LVMH Moët Hennessy Louis Vuitton has purchased a 50% stake of Jay-Z’s Armand de Brignac champagne brand as the two companies announced their partnership on Tuesday.
Through LVMH’s Moët Hennessy wines and spirits division, there will be “a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison,” the statement read as quoted by Hypebeast with figures of the deal including price yet to be revealed.
View this post on Instagram
Jay-Z initially spoke to Alexandre Arnault, the son of LVMH’s Chief Executive, Bernard Arnault, where the foundations of this strategic collaboration were being materialised.
“It is a partnership that has felt familiar the entire time,” JAY-Z’s announcement continued.
“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.”
Source: Hypebeast