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Shinsegae Property, a South Korean property development firm, revealed on Wednesday, Feb. 16, that it has acquired the American winery Shafer Vineyards for $250.3 million, which is around 299.6 billion in Korean won.
The 50-year-old Napa Valley Shafer Vineyards has been sold to the property development unit of Shinsegae, a large retail company, and this will be its very first winery in the United States. However, it is already operating a liquor wholesale business there called the Shinsegae L&B.
As per The Korea Herald, Shinsegae L&B has its own wine shop brand as well, and it is called Wine and More. Since this is the case, the Korean firm can easily expand and widen its market share in the local wine sector by selling premium alcoholic drinks made in Napa Valley Shafer Vineyards in California.
It was said that Shinsegae L&B recorded around ₩200 billion in sales revenue as of last year, and this was a record-high number. It was able to achieve the amount due to the drastic growth of the wine business driven by the growing trend of hosting parties at home amid the COVID-19 pandemic.
Shinsegae Property’s acquisition includes 200 acres of land in Napa Valley’s prestigious Stags Leap District. The property is a historic winery place that is widely considered one of the region’s highest-quality producers of the Shafer Hillside Select wines, which are being sold for $300 and up. Shinsegae said that they see huge growth potential for the vineyards.
“With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” an official of Shinsegae Property said in a statement. “Between 2014 and 2020, Napa Valley had already shown nine percent growth in its real estate price and the property value of the area is expected to grow in the future as well.”
Finally, The Korea Economic Daily mentioned that it was Shinsegae Group’s vice chairman, Chung Yong Jin who founded and established the Shinsegae Wine Co. in 2008, and later, its name was changed to Shinsegae L&B. Aside from the wine business in the U.S., the company is also venturing into the local beer market and operate under the Lets Fresh Today brand.
