French luxury goods group LVMH has acquired the vast majority of one of Burgundy's oldest grand cru vineyards, Clos des Lambrays, for an undisclosed fee.
LVMH owner Bernard Arnault has added 8.66 hectares of Clos des Lambrays (pictured) to his fine wine empire, which already includes Krug and Dom Perignon Champagne, plus Chateau d’Yquem and Cheval Blanc in Bordeaux.
Clos des Lambrays, located near the village of Morey Saint-Denis, is one of the largest grand cru vineyards in Burgundy’s Cote de Nuits region and references to its name have been traced back to 1365.
LVMH did not disclose the fee paid to the vineyard’s owner, Societe du Domaine des Lambrays. But, French agency Safer, which tracks agricultural land deals, last year estimated the price of Burgundy grand cru vineyards at around €3.8m per hectare.
Arnault’s purchase comes amid strong consumer demand for top-end Burgundy wine.
Last year’s Hospices de Beaune auction achieved a record sales total of €6.3m, while several Burgundian producers, including DRC, Henri Jayer and Rousseau have become regular names at wine auctions across Europe, the US and Asia.
Societe du Domaine des Lambrays also produces Morey Saint-Denis Premier Cru, Puligny Montrachet Premier Cru Clos du Cailleret and Premier Cru Les Folatières white wines. Thierry Brouin, chief winemaker at the domaine for the past 35 years, will remain in place, LVMH said.
It is believed that Burgundian producer Taupenot-Merme has retained its ownership of a tiny portion of Clos des Lambrays vines, thought to be less than 0.5ha.
(Additional reporting by Jane Anson)
Written by Chris Mercer
