LVMH, the world’s biggest luxury goods companyworld’s biggest luxury goods company, said on Monday it had agreed to buy 50 percent of Armand de Brignac, the champagne brand owned by rapper Jay-Z.
The company said the purchase — for an undisclosed sum and made through its Moët Hennessy drinks division — also involved a distribution deal and would kick off a partnership reflecting a “shared vision” between the singer and the company.
Jay-Z’s champagne brand, known informally as Ace of Spades, had been “a fantastic success”, Moet Hennessy CEO Philippe Schaus said in a joint statement with Jay-Z. “Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs,” he said.
“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,” said JAY-Z. “It is a partnership that has felt familiar the entire time. 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.”
The years prior have seen Ace of Spades — glistening in bottles coated in metal — become something of a symbol for contemporary luxury, decadence and aspirational living.
This article is published via AFP Relaxnews.
