Shinsegae looks into whiskey business: reports

Shinsegae’s ambition to enter the soju business appears to have shifted to whiskey instead, as it reportedly submitted a trademark application last week, according to local reports Tuesday.

Tentatively named Jeju Whiskey, the retailer is likely to introduce its new brand early next year, considering the application process that takes six to 12 months.

According to Korea Customs Service, last year’s whiskey imports increased by 32.4 percent from 2020, on the back of rising demand for the liquor here since the pandemic that turned many to at-home drinking.

Industry insiders say Shinsegae may use its Jeju Soju distilleries to produce the new line of whiskey.

In 2016, Shinsegae’s discount store chain E-mart acquired Jeju Soju for 19 billion won ($16.4 million), then invested another 67 billion won in it. But it pulled out from soju business after suffering losses for three years. The distilleries, though suspended, are currently owned by Shinsegae L&B, the wine imports arm of the retail giant.

By Lee Seung-ku (seungku99@heraldcorp.com)