BEVERLY HILLS, February 23, (THEWILL) – American rapper, Shawn Carter, better known as Jay-Z, has sold half of his stake in Armand de Brignac to luxury beverage giant, LVMH Moët Hennessy.
This was announced in a statement on Monday by Philippe Schaus, President and CEO of Moët Hennessy.
According to Schaus, the new partnership would make the company take Armand de Brignac “to new heights across the world.”
“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category,” Schaus said.
“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroir.”
Speaking about the new deal, Jay-Z stated that he is excited about the joint venture with Moët Hennessy.
He said: “It is a partnership that has felt familiar the entire time.
“We are confident that 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.”
THEWILL writes that the new deal with Moët Hennesy entails a 50-50 ownership split and a global distribution agreement.