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LVMH to buy majority stake in Colgin Cellars vineyard

French luxury goods company LVMH Moët Hennessy Louis Vuitton SE said Nov. 21 that it will acquire a majority stake in Colgin Cellars vineyard in Napa Valley, Calif.

The French company, which has a large drinks business, will buy 60% stake from the vineyard's founder Ann Colgin and her husband Joe Wender. Colgin and Wender will own the rest of the company and retain their leadership functions.

Colgin Cellar, which specializes in red wines, including Cabernet and Syrah.

LVMH did not disclose financial terms or a timeline for the deal.