Asia's Top 10 Wine Importers by Revenue Ranked - Page 7 of 11

No 5. Shinsegae

Revenue: US$ 130 million

Country: South Korea

Shinsegae Liquor & Beverage has been South Korea’s largest wine importer since 2017 and is a major player in Asia’s wine distribution market. Owned by the Shinsegae Group, which operates in various sectors including property, construction, retail, and hospitality, the company was founded in 2008 to capitalize on the growing drinks market.

The importer sells its wines through various channels under the parent company’s network, such as Shinsegae department stores, duty-free outlets, e-mart, Traders, Emart 24, and specialized wine shops like Wine & More, and Starfield Mall.

In September 2023, Alex Song was appointed CEO during “the most difficult time this year,” as he described, marked by sluggish wine sales following a pandemic boom.

Song also indicated that overstocking and increased warehouse costs during the pandemic have affected the industry.

Under his leadership, the company has undergone significant management and organizational changes, including the addition of a Brand Management Division focused on brand development and consumer experience.

In 2023, Shinsegae Liquor & Beverage reported a 12.5% decline in total sales to 181 billion won (US$130 million).

Despite these challenges, the company remains optimistic about luxury wine sales. In June 2024, it launched the House of Shinsegae, a high-end wine store in Seoul featuring around 5,000 premium wines from renowned labels. Sales of wines priced over 1 million won (US$733) at Shinsegae Department Store increased by over 50% in the first five months of 2024, even as overall wine imports in South Korea had dropped by 12.9% to US$506 million last year.

Additionally, Shinsegae Group has ventured into wine production, acquiring Shafer Vineyards in Napa Valley in February 2022 for approximately US$ 250 million.

Currently, Kris Donghyuk Jung, a former executive at Samsung and AB InBev, serves as the Chief Brand Officer of Shinsegae Liquor & Beverage, and Ji Yoo leads the brand management team and sourcing.