November 21, 2017 / 1:01 PM / a year ago

LVMH buys majority stake in Napa Valley's Colgin vineyard

The logo of French luxury group LVMH is seen at the company headquarters in Paris, France, France, February 23, 2016. REUTERS/Jacky Naegelen/File Photo

PARIS (Reuters) - LVMH (LVMH.PA), the world’s biggest luxury goods company, has bought a majority 60 percent stake in Napa Valley’s Colgin Cellars vineyard, as part of the French group’s general strategy of acquiring highly-rated wine operations.

Colgin Cellars was founded in 1992 by Ann Colgin and specializes in red wines, many of which have achieved top marks from well-regarded critics such as Robert Parker.

“Each wine has its own distinctive personality, the result of a careful, knowing hand, like that of a painter,” the Colgin Cellars website says, describing its own wines.

LVMH Chairman and Chief Executive Bernard Arnault said in a statement that the Colgin deal would enhance LVMH’s collection of top wines such as Chateau d’Yquem and Chateau Cheval Blanc.

LVMH last month reported a rise in third-quarter sales, boosted by Chinese demand for its high-end clothing labels and spirits.

Reporting by Pascale Denis; Editing by Sudip Kar-Gupta and David Evans

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