In a move that’s gonna make JAY-Z way richer than he is already (reportedly $315 million AUD richer to be exact) the Brooklyn MC has announced that he has sold half of his Ace Of Spades (AKA Armand de Brignac) champagne brand. The lucky buyer is an absolute doozy, none other than LVMH’s Moët Hennessy Louis Vuitton SE. Now, LVMH will retain a 50% interest in the brand to help grow it even further into the global market.
To give you a brief history of the brand, Jay invested in Armand de Brignac way back in 2006. It happened pretty hilariously as well, as an exec at Cristal’s parent company pointed out that the brand was constantly being featured in hip hop songs, and was worried this would consequently hurt the champagne’s reputation. Thus, Hov being the G he is (as well as a bit of a troll) ended up investing right there and then, and ended up buying his partners out in 2014. Now, it’s become hip hop’s favourite champagne and that of one of the most popular in the world, with annual sales increasing from $60,000 USD to $500,000 USD in 2019 ($75,000 AUD to $631,000 AUD).
Now, speaking on the 2021 move, Jay kept it all the way 100, explaining that “We were working really hard to maintain a brand that was growing faster than the staff we had and bigger than some of the expertise we had,” he said. “We’d been in this 15 years, not a hundred.”
It’s been a pretty wild year for LVMH already, who recently made a deal with Rihanna’s Fenty brands to expand the Savage X Fenty line, along with releasing a collab with none other than Gucci Mane. And now, with Ace Of Spades, they’ll no doubt be one of the most in-demand luxury distributors in the world.