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Hanhwa Group and Doosan revealed they have partnered for wine business. The companies unveiled their own with the aim of competing with local firms that have also released their own alcoholic brands, such as Shinsegae and Lotte.
As per The Korea Times, Hanwha and Doosan launched their wine biz not long ago, with the latter opening a large-scale wine bar at its own Doota Mall located in Dongdaemun, central Seoul. The company inaugurated the Tap Shop Bar on Dec. 16, and customers were able to try out different wines and buy them at the store.
Doosan shared it would like to take advantage of the growing popularity of wine in the country. There is a wine-consuming trend among the young generation, so it has opened a bar. The company said that there is another reason for building the wine shop at the Doota Mall, and it is to revive the shopping mall, which has experienced a major decline caused by the COVID-19 pandemic.
On the other hand, Hanwha Solutions, the chemical division of the Hanhwa Group, reportedly invested KRW 43.3 billion or about $34 million, to buy Seven Stones winery in Napa Valley, California. This company is said to be the largest wine producer in the United States. Hanhwa acquired Seven Stones to bolster the competitiveness of its resort business.
In any case, this is not the first time that a South Korean company has bought a winery in Napa Valley. Shinsegae Group bought Shafer Vineyards in February 2021, and the acquisition was made through its real estate unit, Shinsegae Property. This vineyard is said to be 11 times bigger than Seven stones, and Shinsegae spent almost KRW299.6 billion or $243 million for this.
The Korean retail giant acquired Shafer Vineyards to scale up its liquor and beverage unit. It is planning to make use of the vineyard to bring large quantities of high-quality North American wines to the country and exclusively sell them at its own liquor shops and convenience stores.
Shinsegae operates the special wine and liquor store, Wine & More as well as the country's largest discount store chain, Emart, and convenience store brand Emart24.
Photo by: Roberta Sorge/Unsplash
