LVMH and Jay-Z are officially going into business together. According to The New York Times, Jay-Z sold half of Armand de Brignac, which is his Ace of Spades Champagne line.
As the outlet explains, “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.”
They add the financial details of the deal have been kept under wraps, but they estimate that in 2018, half of Armand de Brignac was valued at $250 million.
Jay-Z spoke out about the venture and said, “We were always looking to grow this brand, and this happened very naturally. He added, “Just the idea of this partnership is a signal to a more diverse way of looking at things.”