In 1995, Bollinger signed a contract with Shindong Wine, an importer based in South Korea. After much negotiation, arm-wrestling, and copious amounts of kimchi, Shindong agreed to take its first consignment of Champagne from this venerable house.
This was a risk for both parties; the market was just waking up to imported labels in the 1990s, while the demand for upmarket fizz was paltry.
"For a long time Korea remained frustratingly out of reach for Bollinger, due to the massive bias towards the famous names," said Cyril Delarue, business development manager at Bollinger, in 2018.
However, a great many things have changed since then. I spent two weeks traveling around this beguiling nation earlier this year, exploring every nook and cranny of Seoul, Busan and Daegu (my last visit was in 2005). And what a difference 19 years can make! Seoul now has a plethora of luxury hotels, in addition to Michelin-starred restaurants, chic wine bars, and well-stocked boutiques that were scarcely present even in the early 2000s.
Indeed, while domestic beer and spirit brands ultimately rule the roost in Korea, I also saw evidence that wine was becoming part of the middle-class repertoire, rather than an indulgence of expats and tourists. Just look at the figures: South Korea's GDP in 2005 was a "mere" $934.9 billion. In 2022, that figure rose to $1.674 trillion. Meanwhile, the volume of wine imported into China has fallen dramatically since the glory days of the early-to-mid '00s. The impetus to diversify portfolios, and develop new Asian markets, has never been more compelling.
A Korean snapshot
"Entering the Korean market was a straightforward decision. Korea remains one of the fastest-growing economies in both Asia and the world. However the wine market is still relatively small; annual per capita consumption of wine is 1.3 liters so there is a lot of potential," explains Julien Pourtier, regional director of Asia-Pacific for Viña Seña.
He continues: "Nevertheless, all market segments are experiencing growth. Just five years ago, wine was primarily found in department stores, hypermarkets, and western restaurants. However, Korean restaurants have now started incorporating wine into their beverage lists. While online alcohol sales are unfortunately prohibited in Korea, this restriction has led to the emergence of numerous independent wine stores.
"Retail shops have also elevated their wine selections, with even convenience stores now offering top-quality fine wines. We firmly believe that the retail market still holds significant opportunities. Additionally, we are confident in the development of more fine wine dining establishments, where leading sommeliers inspire younger consumers to appreciate fine dining and wine."
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