Zachys eyes up further growth following ‘pivotal’ milestone

Fine wine auctioneer Zachys has secured private investment which it says will supports its growth as it also confirms the appointment of acting CEO to the top job — the first non-family member to lead the company. 

The US-based company was founded by Zachy Zacharia in 1944 as a corner liquor store in Scarsdale, New York, and has remained independent and family-owned for over 80 years, during which time it has expanded, refocusing its retail strategy from liquor to fine wine and establishing a strong presence in wine auctions from the mid 1990s, expanding to Asia and UK before opening an online auction platform in 2012, and later to fine wine storage.

Although it is not releasing details of the new investment, the company confirmed to db that the move had altered the company structure, with the Zacharia family now becoming minority owners. It called it the milestone “a pivotal moment” in the company’s history that would “strategically position the brand to accelerate its growth”.

According to a spokesman the investment will allow Zachys to focus on enhancing its auction services and expanding its e-commerce presence for a “seamless digital experience” as well as “reinforcing its legacy of offering exclusive allocations and first access to the world’s finest wines”.

The company also announced that Eileen Rizzo, who was appointed acting chief executive officer in July, would become the company’s CEO, taking over from long-serving CEO and third generation family member Jeff Zacharia. Zacharia will continue to serve as chairman of the Board and work in the business, with company’s president, Andrew McMurray continuing in his role

Zacharia said the the investment was “a testament to the enduring strength and potential of the Zachys brand” and recognised the equity “we’ve built over decades.”

Rizzo is the the first non-family member to lead Zachys and her appointment “signals a new era for the brand”, the company said, following a year of “transformative changes”.

“I am honoured to lead Zachys into this exciting new era,” Rizzo said. “The confidence shown by our investors underscores the power of the Zachys name and the dedication of our incredible team. We have a unique opportunity to build on our legacy of exceptional service and unparalleled selection, while also embracing innovation and new avenues for growth across both our retail and auction platforms. I am confident that together, we will continue to set the standard for excellence in the fine wine and spirits world.”

In January, the company celebrated total sales of around US$100m million across its auction business and retail sales.

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