Moet Hennessy in joint venture for Chinese bubbly
PARIS May 12 (Reuters) - Chinese consumers who have developed a taste for champagne may soon get a locally produced alternative thanks to a joint venture by leading French producer Moet Hennessy (LVMH.PA) with a Chinese agricultural company.
Moet, 66 percent owned by luxury goods group LVMH, plans to grow grapes for a "high-end sparkling wine" in Northwest China together with farm operator Ningxia Nongken, the company said.
Moet, which owns Moet & Chandon, the world's biggest champagne maker, said it will produce the bubbly at a winery it plans to build nearby the 66-hectare farm.
Other sparkling wine producers like Spain's Freixenet have already seen strong demand in China, which is also a major market for Moet Hennessy's other signature product, Cognac.
(Reporting by Christian Plumb; Editing by Erica Billingham)
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