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