Jay-Z Sells 50% Ownership Stake of Ace of Spades to LVMH Moët Hennessy

Jay-Z Sells 50% Ownership Stake of Ace of Spades to LVMH Moët Hennessy https://ift.tt/eA8V8J

The business dealings of Shawn “Jay-Z” Carter continue to add to the hip-hop wordsmith’s growing legacy.

LVMH Moët Hennessy, the world leader in luxury wines and spirits, has announced a partnership with the hip-hop heavyweight, acquiring a 50% stake in Carter’s Armand de Brignac, which is widely known as “Ace of Spades” due to its logo. According to the Associated Press, the terms of the deal were not released.

“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 Carter in a written 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.”

The rap mogul acquired a 50% stake in Armand de Brignac back in 2006 and then bought the remaining half of Armand de Brignac in 2014, reports People. With a strong presence in North America, Asia, and Europe, it sold over 500,000 bottles in 2019.

“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category. Often referred to as “Ace of Spades,” Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs. Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand, and quality of its range of prestige cuvées will allow us to take the business to new heights across the world,” Philippe Schaus, president & CEO of Moët Hennessy, said in a statement.

Carter is not the first celebrity to reap the financial benefits of alcohol. George Clooney co-founded Casamigos, a tequila brand, in 2013. Four years later, it was purchased by Diageo for $700 million. Last year, the beverage giant also bought Aviation American Gin, a brand co-owned by Ryan Reynolds, for $610 million.

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