LVMH’s Moët Hennessy recently acquired 50% stakes in Jay-Z’s Champagne brand, Armand De Brignac in a partnership deal.
The American first hip-hop billionaire reportedly sold the 50% stake of his champagne brand to Moët Hennessy for an undisclosed price.
According to the Financial Times, the partnership is to help take Armand de Brignac to “the next level of taste and distribution.”
On Monday, the 51 years old rapper announced his partnership with LVMH’s Moët Hennessy announced through the 50 percent acquisition of his Armand de Brignac champagne brand.
“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Jay-Z of the new partnership in a statement.
“It is a partnership that has felt familiar the entire time. 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.”
Undoubtedly, with this deal Armand de Brignac aims at growing global could become a reality through LVMH’s global distribution networks and vast resources at their disposal.
Meanwhile, in 2019, report has it the champagne brand Armand de Brignac as known as Ace of Spades, sold more than half a million bottles.