LVMH's Moet Hennessy Buys into Jay-Z's Champagne Brand
LVMH’s Moet Hennessy decided to purchase a 50 percent stake in Shawn "Jay-Z" Carter's Armand de Brignac champagne brand.
In a statement, Carter said, “I’m proud to welcome the Arnault family into ours through this partnership.”
The financial details of the deal have yet to be disclosed, but Carter has a track record for procuring lucrative deals, especially when it comes to luxury products and establishments.
In 2019, Armand de Brignac sold more than half a million bottles, with prices starting at $300.
“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the tradition of the Champagne terroirs,” said Philippe Schaus, chief executive officer of LVMH’s Moet Hennessy drinks unit, in a statement.
Carter has been an investor in Armand de Brignac since 2006 and bought out Sovereign Brands’ stake in the company in 2014.
His deal with LVMH is based on his relationship with Alexandre Arnault, the 28-year old son of LVMH’s billionaire founder, Bernard Arnault.
Alexandre has been taking a bigger role at the conglomerate, recently being named to help run Tiffany & Co.
Last year, LVMH, whose brands include Moet & Chandon Champagne and Hennessy Cognac, outperformed, with wine and spirit sales dropping 14 percent.