Jay-Z sold 50 percent of its Champagne brand, Armand de Brignac, to the luxury giant LVMH Moët Hennessy in a partnership agreement.
The 51-year-old American entrepreneur and rapper sold half of his champagne brand to Moët Hennessy for an undisclosed sum, and the Financial Times claimed that the deal would help Armand de Brignac move to “the next level of taste and distribution.”
On Monday, LVMH’s Moët Hennessy confirmed a collaboration with Jay-Z via a 50 percent purchase of its Armand de Brignac Champagne brand.
“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Jay-Z of the new partnership in a statement.
“It is a partnership that has felt familiar the entire time. We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further.”
The agreement aims to extend Armand de Brignac across LVMH’s global distribution networks and leverage its immense resources.
Armand de Brignac, popular as Ace of Spades, reportedly sold more than half a million bottles in 2019, but champagne sales were hit in the middle of the pandemic, with night clubs and restaurants around the world forced to close their doors.