Billionaire American rapper and entrepreneur, Jay-Z, has reportedly agreed to sell half of his champagne brand, Armand de Brignac, to the world’s biggest luxury goods company, LVMH.
According to the company, the rapper has agreed to sell his champagne brand, known informally as Ace of Spades for an undisclosed sum and made through its Moet Hennessy drinks division.
The deal will also involved a distribution deal and would kick off a partnership reflecting a “shared vision” between the company and the rapper.
It a joint statement with Jay-Z, Moet Hennessy CEO, Philippe Schaus, said Jay-Z’s champagne brand had been “a fantastic success”.
He added: “Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs.”
Jay-Z, quoted 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 developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further”.
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