NEW YORK (Agefi-Dow Jones)–Luxury group LVMH is expanding its presence in the Northern California wine country by acquiring Joseph Phelps Vineyards.
Joseph Phelps Vineyards has been producing iconic wines for nearly 50 years in Napa and Sonoma counties, and is best known for its premium Insignia brand, which sells for around $250 a bottle.
“LVMH is uniquely positioned to guide Joseph Phelps Vineyards into the future, while remaining true to the founding roots that make our brand synonymous with the finest California winemaking,” the estate said in a statement Wednesday.
This vineyard is LVMH’s fourth in Napa County, in addition to Domaine Chandon, Newton Vineyard and Colgin Cellars, of which it is the majority shareholder.
The transaction includes the Phelps brand, vineyard and inventory, as well as approximately 200 hectares of vineyards in Napa and Sonoma counties. The purchase price was not disclosed.
-Mike Murphy, MarketWatch
(French version Julien Marion) ed: VLV
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June 30, 2022 01:12 ET (05:12 GMT)