JAY-Z Sells Half of Ace of Spades Ownership to LVMH
The financial terms of the deal were not disclosed, according to the New York Times
JAY-Z Sells Half of Ace of Spades Ownership to LVMH
The rapper and entrepreneur announced on Monday that he had sold 50 percent ownership of the Armand de Brignac champagne he has owned since 2014 to luxury brand Moët Hennessy Louis Vuitton.
"Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac," the champagne brand wrote on Twitter.
"The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison."
The financial terms of the deal were not disclosed, according to the New York Times.
Jay-Z acquired a 50 percent stake in Armand de Brignac in 2006, debuting the bubbly in his "Show Me What You Got" music video before it launched that year.
Jay-Z said during CNBC's "Squawk Box" on Monday that he started having conversations about a deal with LVMH in 2019.
"It just started out in a place of respect and built from there pretty quickly," he said.
A bottle of Armand de Brignac Brut Gold retails for $300. A 30-liter bottle, which weighs about 100 pounds, can sell for around $275,000, according to Eater.
"What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network," Moet Hennessy CEO Philippe Schaus told CNBC.
The brand, which is known by the nickname "Ace of Spades," sold more than 500,000 bottles in 2019.
