NIO Cocktails announces management change and expansion
The investment by The Growth Foundation, a team specializing in eCommerce, goes hand in hand with a change of leadership at the brand
Premium RTD cocktail brand NIO Cocktails, one of the leading innovators in spirits eCommerce, has today announced its new ownership and operating structure, with the aim of strengthening its leading position in direct-to-consumer sales and unlocking future growth. Specialized eCommerce consultancy The Growth Foundation (TGF) has invested in NIO and will take over management of the brand from founders Luca Quagliano and Alessandro Palmarin. TGF will use its experience in hiring and scaling e-commerce brands and businesses to expand and support the NIO team to build on its leading position in direct-to-consumer cocktails.
NIO, known for its distinctive, letterbox-friendly and lightweight packaging, launched in Italy in 2017 and in the UK and then Germany in 2019 and has established a leading position in cocktail eCommerce in both countries. NIO has expanded its direct-to-consumer business alongside partnerships with other online retailers and has become a leading supplier to luxury hotels, airlines, travel agencies and retailers. NIO's recent collaborations include Acqua di Parma, GQ, San Pellegrino and Perrier, as well as co-branded cocktails with spirits brands Singleton, Teeling, Cointreau and Portofino.
As part of the restructure, founders Luca Quagliano and Alessandro Palmarin will relinquish their roles as co-CEOs and will continue to support NIO during the leadership transition and then continue as ambassadors for the brand. They commented:
"We are very proud to have grown NIO from an idea in house to a company with its own state of the art manufacturing facility, over 50 employees and direct sales in the UK, Italy and Germany as well as distribution in many export markets. Following the successful launch of such an innovative new product, it is now time for NIO to take the next steps to achieve its goal of becoming the leading premium ready-to-drink cocktail brand around the world and The Growth Foundation is the perfect partner to achieve this."
The Growth Foundation was founded in 2021 by Richard Chapple and Sarah Jasper-Baker. With their backgrounds at Play.com, Gymshark and The Hut Group, they bring a combined 40 years of eCommerce experience to TGF. Investing in NIO and taking the helm of the business represents an exciting new development for TGF, which will continue to operate its consultancy and recruitment businesses.
Richard Chapple commented: "Spirits are currently underperforming in eCommerce and there is a huge opportunity to boost this performance. NIO is perfectly positioned to overcome the challenges of heavy glass bottles hindering eCommerce with its innovative, ingenious packaging. We look forward to leading this next phase of NIO's development."
Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.
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