The beverage giant acquires a 50% stake in the champagne brand of rapper Armand de Brignac, widely known as “Ace of Spades”

Luxury drink giant LVMH Moët Hennessy has acquired a 50% stake in the Jay-Z champagne brand, Armand de Brignac

Armand de Brignac – widely known as “Ace of Spades” because of its logo – was launched by French champagne company Cattier in 2006, then acquired by a company run by Jay-Z in 2014 A press release touted the brand as a “global success” which sold over 500,000 bottles in 2019

The new deal with Moët Hennesy (which itself is half of the gigantic French luxury conglomerate LVMH) involves a 50-50 ownership split as well as a global distribution deal Moët Hennessy is also handling other well-known champagne brands like Dom Pérignon and Krug

While neither Jay-Z’s team nor LVMH disclosed the financial terms of the transaction, the New York Times pointed out that some clues can be found in the rapper’s own words: According to a verse from Jay -Z on Meek Mill’s 2018 “What’s Free,” Ace of Spades is worth “half a B”, which would value a 50% stake at $ 250 million

“I am proud to welcome the Arnault family to ours thanks to this partnership which began with Alexandre Arnault and continued with his father [CEO of LVMH] Bernard Arnault and Philippe Schaus, at my home in Los Angeles “Jay-Z said in a report” It’s a partnership that has always seemed familiar to me. We are convinced that the sheer power of Moët Hennessy’s global distribution framework, the unmatched strength of its portfolio and its track record of long-standing excellence in the development of luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even more”

“We enter this partnership on an equal footing with Jay-Z and his family and with the same conviction that we are only at the beginning of a great story,” said Schaus, Chairman and CEO by Moët Hennessy “Together, we will chart a solid path to consolidate Armand de Brignac as an icon of luxury for current and future generations of customers”

The Armand de Brignac deal is the latest in a long line of non-musical companies Jay-Z has focused on in recent months In December, rapper Roc Nation announced a partnership with Random House to launch a new editorial brand, Roc Lit 101, which will publish its first titles later this year And last October, Jay-Z launched his first marijuana line, Monogram, which grew out of a partnership with California cannabis company Caliva.

Jay-Z

News from around the world – United States – Jay-Z sells 50% of As of Spades to luxury powerhouse LVMH

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