Jay-Z Champagne Ace of Spades Partners with Luxury Powerhouse LVMH who Acquires 50% Ownership Stake
Hip Hop Business Report - Jay-Z Turns Over 50% of Ace of Spades to Luxury Powerhouse LVMH. The Beverage giant acquires a 50% Ownership Stake in the rapper's Champagne Brand Armand de Brignac, widely known as 'Ace of Spades'!
Forbes has estimated that the Brooklyn-bred hip-hop entrepreneur has made a total of at least $300 million when he sold half the company to Moët Hennessy.
“The multiples for Armand de Brignac—based on the category and volume size of the brand—far outreach brands that don’t have that celebrity ownership,” says beverage market analyst Eric Schmidt.
“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category. Often referred to as “Ace of Spades,” Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs. Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand, and quality of its range of prestige cuvées will allow us to take the business to new heights across the world,” Philippe Schaus, president & CEO of Moët Hennessy, said in a statement.
via Black Enterprise and Forbes