Fresh Vine Wine Makes Soggy US Share Market Debut

The Vampire Diaries star Nina Dobrev is one of the founders of Clean Vine Wine.

© Shutterstock

clean-wine-dubrov

The Vampire Diaries star Nina Dobrev is one of the founders of Clean Vine Wine.

© Shutterstock

Focusing on low carb, low calorie "clean" wines, Fresh Vine Wine raised about US$22 million in an IPO, pricing its shares at US$10 each. But on its first day of trading, the company's share price closed at US$7.05, down a whopping 30%.

The company, which says it embodies a "deeper connection with active lifestyles", was founded by actresses Nina Dobrev, who starred in The Vampire Diaries, and Julianne Hough who made her name on Dancing With the Stars. Collectively they have nearly 30 million Instagram followers.

Produced and bottled in Napa, California, the Fresh Vine Wine collection features a Cabernet Sauvignon, Pinot Noir, Chardonnay, California Rosé and a Limited Reserve Napa Cabernet.

Fresh Vine followed in the footsteps of actress Cameron Diaz launched the clean wine label Avaline with entrepreneur Katherine Power in 2020.

So-called clean wines are a growing segment of the market as younger, social media savvy consumers seek drinks that are organic, low calorie and free of additives.

And The Guardian reports that it's a lucrative space, with the wellness market overall worth US$52.5 billion and a Scout & Cellar recruitment video noting that 68% of consumers will pay more for products if they’re free of ingredients perceived as bad.

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