Luxury goods firm LVMH, parent company of Bordeaux estate Chateau Cheval Blanc, has announced plans to open a new hotel named after the label.

The hotel will open in 2014 and follows the introduction of the five-star Hotel Cheval Blanc in the Courchevel ski resort in 2006, Decanter reports.

It forms a key part of the €450 million (£386 million) plan to restore the famous Paris department store La Samaritaine that has been devised by LVMH, which also owns Champagne estates Krug and Veuve Clicquot and Bordeaux vineyard Chateau d'Yquem.

The new Paris venture will prove an immensely popular destination with tourists and wine aficionados if the standard matches that offered at Courchevel.

It was recently named one of eight 'palace' hotels in France, offering a two Michelin-starred restaurant, which is named 1947 after the most famous Chateau Cheval Blanc vintage.

Bernard Arnault, boss of the LVMH firm, was recently named France's richest man by French journal Le Nouvel Observateur.