French luxury group LVMH bags top Californian vineyard


French luxury group LVMH on Tuesday announced it was adding to its stock of fine wines and spirits by taking over Colgin Cellars, a deluxe vineyard in California’s Napa Valley. Current owners Ann Colgin and her husband Joe Wender will sell a 60 percent stake to the world’s biggest luxury group, which counts Veuve Clicquot champagne and Hennessy cognac among its alcohol brands.

The deal values the estate at 100 million euros, a source close to the takeover said, while Colgin and Wender will maintain their leadership roles. Colgin, a former wine consultant at Sotheby’s, founded the vineyard in 1992. Its four red wines, which sell for up to $600 a bottle (511 euros) are sold to high-end stores and restaurants around the world.

LVMH chief executive Bernard Arnault welcomed the announcement, adding the acquisition was part of a strategy of “enriching our collection of iconic wines”.


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