When roving wine-lover Dharti Desai decided to set up her own firm Finewinesnmore two years back, it was a dream job for her.
MUMBAI: Dharti Desai has been lucky. She’s one of those who find a vocation in their passions.When the roving wine-lover decided to set up her own firm Finewinesnmore two years back, it was a dream job for her.
Her role as chief executive officer of the wine importing firm only works to her advantage as she is required to constantly travel across the globe to gain a first-hand experience of wine-making.
Desai, a 41-year-old single mother, admits that the past two years have been a rollercoaster ride for her, but adds that the journey has been enjoyable, nonetheless.
The former New York-resident says she was prompted to set up the firm when she couldn’t find the wine of her choice every time she visited India.
Finewinesmore currently has 149 wines in its portfolio. For Desai, Finewinesmore is not her first brush with entrepreneurship. The alumna of Wilson College and New York University first founded Regency Direct Marketing in 1997, and then a printing firm, Mail Order Solutions, in 2001 with her brother Mehul Desai. The three firms have collective revenues of nearly Rs 50 crore.
Finewinesmore posted a turnover of Rs 5.5 crore last fiscal, which Desai hopes will double this year. “However, our top line could be impacted by around 15% due to the slowdown,” Desai adds.
The November-February period is the busiest for wine makers and importers with nearly 75-80% of the annual sales happening during this period. “But not a single re-order has come this time,” Desai says.
Also, the country’s wine importers are pinched by exorbitant duties. They have to pay a customs duty of 162%. Moreover, in Maharashtra, there’s an excise duty of 200% of the manufacturing cost on imported wines.
However, despite all these hiccups, Desai is undeterred with her expansion plans.
“We want to be present in 20 cities by next March. Currently, we have a presence in 15 cities,” she declares.
Finewinesnmore has set aside Rs 10-15 crore to set up its concept bars in Mumbai and New Delhi by the middle of next year. “We also plan to make wines, especially in the North, since the climate is suitable compared with other regions,” she says.
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