Luxury goods corporation LVMH, along with its wine and spirits division Moet Hennessy, have made a deal to purchase 50% of Jay-Z’s champagne brand, Armand de Brignac.
Jay-Z and LVMH announced the deal via Zoom call with CEO Philippe Schaus last week, though the financial details of the agreement were not disclosed to the public. Nicknamed “The Ace of Spades”, Armand de Brignac is an expensive brand, with some bottles coming in over $50,000.
Jay-Z invested in Armand in 2006 when he purchased a 50% stake in the company, following this with a premiere of the brand in one of his music videos. He would then go on to buy the rest of Armand in 2014.
The company reported some losses in 2020 due to pandemic restrictions, but has reported a deficit of only 20%, with Jay-Z himself assuring investors that wine and spirit markets have recovered.