"We Will Reestablish Our Image as a Premium Importer"
Capturing Both Value-for-Money and Premium Wine Demand
"It definitely seems like it would pair well with mild Korean dishes, without any sense of discord or strong preferences."
The champagne "Pierre Gimonnet Blanc de Blancs, Gastronome," named after the French word for "gourmet," was created with the slogan "Fine Bubble" to emphasize harmony with food. As such, after tasting, participants naturally shared their individual opinions on food pairings.
On June 11, at The Westin Chosun Hotel in Sogong-dong, Jung-gu, Seoul, exclamations of admiration could be heard throughout the premium wine tasting event "Keumyang, New Identity" hosted by Keumyang International. As this was an industry event inviting about 150 sommeliers and buyers from luxury hotels, restaurants, and wine shops, it was common to see scenes of people not only evaluating wine quality and discussing pairings, but also exchanging business cards and inquiring about orders.
Premium Wine Tasting Event "Keumyang, New Identity" at The Westin Chosun Hotel, Sogongdong, Junggu, Seoul.
"We Will Reestablish Our Image as a Premium Importer"
Keumyang International, known for its "1865" wine, has launched a large selection of high-quality wines as it seeks to transform its image into that of a premium importer.
This event, planned under the concept of "Rediscovering Keumyang," was designed to highlight Keumyang International's capabilities in premium wines and to establish a new identity. The company aims to move beyond its image of selling only popular wines such as "1865" and "Cinquanta," and to rebrand itself as a premium importer with a competitive and high-quality wine portfolio.
A Keumyang International representative stated, "Despite having a broad premium wine portfolio, we determined that consumers and experts are not fully aware of it," adding, "This tasting event is intended to showcase the carefully selected premium wines that Keumyang International has curated over many years, demonstrating that we are a company with strong competitiveness not only as a mass-market wine importer but also in the high-end wine market."
More than 50 carefully selected high-quality wines, ranging from around 100,000 won to over 1 million won, were featured at the event. Notable examples include "Lucien Le Moine," a renowned micro-maison from Burgundy, France; "Tenuta Di Trinoro" by the famous Italian winemaker Andrea Franchetti; and "Ramey," recognized as one of California's top Chardonnay producers.
Capturing Both Value-for-Money and Premium Wine Demand
A panoramic view of the premium wine tasting event "Keumyang, New Identity" at The Westin Chosun Hotel in Sogong-dong, Jung-gu, Seoul.
This tasting event clearly reflected the polarization in the domestic wine market between value-for-money and premium segments. Recently, Korean consumers have been increasingly making wine purchases based on trust in specific brands. As the economic downturn drags on, consumers are showing a stronger preference for brands whose quality and price have already been verified, rather than experimenting with new wines.
In fact, even amid sluggish performance last year, Keumyang International achieved about 30% sales growth for San Marzano wines compared to the previous year. San Marzano, known for its value-for-money Italian wines, is the winery behind Cinquanta, which has become a "national wine" through word of mouth. The best-selling Cinquanta played a key role in supporting the company's annual performance.
Among general consumers, the preference for well-known wines offering satisfying quality at reasonable prices has increased, while demand for new wines is also growing. A Keumyang International representative explained, "We believe the domestic wine market is currently in an adjustment phase, with growth slowing and consumption diversifying," adding, "In addition to steady sellers, we need to offer a variety of options to meet the trend of consumers seeking new experiences."
The domestic wine market, which grew rapidly during the COVID-19 pandemic, is now contracting as consumption by people in their 20s and 30s?who previously drove growth?has declined due to the economic downturn.
Wine importers are also struggling with poor performance, and Keumyang International, considered one of Korea's "Big 4" wine importers alongside Shinsegae L&B, Ayung FBC, and Nara Cellar, is no exception. Sales, which reached 141.4 billion won in 2022, fell to 106.4 billion won last year, and operating profit dropped from 18.7 billion won to just 1 billion won.
There are predictions that a significant rebound in the domestic wine market will be difficult this year as well. This is due to continued uncertainty in consumer sentiment and the ongoing burden of increased wine procurement costs caused by high euro and dollar exchange rates. However, the wine industry believes that the decline in wine demand has bottomed out and expects a gradual recovery. According to the Korea Customs Service, as of April this year, cumulative domestic wine imports reached 18,423 tons, a 15.5% increase compared to the same period last year (15,944 tons), marking a return to growth for the first time in four years.
Premium Wine Tasting Event "Keumyang, New Identity" at The Westin Josun Hotel, Sogong-dong, Jung-gu, Seoul.
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