Jay-Z Sells Half Of His Champagne Brand To LVMH
Wherever Jay-Z and Beyoncé are quarantining right now, they must be popping the champagne as luxury goods giant LVMH has announced that it has acquired a 50 per cent stake in the Armand de Brignac champagne brand, which is owned by the multi-hyphenate rapper.
The partnership was to be expected especially with how the prestigious champagne (also known as the “Ace of Spades”) has been reinventing the champagne category with its unprecedented innovation and energy. In fact, its global success has seen the brand selling over 500,000 bottles in 2019 in the North American, Asian and European markets.
Philippe Schaus, the President and CEO of Moët Hennessy (under the LVMH group), said in a statement that the group has been following the tremendous success of Armand de Brignac for years. He added: “Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs.”
The terms of the agreement were not disclosed, but the partnership is based on Moët Hennessy’s equal ownership of Armand de Brignac and its global distribution. The 50-50 structure ensures that both parties can bring their strengths and expertise for the continued success of the long-term alliance.
“This partnership has felt familiar the entire time,” confessed Jay-Z, who is confident that Moët Hennessy global distribution framework, portfolio strength and track record in luxury brands will give Armand de Brignac a bigger platform to “grow and flourish even further”.