Jay-Z sells stake in champagne brand to luxury giant LVMH

 

For American music mogul Jay-Z, who has boasted of having a "million ways to make money" it looks like it may now be "on to the next one".
French luxury giant LVMH has purchased a 50% stake in his Armand de Brignac champagne brand, known to fans of his music by its "Ace of Spades" nickname.
Branded with an ace of spades and sleek metallic bottles, the drink can cost hundreds of pounds a bottle or more.The rapper, whose given name is Shawn Carter, has owned the brand since 2014.
Made at a French winemaking house with roots in the 1600s, Armand de Brignac has been the bubbly of choice for some sports championship celebrations in the US and won accolades at international taste testing competitions.
The brand sold 900,000 bottles in 2019, before the pandemic hit champagne sales.
In announcing the deal, Jay-Z said the partnership with LVMH, which owns other established champagne names such as Dom Perignon and Veuve Cliquot, would help the brand grow.
"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," he said.