Warm up cranberry juice, water, star anise, ginger, orange peel, orange slices, and sugar in a pot - let it simmer under a lid for about 10 minutes.
Strain the star anise, ginger slices, and orange slices out and put the gløgg back in the pot.
Add rosé wine, sherry, cranberries, and optionally almond slivers, and warm the gløgg to a suitable temperature - but do not let it boil, as the alcohol will evaporate.
Adjust the taste with sugar and possibly more water or sherry, and serve in glasses - optionally with an orange slice as a garnish.