Source: Gaucho Group Holdings, Inc.
05.14.2024
MIAMI, FL / May 14, 2024 / 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 and accessories (the "Company" or "Gaucho Holdings"), today announced that its wine sales in Argentina for the year to date in 2024 have increased by 217% compared to the same period last year—attributable to the expansion of the Company's distribution networks throughout Argentina and other strategic initiatives.
Critical enhancements reported by the Company includes improvements to operational infrastructure and distribution channels, the diligent efforts of its in-house wine sales management team, and contributions from the Company's Argentina e-commerce website and other distributors.
Additionally, the official devaluation of Argentina's peso has favorably impacted the cash flow within the Company's wine segment, which has remained cash flow positive throughout 2024.
The Company has recently completed a series of infrastructure upgrades and improvements at its San Rafael, Mendoza winery and estate, Algodon Wine Estates. These upgrades include the expansion of the winery's barrel area, the addition of new stainless-steel tanks, and an enhanced bottling area. A state-of-the-art bottling and labeling machine has also been installed to expedite bottling processes while maintaining the high-quality standards for which Gaucho Holdings' wine brand, Algodon Fine Wines, has become known. Furthermore, a new private wine barrel area has been introduced for estate residents and homesite owners, offering them the unique opportunity to blend their own wines with Algodon's expert winemaker.
Scott Mathis, CEO and Founder of Gaucho Group Holdings, Inc., stated, "We are thrilled to see the fruits of our labor materialize as substantial growth in our wine sales. The strategic investments we have made in our operational capabilities not only enhance our efficiency and product quality but also strengthen our market position in Argentina. Our team's dedication to excellence and our robust e-commerce presence have been pivotal in achieving these outstanding results."
Gaucho Holdings believes that these efforts, combined with the recent infrastructure enhancements, are crucial in advancing the Company's growth and enhancing its valuation.
About Gaucho Group Holdings, Inc.
For more than ten years, Gaucho Group Holdings, Inc.'s (gauchoholdings.com) mission has been to source and develop opportunities in Argentina's undervalued luxury real estate and consumer marketplace. Our company has positioned itself to take advantage of the continued and fast growth of global e-commerce across multiple market sectors, with the goal of becoming a leader in diversified luxury goods and experiences in sought after lifestyle industries and retail landscapes. With a concentration on fine wines (algodonfinewines.com & algodonwines.com.ar), hospitality (algodonhotels.com), and luxury real estate (algodonwineestates.com) associated with our proprietary Algodon brand, as well as the leather goods, ready-to-wear and accessories of the fashion brand Gaucho – Buenos Aires (gaucho.com), these are the luxury brands in which Argentina finds its contemporary expression.
Cautionary Note Regarding Forward-Looking Statements
The information discussed in this press release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein concerning, among other things, changes to exchange rates and their impact on the Company, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not be considered to be) guarantees of future performance. Refer to our risk factors set forth in our reports filed on Edgar. The Company disclaims any obligation to update any forward-looking statement made here.
Media Relations:
Gaucho Group Holdings, Inc.
Rick Stear
Director of Marketing
212.739.7669
rstear@gauchoholdings.com
