A renowned fine wine auction house, Zachys, has recently acquired private investment aimed at fueling its expansion. Simultaneously, the company confirmed the promotion of Eileen Rizzo from acting CEO to permanent leadership, marking the first time a non-family member will head the organization. Founded in 1944 as a small liquor store in Scarsdale, New York, Zachys has evolved into an esteemed name in the world of fine wine auctions over the past eight decades. The firm's transition from a local shop to a global leader in wine auctions highlights its adaptability and commitment to excellence.

Investment Milestone and Leadership Change

In a significant move, the Zacharia family, who have owned and operated the business for over 80 years, are now minority shareholders following this strategic investment. This development positions the brand to enhance its auction services and strengthen its e-commerce capabilities, offering clients a more integrated digital experience. Located primarily in the United States, Zachys has also established a robust presence in Asia and the UK, expanding further with online platforms and premium wine storage facilities since the early 2010s.

Eileen Rizzo, appointed as the new CEO, brings fresh perspectives and leadership to the table. Her ascension marks a transformative period for the company, reflecting its readiness to embrace change while preserving its rich heritage. Under her guidance, Zachys aims to maintain its reputation for providing exclusive access to the finest wines globally, while exploring innovative ways to grow across both retail and auction channels.

Reflecting on recent achievements, the company celebrated approximately $100 million in total sales through its auction and retail operations earlier this year, underscoring its continued success and market influence.

From a journalist’s perspective, this announcement is a testament to how legacy businesses can thrive by merging tradition with modern strategies. By welcoming external investment and appointing a non-family leader, Zachys demonstrates its willingness to adapt to industry shifts and expand its horizons. This decision not only secures its future but also sets a benchmark for other long-standing family enterprises seeking sustainable growth in today’s dynamic market environment.