Shawn “Jay-Z” Carter is hellbent on journalists referencing his “I’m not a businessman, I’m a business, man” lyric in the article’s lede with every money move he makes, isn’t he?
Oh look, I did it again.
Here’s the news—LVMH (Moët Hennessy Louis Vuitton) has acquired a 50 percent stake in Jay’s champagne brand Armand de Brignac (colloquially known as Ace of Spades) and the two entities have entered into a global distribution agreement with the hopes of a “long-term alliance.”
“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” Jay-Z said in a statement. “It is a partnership that has felt familiar the entire time. 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.”
The New York Times reported Jay hopped on a Zoom call with Philippe Schaus, President & CEO of Moët Hennessy last week to discuss the acquisition.
NYT further reports:
Neither side would disclose the financial terms of the transaction. But if Jay-Z’s lyrics can be considered appropriate journalistic sourcing (it’s very probable they shouldn’t be), half of Armand de Brignac was valued in 2018 at $250 million. “I’m 50 percent of D’Ussé and it’s debt-free, 100 percent of Ace of Spades, worth half a B,” Jay-Z rapped on “What’s Free,” the Meek Mill track. (D’Ussé is the cognac brand that Jay-Z owns with Bacardi.)
“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,” Schaus said in a statement. “Often referred to as “Ace of Spades”, Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs. Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand and quality of its range of prestige cuvées will allow us to take the business to new heights across the world.”