Jay-Z probably popped some Bubby on Monday morning. The hip-hop star announced at 7 a.m. that he had sold half of his high-end champagne brand Armand de Brignac to Moët Hennessy.
The wine and spirits division of French luxury giant LVMH announced that it is buying 50 percent of the music mogul’s line of champagne, popularly known as the « ace of spades ».
According to a publication, Jay-Z’s sparkling wine was a hit in North America, Asia and Europe with over 500,000 bottles sold in 2019. He bought a 50 percent stake in the brand back in 2006 and promoted it in a video before it launched. He then bought the rest of Armand de Brignac in 2014.
Before investing, Jay-Z had added another high-end champagne, Cristal, to his music – but he publicly boycotted the brand after a top manager disparaged it Commented on their popularity in the hip hop world.
The President of Moët Hennessy, Philippe Schaus, said of the new deal with Armand de Brignac in a statement: “For years we have followed Armand de Brignac’s fantastic success and admire their ability to set some of the rules of the champagne category to question. « He said the line » breaks down barriers and reflects contemporary luxury while preserving the traditions of the champagne terroirs. »
Jay-Z added that the partnership was sparked when he welcomed Alexandre Arnault – and then his father, LVMH chairman Bernard Arnault – to his Los Angeles home with Schaus.
A deal was then negotiated through his S. Carter Enterprises – led by Desiree Perez, who is also CEO of the rapper’s Roc Nation.
Financial details of the deal were not disclosed, but Jay-Z’s writing previously pointed out the value of his brand. He rapped on a 2018 Meek Mill series, « I’m 50 percent from D’Ussé and it’s debt free, 100 percent from Ace of Spades, worth half a B. » Sources speculate that the brand has since appreciated in value.
He is known to promote his ace of spades in the entertainment world. Last year he and Beyoncé brought their own champagne to the Golden Globes, which is heavily sponsored by… Moët.
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