LVMH buys 50% stake in Jay-Z’s champagne brand Armand de Brignac

SourceCNBC
SectorRetail
CountryMiddle east

Moet Hennessy, the wine and spirits division of luxury conglomerate LVMH, announced Monday the purchase of a 50% stake in rapper Jay-Z's champagne brand, Armand de Brignac. Financial terms of the deal were not disclosed. Jay-Z's relationship with Armand de Brignac started in 2006 with a 50% stake in the brand and an appearance in his "Show Me What You Got" music video before it officially launched later that year. He had previously endorsed Cristal in his songs before an executive of the parent company made disparaging comments about its role in hip-hop culture. The rapper, whose given name is Shawn Carter, bought the remaining half of Armand de Brignac in 2014. Carter said on CNBC's "Squawk Box" on Monday that he started having conversations about a deal with LVMH in 2019. "It just started out in a place of respect and built from there pretty quickly," he said. Moet Hennessy CEO Philippe Schaus told CNBC's Becky Quick that Armand de Brignac brought new consumers...read more...