American rapper Jay-Z (real name Shawn Corey Carter) sold half of his Armand de Brignac champagne brand to Moët Hennessy, a member of the elite Louis Vuitton Moët Hennessy (LVMH) group, CNBC reports.
The deal’s financial terms were not disclosed, but it is known that negotiations on it began in 2019. Moët Hennessy CEO Philippe Schaus said the hip-hop artist brand has helped bring new consumers to the champagne segment.
“What could we bring to a brand that is already very successful? The immense strength of our international distribution network, ” Schaus said.
It is clarified that in 2006 Jay-Z bought 50 per cent of the shares of Armand de Brignac, and eight years later, acquired the remaining share in the company. In 2019, his brand sold over 500,000 bottles. Simultaneously, the musician often mentioned Cristal champagne in his tracks until the company’s manager, Frederic Rouzo, expressed dissatisfaction with the fact that representatives of hip-hop culture are paying too much attention to their products. Jay-Z considered Ruzo’s words to be racist and decided to start his own champagne brand.