Jay-Z continues to expand his business empire with shrewd moves, fierce branding practices and empowering collaborations.
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Word on the streets is LVMH ( Moet, Hennessy Louis Vuitton) has acquired a 50 percent stake in Jay-Z’s champagne brand Armand de Brignac (known in the hood ace Ace of Spades) and the two entities have entered into a global distribution agreement, which they hope leads to a “long-term alliance.”
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The 51-year-old entrepreneur and musician sold half of his champagne brand to Moët Hennessy for an undisclosed price, and the Financial Times reports he said the move will help take Armand de Brignac to “the next level of taste and distribution.”
Since 2006, Armand de Brignac has continued to grow, and in 2019, the brand sold over 500,000 bottles through North America, Asia, and Europe. Jay acquired the brand in 2014.
According to Complex, Jay-Z Said:
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.
Jay and Moët Hennessy CEO Philippe Schaus appeared on CNBC’s Squawk Box to talk about the news, with Hov saying the partnership came “from a place of respect.” He also touched on his boycott of Cristal briefly, which ultimately led toward the acquisition of Armand de Brignac. “There’s plenty room to go from here.”
This is another power move for the mogul, who has already secured a lucrative deal with the NFL to produce Super Bowl halftime shows and secure talent for events, among his many other business dealings.
READ MORE: Jay-Z Picks Jesse Collins To Executive Produce The 2021 Pepsi Super Bowl LV Halftime Show
The Jay & Bey empire continues to grow with Blue Ivy Carter already making inroads into superstardom by modeling in her mom’s Ivy Park campaign,
