Jay-Z Announces Lucrative Partnership With LVMH

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LVHM becomes a 50% percent owner of Jay-Z’s Armand De Brignac champagne brand, known as, “Ace of Spades.”

If you must know anything about Shawn “Jay-Z” Carter, you must refer back to his verse on Kanye West’s “Diamonds of Sierra Leone” remix. In the verse, Jay-Z stated his infamous line, “I’m not a business man, I’m a business man.”

That was in 2005. A year later he became half owner of Armand De Brignac. In 2014, he became 100% owner of the champagne brand. Since then he has not only lived up to the lyric but surpassed any expectation during the journey. This is quite prevalent in his recent business deal.

Jay-Z appeared on CNBC’s “Squawk Box” on Monday to expand on the partnership. He speaks to the like-mindedness of the two brands, which led to the partnership is a no-brainer.

“We built Armand from the ground up, you know we want to do things right, integrity of it had to be right,” stated Hov. “When we build luxury products, whether it be Roc Nation or Monogram, whether it be Roc Nation or Monegram….. Moet Hennessey goes about it the same way.”

According to the NY Times, conversations began in Summer 2019 when Hov hosted a lunch for LVMH CEO, Bernard Arnault, and his son, Alexandre Arnault. From there the relationship grew and has led to this lucrative partnership. While the pandemic has dropped the sales of champagne, both companies are looking to recover as time progresses.

The post Jay-Z Announces Lucrative Partnership With LVMH appeared first on The Source.

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