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Jay-Z Trades Half his Champagne Brand to LVMH

Jay Z

ENTERTAINMENT

Jay-Z Trades Half his Champagne Brand to LVMH

 

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.

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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”.

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