March 25, 2019 / 7:35 AM / in 25 days

Majestic Wine to boost investment in online business Naked Wines

March 25 (Reuters) - Majestic Wine said on Monday it would focus on its online wine retail business Naked Wines by releasing capital from its Retail and Commercial operations as Britain nears its exit from the European Union.

Majestic Wine, which bought Naked Wines in 2015, will invest an additional 6 million pounds ($7.9 million) per annum in the unit, taking the total to 26 million pounds in full-year 2020.

The company has been struggling due to tough competition from discount supermarkets Aldi and Lidl UK, and online rivals offering cheaper wines. ($1 = 0.7590 pounds) (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)

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