JAY-Z sells half of Ace of Spade’s ownership to LVMH

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JAY-Z sells half of Ace of Spade's ownership to LVMH

The economic terms of the deal were not disclosed under New York Times

Jay-Z expands its empire.

The rapper and entrepreneur announced Monday that he had sold 50 percent ownership of the Armand de Brignac champagne, which 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.”

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The economic terms of the deal were not disclosed under New York Times.

Jay-Z acquired a 50 percent stake in Armand de Brignac in 2006 and debuted with the bubbling in his “Show Me What You Got” video before launching that year.

The rapper bought the remaining half of Armand de Brignac in 2014.

LVMH oversees several other luxury champagne brands, including Dom Pérignon and Krug.

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Jay-Z said during CNBC’s “Squawk Box” on Monday that he began having talks about a deal with LVMH in 2019.

“It just started somewhere with respect and built from there pretty quickly,” he said.

A bottle of Armand de Brignac Brut Gold sells for $ 300. A 30-liter bottle weighing about 100 pounds can be sold for about $ 275,000, according to Eating.

“What we could bring to the brand, which is already very successful, is the great power of our international distribution network,” Moet Hennessy CEO Philippe Schaus told CNBC.

The brand, known by the nickname “Ace of Spades”, sold more than 500,000 bottles in 2019.

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