from his home in Mexico all the way to Norwich to lead Naked Wines, via Belgium, was probably not something Rodrigo Maza could have predicted when he first started out.
But the chief executive, who has only been in the job for less than a year, has not only settled into his new surroundings, but has already had an impact on turning around the ailing company which enjoyed huge success during the pandemic.
In the latest episode of Morning Wire’s Boardroom Uncovered, Maza opened up about why he thinks Naked Wines is a “company worth fighting for” and that he has “absolute belief in its value”.
He also speaks about why he decided to move his young family from Mexico to Belgium and then to the UK as well as how to choose the right bottle of wine.
‘Is a company worth fighting for’
Naked Wines enjoyed huge success during the pandemic, with sales surging to record heights as home-bound customers turned to online shopping.
As a result, the company’s share price rocketed to a high to 888p in April 2021.
But since then, Naked Wine’s finances have been on the decline while its share price is currently trading at less than 50p.
Maza joined in April 2024 to steady the ship and the company recently reported a cut to its pre-tax loss.
Maza said: “I knew the position that the company was in when I took over as CEO.
“I did so because I have an absolute belief in the value that this company can deliver sustainably to our customers and to our winemakers.
“So when you have that conviction, you can get through very stressful times, as we did.
“I’m very happy to share that the foundations have now been secured and that that enables us to focus on what’s most important, which is delivering on our promises, getting people to enjoy the wine category, having fun along the way.
“And hopefully reminding our investors and our employees that this is a company worth fighting for. And man, we fight.”
‘I still consider myself an apprentice’
For a lot of people, choosing a bottle of wine for a special occasion, whether buying it at a shop or in a restaurant, can be a daunting and confusing experience.
There are so many variables to consider that sometimes, it’s just easier to go for a safe option that they have tried before – potentially missing out on a better experience.
Even the boss of Naked Wines admitted that he still considers himself to be an ‘apprentice’ when it comes to wine knowledge but that the company he leads is doing what it can to educate its customers.
Maza said: “I’m very early in my learning curve. Something we believe very deeply is at you should learn by tasting, not by what everyone else says you should or shouldn’t like.
“People think, oh, he’s the CEO of a wine company. He’s going to tell me what’s the exactly the right wine to have with this food or in this moment. And I believe that doesn’t exist.
“So we encourage people to think for themselves, to try things out, learn what they like, what they dislike, and make up their own minds. That’s at the heart of Naked. And we try to bring it to life in every customer interaction.”
How to choose the right wine
The CEO added: “Buying wine at a restaurant or a supermarket for most people is a very stressful moment. You are very afraid of making a mistake.
So that takes all the fun out of what should be a super interesting and super fun category.
“This is an amazing product that has been with humans for thousands of years, but it has become too complex to parochial.
“You’re always listening to these experts and critics saying like, this is how it should be.
“We want to challenge and we want everyone to make up their mind of what’s the right wine for me What’s the right wine for me?
“Now, if we can enable that, if we can help people make feel more comfortable when making that choice, then we have delivered on our mission. And that’s success for Naked Wines.”
Naked Wines hails step forward as losses are slashed
In December 2024, Naked Wines reported a pre-tax loss of £5.6m for the six months to 30 September, 2024, down from the £9.7m loss it posted for the same period in 2023.
However, Naked Wines’ revenue also fell from £132.3m to £112.3m.
It added that its full-year performance is expected to be in line with previous guidance.
However, the business added that its US inventory, “whilst in line with previously communicated plans, remains overstocked”.
It said it is “reviewing options” to release capital from its inventory in a move which would drive improved cash in the coming two years but could lead to increased liquidation costs and result in EBIT at the lower end of guidance.
Boardroom Uncovered
Boardroom Uncovered is Morning Wire‘s flagship video series, featuring the top bosses of the biggest and best known companies operating in the UK.
With 16 episodes published to date, interviewees have included the leaders of IKEA, Virgin, Purplebricks, Pensionbee and Arla Foods.
Other guests include Tim Martin of JD Wetherspoon and the bosses of Bloom & Wild, Robinhood UK, Etoro and Travelex as well as Warburtons and B&Q.
All previous episodes can be viewed here.