JAY-Z Sells 50% Stake Of Ace of Spades to LVMH
JAY-Z Sells 50% Stake Of Ace of Spades to LVMH! Rapper and entrepreneur, Jay-Z made an announcement on Monday that he had sold 50% ownership of the Armand de Brignac champagne he has owned since 2014 to luxury brand Moët Hennessy Louis Vuitton.
“Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac,” the champagne brand announced on Twitter.
“The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison.”
in 2006, Jay-Z acquired a 50 percent stake in Armand de Brignac, debuting the bubbly deal in his “Show Me What You Got” music video before it launched that year.
The rapper would later on acquire the remaining half of Armand de Brignac in 2014.
LVMH oversees multiple other luxury champagne brands, including Dom Pérignon and Krug.
Jay-Z announced in an interview with CNBC’s “Squawk Box” on Monday that he started having conversations about the deal with LVMH back in 2019.
“It just started out in a place of respect and built from there pretty quickly,” said the rapper
A bottle of Armand de Brignac Brut Gold retails at $300. A 30-liter bottle, which weighs approximately 100 pounds, can sell for around $275,000, according to Eater.
“What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network,” said Philippe Schaus the CEO of Moet Hennessy, in an interview with CNBC.
The brand, which is commonly known by the nickname “Ace of Spades,” had more than 500,000 bottles in sales in 2019.
Meanwhile, a few days ago Jay-Z topped the headlines with a fresh feature on Judas and The Black Messiah soundtrack. He also joined forces with Twitter CEO Jack Dorsey Create $24M Bitcoin Fund For India And African Countries.
