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SOUTH KOREAN RETAIL GIANT SHINSEGAE BOUGHT SHAFER VINEYARDS IN NAPA FOR USD250M

By Susan Lewis

17-2-2022



Source: Shinsegae Group

South Korea’s retail giant Shinsegae Group has acquired Napa Valley winery Shafer Vineyards for USD250million to consolidate its leadership in the domestic wine market.

As South Korea’s largest retailer, Shinsegae’s business spreads cross retails, hotels and property. It owns the Shinsegae brand of department stores and hotels as well as discount stores chain E-Marts.

The group said in a regulatory filing yesterday that its real estate development subsidiary, Shinsegae Property, has agreed to take over California wine producer Shafer Vineyards.

The deal includes 225 acres of vines spread over four ranches (two in Stags Leap District, one in Oak Knoll District and one in Carneros).

Through its wholesale distribution unit Shinsegae L&B Co., the group is South Korea’s biggest wine importer, which operates wine shops under the Wine and More brand.

Once considered a high-end beverage, wine is now a daily alcoholic drink in South Korea. Shinsegae’s discount store chain E-Marts posts over WON 100b (USD83m) in annual wine sales.

In 2020, E-Marts revamped its wine sections into in-store boutiques called WINE & LIQUOR to appeal to wine lovers.

Established by John Shafer in 1972, Shafer Vineyards is known for its flagship wines such as Hillside Select, One Point Five, Relentless and TD-9.

John passed away in March 2019. His son Doug is now president of Shafer Vineyards. Doug said he and winemaker Elias Fernandez and the team will stay on for the foreseeable future.

“For those who are fans of our wines and our team, you’ll see a continuation of everything you love about the winery,” he said. “There may be some new things down the road that I think you will love and embrace as well.”

John was a Chicago publishing executive who in 1972 spent USD260,000 to buy a 209-acre plot in Napa Valley's Stags Leap District.

He accidentally invented the ripe and fruit-forward style of Napa Cabernet Sauvignon in his inaugural vintage in 1978.

John missed an earlier harvest time because he could not compete with the more established wineries in getting grape pickers during a heatwave. The result was a very ripe, fruity yet balanced style of Napa Cabernet Sauvignon of which John later became one of the main proponents.

The winery has earned six 100-point scores from the Wine Advocate. Every year it makes one of the wines at the Premiere Napa Valley barrel auction.

(the writer can be contacted at: info@thewinechronicle.com)

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