Moet Hennessy, the wine and spirits division of luxury conglomerate LVMH, announced Monday the purchase of a 50% stake in rapper Jay-Z’s champagne brand, Armand de Brignac.
Financial terms of the deal were not disclosed.
Jay-Z’s relationship with Armand de Brignanc started in 2006 with an appearance in his “Show Me What You Got” music video before the brand officially launched later that year. He had previously endorsed Cristal in his songs before an executive of the parent company made disparaging comments about its role in hip-hop culture. The rapper, whose given name is Shawn Carter, bought Armand de Brignanc in 2014.
The brand, which is known by the nickname “Ace of Spades,” sold more 500,000 bottles in 2019. With fewer parties and nights out, the coronavirus pandemic has hit champagne sales. Industry trade group Comite Interprofessionnel du Vin de Champagne estimated that champagne sales fell $1.2 billion, or 18% by volume, last year.
Source: Business - cnbc.com
