LVMH Has Acquired 50 Percent of Jay-Z's Champagne Brand Armand de Brignac
Despite a significant plunge in profits last year, LVMH has made the decision to buy a 50-percent stake in Armand de Brignac. The Champagne brand, owned by rapper and businessman Jay-Z, is famously known for its Ace of Spades logo on a metallic silver bottle.
Financial terms for the deal were not disclosed.
Armand de Brignac announced the partnership with Moët Hennessy on Instagram. The caption reads: "The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison."
Read Jay-Z's full statement below.
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.
It is a partnership that has felt familiar the entire time. We are confident that the sheer power of Moët Hennessy's 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.
"Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the tradition of the Champagne terroirs," said Moët Hennessy drinks chief executive officer Philippe Schaus in a statement.
Jay-Z's investment in Armand de Brignac began in 2006. In 2014, he acquired the Champagne brand for $200 million. Since then, Armand de Brignac has become synonymous with hip-hop culture. According to reports, the brand sold more than half a million bottles in 2019.