Jay-Z is continuing to move his global brand.
According to the New York Times, Jay-Z and the company that owns Dom Pérignon and Moët & Chandon, LVMH, are joining forces. LVMH has taken a 50 percent stake in Jay-Z's Champagne brand Armand de Brignac. The terms of the deal are reportedly not closed.
In 2014, Jay bought Armand de Brignac, also known as Ace of Spades. The brand has sold more than 500,000 bottles in 2019, according to the Associated Press.
Moet Hennessy President and CEO Philippe Schaus said in a statement, “We are incredibly proud to be partnering with them.”
Jay-Z also stated, “It is a partnership that has felt familiar the entire time.”
The coronavirus pandemic has hampered champagne sales as people are having fewer parties and nights out. Industry trade group Comite Interprofessionnel du Vin de Champagne estimated that champagne sales fell $1.2 billion, or 18 percent by volume, last year.
(Photo by Kevin Mazur/Getty Images for Roc Nation)