[Courtesy of Shinsegae]
Shinsegae Group heir Chung Yong-jin is a well-known wine lover who has established a liquor and beverage distribution arm of South Korea's largest retail group as a pet project.
As one of South Korea's most promising next leaders, Chung, 47, has shown an ambitious goal of expanding the group's retail business at home abroad based on the successful growth of E-Mart, a discount retail chain which supplies the biggest chunk of his wealth.
Chung, who also serves as vice chairman of the group chaired by his mother, Lee Myung-hee, has also become passionate about his liquor business, Sinsegae L$B, probably more than in an area of new interest -- fashion and a restaurant chain.
Shinsegae L&B has focused on distributing popular brands of imported beer and wine to retailers. Chung opened a high-end craft beer brewery called Devil's Door in southern Seoul in late 2014.
Now his attention has been turned to a small and loss-making soju maker on the southern resort island of Jeju, putting up E-mart to acquire Jeju Soju. The two signed a provisional contract this week for an unspecified amount.
The deal sparked market speculation about Chung's intention because Jeju Soju was established 2011 as an unknown regional operator.
Soju, a distilled beverage containing ethanol and water, is considered South Korea's most popular alcoholic beverage. The domestic soju market has been dominated by two heavyweights -- Lotte Chilsung, an arm of Shinsegae's rival Lotte Group, and Hite Jinro which manufactures a variety of other alcoholic beverages including red wine and whiskey.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
