The deal comes after a surge in demand for high-end wine and spirits.
“It’s an iconic name and an iconic winery,” Schaus said. “It’s important for us that we are acquiring a family business with a legacy and heritage. It’s super important that we keep that heritage.”Phelps was founded in 1973 by its namesake, Joseph Phelps, and now produces about 750,000 bottles ofa year. Its high-end Insignia blend sells for at least $250 per bottle, depending on the vintage.
. In the first quarter of 2021, Moët Hennessy reported revenue of about $1.71 billion , up 8 percent over 2021. Schaus attributed some of that demand to the resurgence in travel occurring across the globe, but especially in Europe and the US. “The summer will be strong, people are traveling and consuming,” he told the publication. “After the summer, we could see a different situation. It’s hard to predict inflation and prices.”Despite the company’s stellar first quarter, LVMH hasn’t been immune to the supply-chain shortages hitting just about every industry at the moment. Many of its problems have been overcome, but the high-end champagne market is still facing some difficulties.
Maybe some consumers upset by the lack of Dom Pérignon on store shelves, though, will turn to Joseph Phelps. It’s no champagne, but some of the vineyard’s wines, as
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