LVMH buys iconic California winery Joseph Phelps


French luxury goods conglomerate Moet Hennessy Louis Vuitton is expanding its reach into the Northern California Wine Country by acquiring the acclaimed Joseph Phelps Vineyards.

Phelps has been producing iconic wines for nearly 50 years in Napa and Sonoma counties, and is best known for its premium brand Insignia, which sells for about $ 250 a bottle and helped popularize Bordeaux-style cabernet blends. in California when it was first introduced. 1970s.

“LVMH has a unique location to guide Joseph Phelps Vineyards into the future, while remaining true to the founding roots that make our brand synonymous with the best winemaking in California,” the winery said in a statement Wednesday.

The winery is the MC of LVMH,
-0.02%
fourth in Napa County, in addition to Domaine Chandon, Newton Vineyard and Colgin Cellars, in which it has a majority stake.

The deal includes the Phelps brand, winery and inventory, as well as about 500 acres of vineyards in Napa and Sonoma counties. The purchase price was not disclosed.

“We are delighted and very proud to welcome Joseph Phelps Vineyards to our portfolio of luxury wines and spirits,” Moët Hennessy CEO Philippe Schaus said in a statement on Wednesday. “Joseph Phelps has been in the Napa Valley what were Nicolas Ruinart, Mrs. Clicquot, Joseph Krug and Claude Moët in the Champagne region, and in the same way we will continue to develop this new house respecting the heritage and vision of the founder “.



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