New York, NY (PRWEB) December 13, 2012
Lot18, the New York-based company that provides its members with access to expert-selected wines from around the world, has named Jay Sung its Chief Executive Officer. Sung joined Lot18 in April 2012 as Chief Marketing Officer, and has presided over the company’s significant growth in membership and revenue since that time. Sung was previously the President of Adaptive Marketing, and has also worked as CMO of ConsumerInfo.com, the parent company of FreeCreditReport.com.
“Jay is an experienced executive who has built and run organizations reaching hundreds of millions of dollars in annual revenue,” said Lot18 Founder Philip James. “He understands and believes in our core vision, and has positioned the company for strong growth in the future as we continue to fulfill our mission to deliver top-quality wine and service to our valued members.”
Board member Amish Jani, Founder and Managing Director of FirstMark Capital, said, “Jay is a seasoned leader with tremendous experience. He’s joined Lot18 and done a great job building out our team, scaling our infrastructure, and mastering the industry. All of us are excited to have him drive the next phase of Lot18 as CEO.”
In addition, Olly Garland, the former CEO of Direct Wines, has joined Lot18’s board of directors after several months working as an advisor to the company.
“Lot18 is incredibly well positioned to meet and surpass the stalwart operators of online wine sales,” said Garland. Direct Wines operates the wine clubs of Virgin, The Wall Street Journal and Zagat, among others.
“Our new, more inviting and personalized services will be the lifeblood of our business – an effort Philip will spearhead,” said Sung. “These engaging features will educate consumers about the wines they love, then drive them to our proven private-sale channel or to our rapidly evolving subscription products – whichever proves right for them.”
Lot18 has raised $45 million in venture financing from FirstMark Capital, New Enterprise Associates and Accel Partners. Since its launch in October 2010, the company has facilitated the sales of more than one million bottles of wine.
Lot18, an e-commerce site founded in 2010, connects its members with opportunities to purchase directly from wineries. Each product featured on Lot18 is individually evaluated for quality by Lot18’s team of experts, many of them former sommeliers at top restaurants; they work with wineries around the world to select the highest-quality wines at the best possible prices. Lot18 is headquartered in New York. For more information or to register for membership, visit http://www.lot18.com.