NEWS
SOUTH KOREA’S NARA CELLAR MAY BECOME FIRST WINE IMPORTER TO GO PUBLIC
By Susan Lewis
21-6-2023
Source: Nara Cellar
Nara Cellar could become the first ever Korean wine import to go public if its floatation on the secondary Kosdaq market goes ahead as planned.
Founded in 1997, Nara Cellar is the 4th biggest wine importer in South Korea, but it is the first importer of foreign spirits to have achieved the milestone of 10 million in cumulative sales.
The firm has established a balanced portfolio, with 2022 sales breaking down by wine region as USA 39 precent, France 20 percent, Chile 20 percent, Italy 7 percent, and others 14 percent.
According to Korean media reports, Nara Cellar has named Shinyoung Securities to lead-manage its initial public offering (IPO). Further details on the IPO are yet to be announced.
Wine consumption has surged during Covid-19 environment due to increased dining and drinking at home.
According to the Korea Customs Service, wine imports jumped 76 percent on year to USD506 million between January and November last year.
Major wine importers, namely Shinsegae L&B, Allied Young Fortune Brands and Keumyang International Inc., all achieved record sales.
“Wine has come to define lifestyle in Korea, given the market size and popularity,” said a market observer.
Until now, no importer of wine has attempted going public due to a small market.
Nara Cellar’s IPO could prompt others like Keumyang to plan a listing.
(the writer can be contacted at: info@thewinechronicle.com)
ALL RIGHTS RESERVED
**IF YOU THINK THE WINE CHRONICLE IS WORTH SUPPORTING, PLEASE MAKE A DONATION TO HELP US IMPROVE AND CONTINUE OUR WORK**
TRENDING│ FOCUS│ MISSION│ ABOUT US│ CONTACT
| 