Jay-Z continues to thrive in the board room with the same flair he exhibited as one of the world’s best rappers. The Brooklyn mogul sold half of his champagne brand Armand de Brignac business to LVMH, which will significantly boost its global profile.
The New York Times broke the news of Jay-Z’s sale of the champagne largely known as Ace of Spades in most circles. Now in partnership with the Paris-based LVMH Moët Hennessy Louis Vuitton, Armand de Brignac will have the resources of LVMH at their disposal. As it stands, Ace of Spades has emerged as a symbol of celebration and wealth and has become a staple in nightclubs and establishments where bottle service is given.
As the Times notes, the deal brings in a savvy Black business owner in Jay-Z and gives LVMH a broader cultural reach it hadn’t enjoyed previously. The terms of the deal aren’t known but it should be assumed that Ace of Spades, which Jay-Z previously owned fully, is worth several millions of dollars.
“We were always looking to grow this brand,” Jay-Z said during a Zoom call with Philippe Schaus, who runs the drinks portion of the LVMH conglomerate, “and this happened very naturally.”
Congrats to Jay-Z and to LVMH on closing a deal that’s sure to pay huge dividends for years to come.
Bag Collection: Jay-Z Sells Half Of Aces Of Spades To LVMH was originally published on hiphopwired.com