Having Endured Over 4 Years... Daesun Joojo Raises Wholesale Prices of 'Daesun' and 'Siwon' Soju Starting the 15th

Due to COVID-19 sales slump and raw material price increase, factory shipment prices slightly raised

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The factory prices of Busan's representative soju brands, 'Daeseon' and 'Siwon,' will be raised.

It is uncertain whether the consumer retail prices at restaurant tables will change, but the factory prices are scheduled to increase slightly starting from the 15th.

Local liquor company Daeseon Brewery announced on the 8th that due to the prolonged COVID-19 pandemic causing a decline in consumption and rapid increases in raw material costs, it has decided to raise the prices of its main products starting from the 15th.

Accordingly, the factory price of Daeseon soju bottled product (360㎖) will increase from 1,005 won by 66.8 won to 1,071.8 won, and the Siwon soju bottled product (360㎖) will rise from the existing 1,025 won by 46.8 won to 1,071.8 won.

When nationwide large liquor companies and regional liquor businesses raised soju prices in the first half of 2019, Daeseon Brewery did not increase prices to share the hardships of the local community affected by COVID-19, the company stated.

Daeseon soju has kept its factory price frozen for four years since its launch in January 2017, and Siwon soju has maintained its factory price for six years since 2015.

However, nationwide large liquor companies, which dominate the domestic soju market in a monopoly-like manner, have accelerated their targeting of regional soju markets based on substantial capital.

The decline in consumption due to social distancing measures from COVID-19 and the continuous rise in raw material costs also played a role in Daeseon Brewery's difficult decision to finally raise the factory prices of its main products.

Daeseon Brewery CEO Jo Woo-hyun said, “I feel heavy-hearted for not being able to share more of the pain with the local community suffering from COVID-19. As we raise prices, we will present higher quality products, and once management stabilizes, we will expand our contributions to the local community more than before to fulfill our social responsibility.”

This content was produced with the assistance of AI translation services.