Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
‘Dokdo wine’ to promote Korea’s sovereignty
By Lee Hyo-sik
Wine lovers seeking a connection with Dokdo, Korea’s easternmost islets in the East Sea, may want to go to Shinsegae Department Stores in Seoul and Gyeonggi Province. They are now selling ``Dokdo wine,’’ produced by a Korean American-owned winery in California’s Napa Valley.
Shinsegae said Friday that it kicked off an annual wine sales event, which will continue until Tuesday, at its two largest outlets in downtown and southern Seoul. Shoppers at Shinsegae stores in Gyeonggi Province can also buy a wide range of wines imported from across the globe at discounted prices.
Among others, it has been actively promoting bottles of 799-805, the so-called Dokdo wine, in light of intensifying tensions between Korea and Japan over the islets following President Lee Myung-bak’s unprecedented visit.
The wine gained its name because 799-805 is the Korean postal code for the islets. It is imported from the Dokdo Winery, set up in 2007 by Korean American Ahn Jae-hyun.
Ahn produces about 20,000 bottles of wine each year. The label also includes Dokdo’s longitude and latitude and an assurance that 10 percent of the sales go to supporting non-profit organizations which promote Korea’s sovereignty over the islets.
``Dokdo wine is sold at a 30 percent discount. The 799-805 Merlot 2008 sells for 139,000 won, while the 799-805 Pinot Noir 2010 and Cabernet Sauvignon 2008 are available for 210,000 won each,’’ a spokeswoman for Shinsegae Department Store said.
She said the store decided to promote Dokdo wine at affordable prices as part of its campaign to further boost awareness among Koreans that Dokdo is Korean territory.
The spokeswoman said Shinsegae customers can also choose from a wide range of wines, totaling some 500,000 bottles imported from all over the world, expecting that the event will generate up to 10 billion won in sales.
The first 15 shoppers purchasing more than 1 million won of wine each day will also given a set of wine glasses and other complimentary gifts.