Jay-Z‘s Armand de Brignac aka Ace of Spaces has sold 50% of its stake in an acquisition by Moët Hennessy Louis Vuitton (LVMH). On Monday morning (Feb. 22), The two leading luxury spirits brands announced their new alliance which includes a global distribution agreement.
“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 Carter in a press release. “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.”
Moët Hennessy’s president and CEO, Philippe Schaus shared how his company has been a long-admirer of Armand de Brignac’s success in the champagne and wine categories.
“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.”
Watch Jay-Z’s sitdown interview with CNBC’s Squawk Box (which aired shortly after the published announcement) where he talks about how the deal came to fruition and his growth since entering the wine and spirits space after boycotting the champagne line, Cristal back in 2006.