The buyer, Shinsegae Property, has its own wine shop brand and is looking to add premium wine to their shelves. “We plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” said an official on behalf of Shinsegae Property.
“After long and careful consideration, our family has sold Shafer Vineyards to its new stewards, the wonderful team at Shinsegae Property,” said President Doug Shafer in a message to the company’s consumers. “Shinsegae is a luxury brand based in Seoul, South Korea, with department stores, shopping centers, golf resorts, hotels, and other interests, [and] it’s been a real pleasure to get to know their team and I’m very excited about this new chapter for our vineyards and winery.”
The winery produces about 33,000 cases a year, 85% of which come from the family’s four estates.
Shafer and winemaker Elias Fernandez and the core winemaking and vineyard staff will remain with the winery, Shafer said.