LVMH's Champagne and wines business brought in €3,087 million last year.
It is also 3.82 % of LVMH's €80,807 million in revenue. So in the VINCAP wine stock register, LVMH appears only on the exclusions list. It is not a wine stock.
The one rule
A company counts as a wine company when more than 50 % of its revenue comes from selling wine. Growers and makers are in. So are merchants and retailers whose revenue is wine they did not make. Barrels, corks and glass are out (their customer is the winery). So are spirits, beer and the big drinks groups where wine is a minority, however large it is in euros.
Run the big names through that rule and the famous ones fall out fast:
| Company | Wine share of revenue | Why |
|---|---|---|
| Compañía Cervecerías Unidas | 9.50 % | Wine is CLP 276,489m of CLP 2,909,625m |
| Pernod Ricard | ≤ 10.0 % | A ceiling: the residual also covers ready-to-drink, champagne and rosé |
| Constellation Brands | ≤ 9.00 % | A ceiling: wine and spirits are reported together |
| LVMH | 3.82 % | Champagne and wines €3,087m of €80,807m |
| Diageo | 0.00 % | Its wine business was sold to Treasury Wine Estates in 2016 |
| Altria | 0.00 % | Ste. Michelle was sold in October 2021 |
| China Foods | 0.00 % | COFCO Wines and Spirits was sold in 2017; it is now a Coca-Cola bottler, still often listed as the owner of Great Wall |
The last three are the useful ones. Old lists of "wine stocks" still carry them, because the wine business was famous and the sale was not.
Passing the rule is not enough
The register lists 88 companies, past and present. Today 22 are in the index, 7 pass the rule and wait for the next reconstitution, 18 are tracked but held, 8 are excluded and 33 have left the market. The reasons are where it gets interesting:
- Sektkellerei J. Oppmann (Munich) has 36,000 shares outstanding. It makes wine; it just can't carry an index weight.
- Viña Santa Rita and Viñedos Emiliana, two real Chilean producers, showed no traded volume in their last 20 sessions on the Santiago line. A price nobody trades is not a price.
- PT Hatten Bali is 94.7 % grape wine, but its free float is 17.70 % and it trades roughly USD 5,000 a day.
- Abrau-Durso, Russia's largest sparkling-wine producer, founded in 1870 and listed in Moscow, is tracked and not indexed: the shares cannot be bought or held from the West.
- Vifrana, added on 19 October, farms about 130 hectares of certified organic vineyards in Dobrogea, Romania, and trades on Bucharest's AeRO segment. It passes the rule at 99.9 % wine. Its 2025 turnover was RON 1.42m, down 35.6 %, and its auditor flagged a material uncertainty about going concern. It waits for the next review like everyone else.
Count it yourself
The whole register is a free CSV, one row per company, with the status and the reason:
import csv, io, urllib.request from collections import Counter url = "https://vincap.co/data/companies.csv" rows = list(csv.DictReader(io.TextIOWrapper(urllib.request.urlopen(url), "utf-8"))) print(len(rows), "companies") print(Counter(r["status"] for r in rows)) for r in rows: if r["status"] == "Tracked, not indexed": print(f'{r["name"]:<40} {r["status_detail"]}') Every number above comes from that file and the coverage page, which links each claim to the annual report or exchange filing it was read from.
- The rule and every exclusion: vincap.co/coverage
- The register as CSV or Excel: vincap.co/data
- The monthly read on the 22 indexed companies: the VINCAP Monthly Brief
Know a listed wine company the register has missed? That is the one correction we most want. Information, not investment advice.
