Jay-Z has sold 50 per cent of his luxury champagne brand to Moët Hennessy Louis Vuitton (LVMH).
The rapper initially bought the Armand de Brignac brand, also known as the ‘Ace of Spades’ due to its logo, back in 2014 after the ‘Ace of Spades’ champagne featured in the video for his 2006 single ‘Show Me What You Got’.
LVMH will now take over the global distribution of the Armand de Brignac brand, which is produced in the Champagne wine region of France, after its 50% acquisition was confirmed yesterday (February 22). The company already owns Dom Pérignon and Moët & Chandon.
“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,” Jay-Z said 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.”