LVMH Moët Hennessy, a luxury beverage giant, has acquired a 50% stake in Armand de Brignac, a champagne brand owned by Jay-Z, American rapper.
Philippe Schaus, president and CEO of Moët Hennessy, broke the news in a statement on Monday.
He said the new partnership would allow the company to take Armand de Brignac “to new heights across the world”.
“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category,” Schaus said.
“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroir.”
Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac. The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison. https://t.co/LHmQd0s7Dh pic.twitter.com/irRyziwZYs
— Roc Nation (@RocNation) February 22, 2021Advertisement
On his part, Jay-Z, whose real name is Shawn Carter, expressed his excitement at the joint venture with Moët Hennessy.
“It is a partnership that has felt familiar the entire time,” the rapper also said.
“We are confident that the sheer power of the Moët 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.”
The new deal with Moët Hennesy involves a 50-50 ownership split as well as a global distribution agreement.
Moët Hennessy also looks after other well-known champagne brands including Dom Pérignon and Krug.
Armand de Brignac, also known as ‘Ace of Spades’ due to its logo, was launched by Cattier, a French Champagne company, in 2006, and was later purchased by Jay-Z in 2014 for an undisclosed amount.
The brand was reported to have sold more than 500,000 bottles worldwide in 2019.
TheCable Lifestyle had earlier reported how the luxury group announced it was suspending its collaboration with Rihanna for the Fenty fashion brand — less than two years into the venture.
Copyright 2021 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Follow us on twitter @Thecablestyle