Jay-Z Sells Half Of His Champagne Brand
Jay-Z has sold a 50 percent stake in his champagne brand Armand de Brignac to Moët Hennessy Louis Vuitton (LVMH).
Financial terms of the deal were not disclosed.
About 100,000 bottles of Armand de Brignac – often referred to as “Ace of Spades” due to its logo – are produced each year by Cattier.
LVMH already owns champagne brands Veuve Cliquot, Moët & Chandon, Dom Perignon, Krug and Ruinart as well as California sparkling wine Chandon.
“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-Z said, in a statement.
Jay-Z has had a financial stake in Armand de Brignac for at least 15 years but became full owner of the brand when he bought out the shares of U.S. booze company Sovereign Brands in 2014.
The music superstar led a boycott of Cristal champagne in 2006 after the managing director of its parent company responded to the brand’s popularity in hip hop culture by telling The Economist: “What can we do? We can’t forbid people from buying it.”
Jay-Z said in a statement at the time that he would never drink Cristal or “promote it in any way or serve it at any of my clubs.”
He then featured bottles of Armand de Brignac in the video for his 2006 track “Show Me What You Got."