Jay-Z has sold 50 percent of his Ace of Spade champagne company to Moët Hennessy-Louis Vuitton LVMH, a top luxury brand in the US.
The singer and rapper had bought it for $30 million in 2014 and now put it our for sale for over an estimated $250 million. The brand originally known as Armand de Brignac sold more than half a million bottles, prices of which run $300 and up, in 2020.
Aljazeera reported that the deal is the fruit of connections between rapper Jay-Z and Alexandre Arnault, the 28-year-old son of LVMH’s billionaire founder, Bernard Arnault.
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The deal gives Jay-Z the organizational support and distribution power of a global drinks machine while LVMH gets the cool clout and lifestyle marketing savvy of a pace-setting Black cultural leader at a time when the luxury sector’s racism is under particular scrutiny.
Photos Credit: Getty
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