April 20, 2024

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[THE INVESTOR] E-mart, the nation's largest supermarket chain owned by Shinsegae Group,  announced on Dec. 13 that it has decided to take over Jeju Soju, six months after signing a provisional contract. 

“We will spare no effort in letting Jeju Soju become a hallyu product, representing Jejudo,” said the retail giant in a statement vowing aggressive investments.

The liquor company, indigenous to the resort island, announced that it will hire over 40 new staff to strengthen its competitiveness, and will give preference to local candidates so that it could contribute to creating jobs in the province.

E-mart will develop new products and seek to diversify its sales channels at home and abroad, not only at its hypermarket chains but also through its partners in Japan and the US.

Jeju Soju was established in 2011 with 2.5 billion won (US$2.15 million) capital and has two soju products made from distilled volcanic artesian water from Jejudo. Its revenue in 2015 was 140 million won and incurred net loss of 3.2 billion won. 

Although the big-box retailer did not reveal the acquisition price, the industry estimated it at around 30 billion won in June. 

By Hwang You-mee (glamazon@heraldcorp.com)