On Monday it was announced that Moët Hennessy has acquired 50% of Jay-Z's popular champagne company Armand de Brignac. (Photo by Alberto E. Rodriguez/Getty Images for The Recording Academy)
On Monday, Jay-Z and Moët Hennessy announced a new partnership after it was revealed that the company acquired a 50% stake in Jay-Z’s popular champagne brand, Armand de Brignac, which is also known as Ace of Spades.
According to Forbes, the new partnership gives Moët Hennessy a global distribution agreement. Jay-Z purchased Armand de Brignac back in 2014 following his public boycott of Cristal champagne after an executive at the company reportedly made belittling comments about rap consumers.
Jay expressed his excitement for the new partnership with Moët Hennessy and said, “It is a partnership that has felt familiar the entire time. We are confident of 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.”
Other brands under LVMH (Moët Hennessy Louis Vuitton) brand include, Dom Perignon, Veuve Clicquot, Krug and Château d’Yquem.
According to the New York Times, the talk of this deal first took place back in 2019 when Jay hosted a lunch with LVMH’s founder and chairman, Bernard Arnault, and Alexandre Arnault.
During a Zoom call, Philippe Schaus, the chief executive of LVMH, said to Jay, “In your understanding of the world of tomorrow, we believe you created a new consumer for Champagne.”
Jay said as well, “We were always looking to grow this brand, and this happened very naturally.”
Following the news of the deal, Jay-Z’s mother-in-law, Tina Lawson, took to social media to send her congratulations to him on his new deal. As well as all of his other successful business ventures, including his music platform, Tidal, and his partnership with the NFL, after all of the successful performances during this year’s Super Bowl.
“You are a bad a** brother and I hope that you continue to pave the way for others like you have in the past,” said Tina. “And I have seen such extreme kindness and generosity so many times that people don’t even know anything about!”
Congrats to Jay-Z on the new partnership as he continues to set the bar high.
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TSR STAFF: Jade Ashley @Jade_Ashley94
