February 26, 2019 / 6:23 PM / 20 days ago

LVMH says aiming to boost presence in high-end wines

PARIS, Feb 26 (Reuters) - Luxury goods group LVMH, which owns fashion brand Louis Vuitton, champagne labels and has stakes in wineries like Chateau d’Yquem, said on Tuesday that it planned to bolster its presence in high-end wineries.

The French conglomerate is grouping together oversight of several wine estates as one entity, it added, which will bedirectly supervised by the group’s Chairman Bernard Arnault.

“This entity aims to develop the LVMH group’s presence in the world’s most exceptional wineries and to implement a common commercial strategy,” LVMH said in a statement.

It added that Jacques Devauges - who previously worked at Clos de Tart, a Burgundy winery owned by Francois Pinault, head of LVMH’s luxury rival Kering - had joined the company to run its Clos des Lambrays estate. (Reporting by Sarah White; Editing by Matthias Blamont)

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