US – Moët Hennessy, the wines and spirits division of LVMH, has acquired Joseph Phelps Vineyards, one of the most respected and acclaimed wine properties of the napa valley in California, for an undisclosed amount.
The company said the entirety of the Joseph Phelps collection of exceptional Napa Valley and Sonoma Coast wines will be under its portfolio, alongside its outstanding multi-centennial Champagnes and its growing offer of exceptional still wines from Europe and the New World.
Moët Hennessy plans to build on the admirable legacy of the Napa and Sonoma-based wine collection by maintaining the shared values of quality, craftsmanship, entrepreneurship, and a focus on sustainability.
Philippe Schaus, Chairman, and CEO of Moët Hennessy declared: “Through the combination of the wonderful vineyards of Joseph Phelps and the support of our global distribution organization, we will continue the wonderful journey initiated by the founder fifty years ago and pursued by his heirs today.
Joseph Phelps has been to the Napa Valley what Nicolas Ruinart, Mrs. Clicquot, Joseph Krug, and Claude Moët were to the Champagne region, and likewise, we will continue to develop this new House in the respect of the founder’s heritage and vision.”
The Joseph Phelps collection especially its legendary Insignia, a Bordeaux-style Napa-grown blend, are considered one of the most sought-after and desirable fine wines in the world.
Meanwhile, the Joseph Phelps Vineyards consists of an estate recognized worldwide for the quality of all of its wines, with 200 hectares of its own vines spread over eleven vineyards in the Napa Valley and 30 hectares spread over two vineyards in Sonoma Valley.
This acquisition follows Moët Hennessy’s development strategy, which aims to satisfy its consumers’ and distribution partners’ aspirations with an increasingly diversified and comprehensive portfolio, adding Houses with strong values of excellence, craftsmanship, and heritage.
Canada Government injects US$ 127M into wine sector to strengthen its future
Elsewhere, the Government of Canada has availed up to $166 million (US$ 127.3M) in funding to its wine sector to help strengthen the future of the sector and ensure the wine sector continues to thrive.
Under Wine Sector Support Program, the funds are intended to provide wineries with the tools they need to stay innovative and competitive, in order to capitalize on new opportunities, while also cushioning them from the emerging short-term challenges being faced.
The government says all licensed wineries in Canada that produce or contract out the production of bulk wine from primary agricultural products, such as grapes, berries, other fruit, dandelions, rice, and sap, will be eligible for support.
The support will be provided in the form of a grant based on the production of bulk wine fermented in Canada from domestic and/or imported primary agricultural products in the previous year.
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