JAY-Z sells 50 percent stake of Ace of Spades to LVMH
The hip hop mogul said the partnership will take his champagne brand to “the next level of taste and distribution.”
JAY-Z has entered a partnership with LVMH. On Monday (Feb. 22), Moët Hennessy, the luxury conglomerate’s wine and spirits division, announced its purchase of a 50 percent stake in JAY-Z’s champagne brand Armand de Brignac, commonly known as Ace of Spades.
Appearing on CNBC’s “Squawk Box” on Monday to announce the deal, Hov said he and LVMH began discussing the potential partnership in 2019.
“It just started out in a place of respect and built from there pretty quickly,” he said on the show.
According to Yahoo! Finance, JAY also called Moët a “natural partner” and said the deal would take Armand de Brignac to “the next level of taste and distribution.”