Jay-Z sells half his champagne brand to LVMH

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(FILES) In this file photo taken on June 28, 2008 US rap artist Jay-Z performs at the Glastonbury Festival at Worthy Farm, in Glastonbury. - LVMH, the world's biggest luxury goods company, said on February 22, 2021 it had agreed to buy 50 percent of Armand de Brignac, the champagne brand owned by US rapper Jay-Z. (Photo by Ben STANSALL / AFP)
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LVMH, the world’s biggest luxury goods company, said on Monday it had agreed to buy 50 percent of Armand de Brignac, the champagne brand owned by rapper Jay-Z.

The company said the purchase — for an undisclosed sum and made through its Moet Hennessy drinks division — also involved a distribution deal and would kick off a partnership reflecting a “shared vision” between the singer and the company.

Jay-Z’s champagne brand, known informally as Ace of Spades, had been “a fantastic success”, Moet Hennessy CEO Philippe Schaus said in a joint statement with Jay-Z.

“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs,” he said.

Jay-Z, quoted in the statement, said “it is a partnership that has felt familiar the entire time”, adding he was confident that “the sheer power of the Moet 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”.

AFP

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