Jay-Z Sells Half of His Champagne Brand to LVMH.
The high-end French conglomerate bought 50% of Hova's Armand de Brignac, aka Ace of Spades.
Philippe Schaus, chief executive officer of Moët Hennessy, said they had been following the champagne brand's "success over the last few years.".
We are already global leaders with our prestige Champagne brands—Dom Pérignon, Krug and the prestige cuvées of Veuve Clicquot and Ruinart, Philippe Schaus, chief executive officer of Moët Hennessy, to 'WWD'.
But Armand de Brignac has created another niche and in some respects revolutionized the prestige category, so we wanted to be part of that, Philippe Schaus, chief executive officer of Moët Hennessy, to 'WWD'.
They opened champagne to a new clientele, so in that sense, it's a great complement to our portfolio, Philippe Schaus, chief executive officer of Moët Hennessy, to 'WWD'.
The financial details of the deal haven't been made public.
But in 2018, 'The New York Times' reported that Jay-Z's champagne brand was valued at $250 million
