In an announcement on Monday, Jay-Z declared a partnership between LVHM and his champagne brand Armand de Brignac. The rapper sold 50% of his stake to Moët Hennessy Louis Vuitton, the French luxury conglomerate known for having high-end liquor brands under its belt, including Dom Pérignon, Moët & Chandon, Veuve Clicquot and Belvedere.
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“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,” said the rapper-entrepreneur in a statement on Instagram.
The champagne brand was fully acquired by Jay-Z in 2014, and is widely known as the “Ace of Spades” because of its identifiable logo. The glittering gold bottles sell upwards of $300, with their 30-litre bottle dubbed the “Midas” sold for $100,000 to the Boston Bruins in 2011.
Hip-hop has always had an association with champagne, Jay-Z being the first rapper to own outright a champagne label. The 51-year-old had a falling out with his former favourite, Cristal over comments made by an exec, who when asked by a publication if an association with rap could hurt the bubbly brand, said: “That’s a good question, but what can we do? We can’t forbid people from buying it.” Jay-Z boycotted the popular brand, and started an association with Armand de Brignac, even debuting its signature gold bottles in his “Show Me What You Got” music video in 2006. The shiny bottles even made its way into the lyrics of the song “gold bottles of that ace of spade”.