Jay-Z Sells Half of Ace of Spades Champagne to LVMH
Photo Credit: Kevin Mazur/Getty Images for Roc Nation
Jay-Z, born Shawn Carter, has partnered with French luxury goods conglomerate LVMH, making a major splash in the champagne business.
The hip hop billionaire has sold half of his popular beverage company, Armand de Brignac (also known as Ace of Spades) in a deal with LVMH that gives the businessman organizational support and distribution power in exchange for cultural currency, according to New York Times.
Investing in celebratory items such as champagne in the midst of a pandemic may seem like a risky business move but he tells NYT that he’s confident in this deal as the market has recovered from its initial decline in revenue and shipment in the beginning of 2020.
Carter has proven time and time again that he thinks two steps ahead to stay successful in business. He tells the Wall Street Journal that he’s focused on the company’s growth.
“We were working really hard to maintain a brand that was growing faster than the staff we had and bigger than some of the expertise we had,” Jay-Z, born Shawn Carter, said in an interview. “We’d been in this 15 years, not a hundred.”
Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac. The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison. https://t.co/LHmQd0s7Dh pic.twitter.com/irRyziwZYs
— Roc Nation (@RocNation) February 22, 2021
A bottle of Ace of Spades can cost between $300 to $65,000. LVMH chief executive, Philippe Schaus, applauds Carter for opening a new market to a new consumer for champagne and says the company has been working to earn capital in today’s culture.
“We have to catch up somehow,” said Mr. Schaus on the Zoom call with the New York Times. “So this relationship will inject us with some better understanding of the market of tomorrow.”
So far the company has collaborated with Rihanna, Gucci, and A$AP Rocky to reach and appeal to a younger and more diverse audience, according to Wall Street Journal.