LVMH, the world’s largest luxury goods company, said Monday it has agreed to buy 50% of Armand de Brignac, the champagne brand owned by rapper Jay-Z.
The company said the purchase – for an undisclosed amount and was made through Moet Hennessy’s beverage division – also included a distribution deal and would initiate a partnership that reflects a “shared vision” between the singer and the company.
Philip Chauss, CEO of Moet Hennessy, said in a joint statement with Jay-Z that Jay-Z’s champagne brand, known informally as Ace of Spades, was “an incredible success.”
“Armand de Brignac breaks down barriers and reflects contemporary luxury, while preserving the traditions of the Champagne grounds,” he said.
“It’s a partnership that has felt familiar all the time,” said Jay-Z, quoted in the statement, adding that he is confident that “the sheer strength of Moet Hennessy’s global distribution framework, unmatched portfolio strength, and unmatched strength is a record of excellence in brand development.” Luxury will give Armand de Brignac the commercial strength it needs to grow and thrive further. “