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LVMH sets up wine venture
By Emily Ford |
February 24, 2012, Friday
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Print Edition
FRENCH luxury goods giant LVMH is to plant a vineyard in Yunnan Province, betting on China's growing taste for wine and signalling its intent to become a major player in the country's rapidly expanding domestic industry.
Moet Hennessy, the company's wine and spirits division, yesterday said it had begun a joint venture with China's VATS Group to set up the winery in the remote area of Deqin County to produce premium quality red wine.
The 30-hectare, high-altitude vineyard in the province was chosen as an "extremely promising growing area" after a "painstaking search," and should begin producing wine within four to five years, LVMH said.
But some analysts said it could take seven or eight years before wine of real quality could be expected.
"Thanks to the creation of this winery joint venture, we will be able to offer Chinese consumers a premium quality red wine within four to five years," Christophe Navarre, the chief executive of Moet Hennessy, said.
"The partnership with VATS is a new step in our long-term commitment in China," he added.
Richard Halstead, chief operating officer at Wine Intelligence, a London-based wine industry consultancy, said: "This is a very interesting move by LVMH which shows confidence in the long-term future of wine in China."
Moet Hennessy, the company's wine and spirits division, yesterday said it had begun a joint venture with China's VATS Group to set up the winery in the remote area of Deqin County to produce premium quality red wine.
The 30-hectare, high-altitude vineyard in the province was chosen as an "extremely promising growing area" after a "painstaking search," and should begin producing wine within four to five years, LVMH said.
But some analysts said it could take seven or eight years before wine of real quality could be expected.
"Thanks to the creation of this winery joint venture, we will be able to offer Chinese consumers a premium quality red wine within four to five years," Christophe Navarre, the chief executive of Moet Hennessy, said.
"The partnership with VATS is a new step in our long-term commitment in China," he added.
Richard Halstead, chief operating officer at Wine Intelligence, a London-based wine industry consultancy, said: "This is a very interesting move by LVMH which shows confidence in the long-term future of wine in China."
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