Jay-Z is expanding his kingdom. The rapper and entrepreneur have announced that he has sold 50% ownership of the Armand de Brignac champagne he has owned since 2014 to luxury brand Moet Hennessy Louis Vuitton.
The partnership – Shawn JAY-Z Carter is pleased to announce the partnership with the luxury brand as they buy a 50% stake in the champagne company brand. The company made the news public on Twitter. The partnership will reflect a shared vision between both the owners for the successful future of this iconic Maison.
The details of the deed
The financial details of the deal have not been disclosed yet. But it is known that Jay-Z acquired a 50% stake in Armand de Brignac company in the year 2006, introducing the bubbly drink in his show “Show Me What You Got” music video for promotions. The rapper bought the remaining half of the stakes in 2014, making it his own company. LVHM oversees several other luxury brands, including the famous Dom Pérignon and Krug.
Jay-Z said during an interview at CNBC that he started having conversations about the deal with the company in 2019. It was only after a lot of planning and building that the deal was put into action. It just started out from a place of respect and then everything followed pretty quickly.
The new changes
A bottle of Armand de Brignac brut Gold retails for $300. A 30-liter bottle, which weighs about 100 pounds, can sell for around 275000 dollars. The Hennessy CEO Philippe Schaus has told that they could bring the power of an international distribution network to the already famous brand. The brand which is nicknamed “Ace of Spades”, sold more than 500,000 bottles in 2019. The new collaboration brings new changes to the brand which will hopefully usher the drink to reach newer heights and the company could profit more.