Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods & accessories, today announced that its stockholders voted to approve the purchase of the remaining 21% of Gaucho Group, Inc. in exchange for the issuance of shares of common stock of the company with an approximate value of $2 Million.
With this transaction, GGI Inc. will become a wholly owned subsidiary of Gaucho Group Holdings, Inc., which had owned 79% of GGI. The consolidation of GGI, which owns Gaucho - Buenos Aires and Gaucho Casa into Gaucho Group Holdings, was completed as Gaucho Holdings embarks on an aggressive expansion of the Gaucho brand, such as the previously announced Las Vegas project, which may include opportunities in lodging, hospitality, retail, and gaming, as well as other potential future opportunities.
Scott Mathis, CEO & Chairman of Gaucho Holdings commented, "This all-stock transaction consolidates all minority interests in GGI under one roof, which we believe can save significantly in labor and accounting costs. Increased efficiencies and cost controls can help us to capture greater revenue potential and continues to be a strategic part of our growth plan. As we grow and scale, we seek to further develop and strengthen our business by utilizing roll up strategies such as this to acquire additional luxury brands synergistic with our own to create long term value."