January 24, 2017

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Bin Ends Wine

bin-ends-wine-bottle

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.

Inspiration:
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.

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