Jay-Z continues to carry its global brand.
According to New York Times, Jay-Z and co-owners Dom Pérignon and Moët & Chandon, LVMH, become one. LVMH acquired a 50 percent stake in Jay-Z Armand de Brignac Champagne brand. It is said that the terms of the transaction are closed.
In 2014, he bought Jay Armand de Brignac, also known as the Ace of Spades. According to., The brand sold more than 500,000 bottles in 2019 Associated Press.
Moet Hennessy President and CEO Philippe Schaus said in a statement, “We are very proud to be partners with them.”
Jay-Z also stated, “It is a partnership that has known itself well all along.”
The coronavirus pandemic has blocked the sale of champagne because people have fewer parties and nights. Comite Interprofessionnel du Vin de Champagne industrial trade group estimated that sales of champagne fell to $ 1.2 billion last year, or 18 percent.