Koreans on winery buying spree

South Korea is reaching beyond its borders to purchase wineries in order to keep up with consumer demand for imported wines.

In 2022, the country’s imported wine sector was worth US$581.2m, an increase of 3.8% on the previous year.

Napa’s Shafer Vineyards has been purchased by the Shinsegae Group for a reported US$250m and Seven Stones winery in Napa Valley has been acquired by Hanwha Group for US$34m. South Korea’s leading retail giant, Lotte, is also looking to buy domestic and foreign wineries in an effort to grow its wine business.

Vino Joy News, February 22

“The consequences have been terrible,” said Eduardo Jordán Villalobos of Miguel Torres. “Many acres of forests burned, and this time, unlike the 2017 fires, I have seen a greater number of vineyards, houses and even wine cellars [burn].

“We have 10 acres of País vineyards over 150 years old that we managed to save an important portion of, thanks to the fire walls we had made.”

Southern Chile has experienced heat, gusty winds and low rainfall. Wine Spectator, February 23