Congratulations are in order following breaking news that LVMH has officially purchased half of Jay-Z ‘s champagne brand!
The ground breaking news was announced Monday morning by Moët Hennessy, the wine and spirits division of Luxury conglomerate company also known as LVMH.
According to CNBC the financial details of Jay-Z’s and LVMH champagne deal hasn’t been discussed publicly.
It has been indicated that Jay began to have conversations with LVMH about a partnership deal since 2019. “It just started out in a place of respect and built from there pretty quickly, states the Brooklyn, New York native.
Jay-Z originally purchased 50% of the Armand de Brignac brand back in 2006 and then purchased the remaining half in 2014. The brand also known publicly as Ace of Spades sold over 500,000 bottles in 2019.
“What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network,”states Moet Hennessy CEO Philippe Schaus.