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Managing the Three-Tier Distribu^On Managing the Three-Tier Distribu1on November, 2017 Agenda • Introduc1on to V2 Wine Group • Changing Marketplace Ø Distributor Ø Retailer Ø Supplier • Value Drivers • Building Value • Winning DFV/V2: A New Market Force America’s Fastest Growing Top Ten Wine Co Top Ten Supplier to Powerfully Equipped to Ability to Develop Distributors & Retailers Manage All Channels from a Brands Across Posi:on of Leadership Segments from Ranging from Fine Wine to Luxury to Value Chain Grocery Branded Distribu1on in more than 100,000 Accounts 3 Hands-On Ownership Dan & Katy Leese Chris Indelicato V2 Wine Group Delicato Family Vineyards Chris, leads the 3rd generaon family Dan has held numerous prior and oversees the winery’s strategic execu:ve roles with Brown-Forman, direc:on, company culture and Beringer and Fosters Wine Estates commitment to sustainability Chris proudly serves as President of Dan & Katy have co-owned successful the Winegrowers of Napa County, as entrepreneurial ventures since 2006 well as Second Vice-Chair of the California Wine Ins:tute V2 has grown to >500K cases in six A former CPA, Chris assumed the role years with an average price per boUle of CEO in 2004 of ~$18.00 IRI, Total US MULO+Liquor, 52 weeks, 12.04.16 4 V2 Mission To help Family Wineries achieve their goals in North America by driving their business through the challenging 3-er system 5 V2 Wine Group Portfolio Washington State France (Cotes de Provence) Oregon (Willamee Valley) $12-50 $20-25 $15-50 Central Coast California Napa Valley $12-30 $30-60 $40-45 Sonoma/Mendocino/North Coast $27-200 $16-27 $12-50 $20-50 $15-40 $12-15 $15-30 $12-15 Australia (Barossa Valley) Chile (Maipo/Casablanca) $18-700 $10-30 6 Changing Marketplace Supplier Tier Distributor Tier Retail Tier 7 Changing Marketplace Supplier Tier Distributor Tier Retail Tier 8 Rise in Suppliers & Distributor Consolida1on 1995 2016 1,800 Wineries 9,872 Wineries +5% 2015 3,000 Distributors 675 Distributors 9 Wine Vine Analy:cs Large & Small Distributor Consolidation Total Market $55B – Now Top 4 Distributors Control 61% of the Market + + 22 States + DC $7.5B (13.5%) 15 States + DC $5.5B (10%) 44 States + Wash, DC $17.5B (32%) 10 States $3.0B (5.5%) A/O $21.5B (39%) Small Distributor Consolidaon: Winebow: NY, FL, GA, WA, WI, ID (18 Markets) McLane (Warren BuffeU): TN, CO, MO 10 Shanken Impact(*2016 figure) Managing the Changing Distributor Environment Keeping Execuon Use the Naonal, Opons Manpower Focus in Strength of Regional, Open w/ a Needs Marketplace the Porolio Market Focus Strategy 11 Changing Marketplace Supplier Tier Distributor Tier Retail Tier 12 Top 10 Retail Grocery Chains Account for Over 50% of Grocery Sales Retail Grocery Industry – $594.4 Billion Top 10 Retail Grocery Chains 50%++ 13 Retail Consolida1on 2013-2017 There has been ~$45+ billion in supermarket mergers in 2013-2015 the hoUest pace of consolidaon since 1999 Date Target Acquirer 2017 Whole Foods Market Amazon 2016 Lucky Markets Kroger 2015 Roundy’s (Marianos) Kroger 2015 Family Dollar Dollar Tree 2015 Ahold Delhaize 2015 Hiller Stores Kroger 2014 Safeway Haggen's 2014 Safeway Albertsons LLC 2014 Pro’s Ranch Markets Cardenas Markets 2014 Safeway (7 Dominick’s) Whole Foods Market 2014 Arden Group TPG Capital 2014 Safeway (11 Dominick’s) Roundy’s 2014 Belle Foods SWO Acquisi1on 2013 Bi-Lo Holding (7 Stores) Publix 2013 Piggly Wiggly (22 Stores) Bi-Lo Holding 2013 Fresh & Easy (Tesco) Yucaipa 2013 United Supermarkets Albertsons LLC 2013 Nash Finch Spartan Stores 2013 Harris Teeter Kroger 2013 Delhaize (Sweetbay, etc.) Bi-Lo 2013 The Great A&P (2 stores) Madison Capital 2013 Albertsons (Supervalu) Albertsons LLC (Cerberus) 14 Super Market News Changing Marketplace: Off Premise Retail Channel Changes Breakout of New Retailers Decentralized Exisng Stores Regional Accounts Specialty Retailers Non-Tradi1onal Wine Retailers 15 Naonal On-Premise Consolidaon 16 There is $709.2 Billion in Restaurant Sales in the United States % of Food Dollar Sales in Restaurants 1MM Restaurant Outlets in the U.S. 47% 35% Wine Serving Outlets 358,263 % of Wine Case Sales 65% in Restaurants Non-Wine Serving Outlets 651,737 19% 17 Wine Dollars Spent in Restaurants By-The-Glass By-The-Bole 50% 45% 44% 61% 40% 35% 39% 30% 25% 27% 20% 