Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
Asian Stocks Slip as Oil Rebounds Amid Fed Rate Hike Fears 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
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.
