The French luxury-goods conglomerate Moet Hennessy Louis Vuitton is expanding its reach into Northern California's Wine Country, acquiring the acclaimed Joseph Phelps VineyardsPhelps Vineyards.
Phelps has produced 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 has helped popularize Bordeaux-style cabernet blends in California when it was introduced in the early 1970s.
The winery said that LVMH is uniquely placed to shepherd Joseph Phelps VineyardsPhelps Vineyards into the future, while staying true to the founding roots that make our brand synonymous with best-in-class California winemaking.
The winery is LVMH MC, 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 in vineyards in Napa and Sonoma counties. A purchase price was not disclosed.
Mo t Hennessy CEO Philippe Schaus said in a statement Wednesday that we are delighted and very proud to welcome Joseph Phelps VineyardsPhelps Vineyards to our portfolio of luxury wines and spirits. Joseph Phelps has been in the Napa Valley as Nicolas Ruinart, Mrs. Clicquot, Joseph Krug and Claude Mo t were to the Champagne region, and we will continue to develop this new house in the respect of the founder's heritage and vision.