News – USA – Jay-Z hands over 50% of the ace of spades to luxury powerhouse LVMH

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The beverage giant acquires 50% of the shares in the champagne brand Armand de Brignac des Rapper, widely known as the “ace of spades”

Luxury drinks giant LVMH Moët Hennessy has acquired a 50% stake in Jay-Z’s champagne brand Armand de Brignac

Armand de Brignac – widely known as the “Ace of Spades” due to its logo – was launched in 2006 by the French champagne company Cattier and bought by a Jay-Z-run company in 2014. In a press release, the brand was named “Worldwide Success “, the 2019 over 500000 bottles sold

The new contract with Moët Hennesy (who is itself half of the gigantic French luxury conglomerate LVMH) includes a 50:50 ownership split and a global distribution agreement Moët Hennessy also takes care of other well-known champagne brands such as Dom Pérignon and Krug

While neither Jay-Z’s team nor LVMH disclosed the financial terms of the deal, the New York Times pointed out that some clues can be found in the rapper’s own writing: Assigned, according to a Jay-Z verse Meek Mills 2018 “What’s Free” Ace of Spades “is worth” half a B “, which corresponds to 50% of US $ 250 million

“I am proud to welcome the Arnault family into our family through this partnership that began with Alexandre Arnault and continued with his father [LVMH CEO] Bernard Arnault and Philippe Schaus in my Los Angeles home “Jay-Z said in a statement.” It’s a partnership that has felt familiar all along. We are confident that the sheer power of Moët Hennessy’s global distribution framework, unparalleled portfolio strength and years of experience in developing luxury brands Armand de Brignac will give the commercial power it needs to continue to grow and prosper ”

“We’re entering into this partnership on equal terms with Jay-Z and his family and with the same belief that we are only at the beginning of a wonderful story,” said Schaus, President and CEO of Moët Hennessy. “Together we will a strong way forward to firmly establish Armand de Brignac as a luxury icon for current and future generations of customers ”

The Armand de Brignac deal is the latest in a long line of non-musical ventures Jay-Z has focused on in recent months. Back in December, the rapper’s Roc Nation announced a partnership with Random House for a new one Publishing credits, Roc Lit 101, which will be releasing its first titles later this year. And last October, Jay-Z launched its first line of marijuana, Monogram, that resulted from a partnership with California-based cannabis -Company Caliva emerged

Jay-Z, LVMH, champagne, Armand de Brignac, Moët & Chandon

News – USA – Jay-Z hands over 50% of the ace of spades to luxury powerhouse LVMH

Source: https://www.rollingstone.com/pro/news/jay-z-ace-of-spades-champagne-lvmh-1131365/