Clear. 32.5   F New York
AI-Powered News Summarizer
Top Stories

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

February 22, 2021. Summarized by summa-bot.

Compression ratio: 46.6%. 1 min read.

LOS ANGELES, CALIFORNIA - JANUARY 25: Jay-Z attends 2020 Roc Nation THE BRUNCH on January 25, 2020 in Los Angeles, California. (Photo by Kevin Mazur/Getty Images for Roc Nation)

Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly.

New York (CNN Business)Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly.

LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z's Champagne brand Armand de Brignac, also known as "Ace of Spades. " The terms of the deal were not disclosed.

LVMH recently revealed tennis champion Naomi Osaka as its new brand ambassador.

And a few years ago, it partnered with singer Rihanna on Fenty Fashion House, making her the first Black woman to lead an original brand with LVMH.

But LVMH said it will continue to support other elements of the Fenty empire, concentrating on "the growth and long-term development" of beauty and skincare lines Fenty Beauty and Fenty Skin, as well as lingerie line Savage X Fenty, which just raised $115 million to help it expand into retail.

At LVMH, Champagne volumes fell 19% in 2020, the company said in January.

"For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category," said Philippe Schaus, president and CEO of Moet Hennessy, in a release Monday.

Shawn Carter, who goes by Jay-Z, has long had an interest in Champagne.

Instead of Cristal, Jay-Z turned his attention to Armand de Brignac.

Jay-Z acquired the brand in 2014.

LVMH's distribution strength and experience developing luxury brands "will give Armand de Brignac the commercial power it needs to grow and flourish even further," said Jay-Z in a statement Monday.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.