Bin Ends Wine
We all know wine gets better with age – but cheaper? This startup made $1.5 million in its first year by lowering the price of wines as they aged.
What they do:
Purchase “bin end” wines from importers and wholesalers and sell the wines on line at progressive prices.
Craig Drollett and John Hafferty, who loved wine, decided to join forces and open a discount fine-wine store.
About the business:
Bin Ends Wine buys bin ends at discount prices from importers and wholesalers. The wines sell initially at 25% off retail price, but markdowns are progressive. By the time the wine’s been in the bin for six weeks, it’s marked down 45%. In their first year, Bin Ends recorded 1.5 million dollars in sales.