Moet Hennessy is acquiring a 50% stake in rapper and entrepreneur Jay-Z’s champagne brand in an effort to up its cool factor and expand distribution.
Terms of the deal, which was announced on Monday, were not released.
Armand de Brignac, known familiarly as Ace of Spades because of its distinctive label, is produced in France’s Champagne region by a father and son who are 12th and 13th generation wine growers.
Jay-Z, whose real name is Shawn Carter, gave the brand a boost in 2006 when he featured one of their bottles in a music video after a public fallout with Cristal, a rival brand. Jay-Z accused Cristal of racism after an executive for the brand mused in an interview about whether partnering with a rapper would harm its image.
In 2014, Jay-Z bought Armand de Brignac for an undisclosed sum. The brand sold more than 500,000 bottles worldwide in 2019.
Moet Hennessy president and CEO Philippe Schaus said Armand de Brignac breaks barriers and reflects contemporary ideas of luxury, even as it supports historic champagne-making traditions.
“We are incredibly proud to be partnering with them,” Mr Schaus said.
Jay-Z said the partnership will help Armand de Brignac grow and flourish, noting Moet Hennessy’s track record of developing luxury brands such as Dom Perignon and Veuve Clicquot. Moet Hennessy is the wine and spirits division of luxury goods company LVMH.
“It is a partnership that has felt familiar the entire time,” Jay-Z said.