People pop bottles of champagne for New Years, French billionaire, Bernard Arnault buys champagne companies. Arnault is the 14th richest person in the world with a net worth of $25.5 billion. He owns 47.5% of MoÃ«t Hennessy Louis Vuitton or LVMH, which is the world’s biggest luxury goods group.
Recently, LVMH bought the Montaudon champagne house for an undisclosed amount. The Moet Hennessy wine and spirits subdivision of LVMH will now have eight top-shelf champagne labels to maintain. Of which include, Dom Perignon, Moet & Chandon, Veuve Clicquot, Ponsardin, Krug, Ruinart and Mercier.
The rundown on Montaudon, the champagne house was founded in 1891 by Auguste Louis Montaudon. The house has since remained a small family owned business. Employing only 29 people in Reims, the exclusive champagne spot. Montaudon champagnes are sold throughout more than 25 other countries. The champagne is of high quality and noted for its tea-like flavor and airy taste.
Â The most recent statement from LVMH was by Moet Hennessy Chairman Christophe Navarre, who said, "The acquisition of Montaudon enables us to complete our portfolio of prestigious brands and to increase our champagne reserves. This corresponds with Moet Hennessyâ€™s strategy to strengthen its worldwide leadership in the luxury wines and spirits sector." And there you go, LVMH already the world’s largest luxury goods conglomerate adds one more to the mix. For the record, LVMH is the owner of about 60 sub-companies that each manage several prestigious brands. At what point does LVMH go for world domination? And Mr. Arnault, we would love to be you right now.