LVMH buys California wine giant Joseph Phelps as high-end drinks market soars

Moet Hennessy CEO Philippe Schaus told CNBC demand in Europe is "on fire" thanks in part to the return of European tourism.A winemaker samples a glass of Joseph Phelps Insignia at the Culinary Institute of America, in St. Helena, Calif.Moet Hennessy division on Wednesday announced it has acquired California wine-maker Joseph Phelps Vineyards, as the French luxury goods giant continues to broaden its drinks portfolio.

"It's an iconic name and an iconic winery," he said. "It's important for us that we are acquiring a family with a legacy and heritage. It's super important that we keep that heritage." Schaus said Moet Hennessy aims to serve "all the different moments of consumption" — from aperitifs, champagne and fine dining wines to bars, clubs and cocktails. The company's Cloudy Bay brand covers white wines, and its Whispering Angel line offers rose, but Schaus said, "we were missing a strong red wine."

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