Jay-Z’s Armand de Brignac champagne deal valued at $630 million
Rapper Jay Z made a deal with Moët Hennessy, the wine and spirits division of luxury goods giant LVMH last month, with the company buying a 50% stake.
According to Forbes, the brand, Armand de Brignac [Ace of Spades] is valued at about $630 million, landing the rapper a cash payment of about $300 million (£214 million). The details of the deal is yet to be made public, but the Hip Hop mogul previously said he was ‘proud’ to welcome Moët Hennessy on board.
‘I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles. ‘It is a partnership that has felt familiar the entire time. The 51 year old rapper said in a statement.
‘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’