ART CULTURE NEWS

Jay-Z Sells 50% of The Ace Of Spades Champagne to LVMH

LOS ANGELES, CALIFORNIA – JANUARY 25: Jay-Z attends 2020 Roc Nation THE BRUNCH on January 25, 2020 in Los Angeles, California. (Photo by Kevin Mazur/Getty Images for Roc Nation)

French conglomerate LVMH has announced it has taken a 50% stake in rapper-mogul Jay-Z’s Champagne house, Armand de Brignac. Popularly known as ‘Ace of Spades’ for the vibrant metallic bottles that house the bubbles, the Champagne brand showed strong momentum in pre-pandemic times, selling over 500,000 bottles in 2019.

The partnership also gives Moët Hennessy a global distribution agreement. The French conglomerate has several marquee wines and spirits under its umbrella, including Dom Perignon, Veuve Clicquot, Krug and Château d’Yquem.

FRANCE-US-BEVERAGE-MUSIC-PEOPLE

The partnership between the French company and the American businessman signals an optimism about the future of luxury consumption and the post-pandemic attitude of consumers.

Jay-Z holds Ace of Spades bottles.

The pandemic dampened sales for a spirit associated with celebration. The Champagne industry, which kicked off the year with strong momentum, saw sales sharply decrease, reportedly as much as 70%, amid enforced lockdowns, restaurant closings and social distancing.

Ace of Spades bottles

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,” Jay Z

Phillippe Schaus, president of LVMH’s spirit group Moët Hennessy, said his company had been interested in the brand for its appeal to a “global and diverse luxury consumer”.

“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,” he said.

“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs.”

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