LVMH, the world’s largest luxury goods company, announced on Monday it had agreed to buy 50 percent of Armand de Brignac, the champagne brand acquired by rapper Jay-Z, aso Naija gathered.
The company announced the purchase — for an unrevealed sum and made through its Moet Hennessy drinks division — also involved a percentage deal and would kick off a partnership reflecting a “shared vision” between the singer and the company.
Jay-Z’s champagne brand, known informally as Ace of Spades, had been “a fantastic success”, Moet Hennessy CEO Philippe Schaus said in a joint statement with Jay-Z.
“Armand de Brignac breaks barriers and reflects modern luxury while preserving the traditions of the Champagne terroirs,” he said.
Jay-Z, cited in the statement, said “it is a partnership that has felt familiar the entire time”, adding he was confident that “the sheer power of the Moet Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in improving luxury brands will give Armand de Brignac the commercial power it needs to grow and thrive even further”.