15% 17% $5-$10/glass $10+/glass A/O 10% 12% 5% 0% <$20/boUle $20-$30/BoUle $20-$40/BoUle $40+/BoUle 18 NRA (*2014 figure) Managing the Changes in Account Environment: What’s your Compe11ve Advantage? Alterna1ve to Understanding Authen1city of Regional Chain Commercial Chain Porolio Focus Brands Opportunity 19 Changing Marketplace Supplier Tier Distributor Tier Retail Tier 20 Supplier Consolidaon Homogenizing the Wine Industry Losing the Winery Story & Sense of Place Acquires 7/15 4/15 3/15 ~6/11 Acquires Acquires 6/15 Acquires Acquires 11/14 Acquires Acquires 21 Top 9 Suppliers Have a 77% Share of Wine Volume Total Suppliers 330M Cases 82M (25%) 52M (16%) 10M (3%) 19M (6%) 50M (15%) 18M (5%) 8M (2%) 10M (3%) 6M (2%) A/O 75M (23%) 22 Implicaons of Supplier Consolidaon Top 9 Suppliers Have a 77% Share Brands / Sku’s Disappear 5% of SKUs Represent 80% of Wine Over 2,000 SKUs Disappear Every Year Control Brands – Total Wine/ IMPLICATIONS Costco Control SKUs – BevMo/HEB New Item Flood: 4,200 New in 2016 – 65% of Wine Growth from New Items 23 Managing the Changing Supplier Environment Value of Family The Power of Winery Winery Porolio Partnership 24 2 New Value Drivers Marke:ng NPD Distribu:on or Route-to-Market 25 Building Value in a Wine Business 4 Keys via 3-Tier Building a Creaon & Building a Management of Successful Management of Successful the Distributor Distributor Sales & Marke:ng (Valuable) Brand Network and the Network Infrastructure & Porolio Channels Within It 26 Building Value in a Wine Business Building a Creaon & Building a Management of Successful Management of Successful the Distributor Distributor Sales & marke:ng (Valuable) Brand Network and the Network Infrastructure & Porolio Channels Within It Large, Mul:-state operators Large single state (e.g. SgWS, RNDC, (e.g. Fedway or great Breakthru) Lakes) Mid-sized Bouque 27 Building Value in a Wine Business Building a Creaon & Building a Management of Successful Management of Successful the Distributor Distributor Sales & marke:ng (Valuable) Brand Network and the Network Infrastructure & Porolio Channels Within It Chain Retail & Naonal Coverage vs. geography Accounts Top Independents Distributor groups 28 Building Value in a Wine Business Building a Creaon & Building a Management of Successful Management of Successful the Distributor Distributor Sales & marke:ng (Valuable) Brand Network and the Network Infrastructure & Porolio Channels Within It Strategic and Valuable to good Brands the Market Place growth Poten:al Professional Management 29 Building Value in a Wine Business Building a Creaon & Building a Management of Successful Management of Successful the Distributor Distributor Sales & marke:ng (Valuable) Brand Network and the Network Infrastructure & Porolio Channels Within It Informaon Professionalism Coverage Investment Consistency 30 2 Key Strengths to Win #1: Brand or Porgolio Strength • Having a strategic, valuable Brand or Porolio that Distributors and the Trade want/need. • Being a valued supplier that garners 1me and aenon. • A Supplier that is commiUed to “being present” and ac1ve in the Top markets. • Brings Distributor investment of 1me and money…”a Supplier to bet on”. • Requires a more consolidated, cohesive Distributor Network. (Comfortable with up to 2 Distributors in Top 10-15 markets, not more). 2 Key Strengths to Win How do you Build that Strong Brand? • Strong, valuable and viable categories. (i.e. Pinot Noir, Chardonnay, above $15 retail). • Consistency. Look, feel, quality and approach. • Strong Branding/Strong Story. • Authen1city. • Focused plan; geography, channels, etc. • Stay RELEVENT 2 Necessary Strengths to Win #2: Organiza1onal Strength • Personnel: Probably at least 30 people; Mix of Sales and Support. • Technology and Informaon: BeUer and easier informaon and systems to support Sales. • Logiscs: A Market Facing Supplier that provides state-of-the-art Customer Service and ease of interface. Key Take-Aways • Consolidaon on all levels is driving the Industry; hence your 3-er Strategy needs to reflect that • What is your Compe11ve Advantage? • Route to Market choices are cri1cal • Build a strong Brand and stay Relevant Dynamic Marketplace Stay… Strategic Focused Nimble Opportunis:c But Flexible 35 Managing the Three-Tier Distribu1on November 2017 .
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