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Jay-Z Sells Half Of His Champagne Brand To LVMH

According to CNN, Jay-Z has sold off a 50% ownership in his Armand de Brignac champagne company. Jay has recently reached a deal with luxury conglomerate LVMH, which also owns brands like Dom Pérignon and Moët & Chandon.

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Even though there have been better times in history for the champagne business, Jay-Z has sold a 50 percent stake in his Armand de Brignac champagne brand, reports CNN. Jay has recently reached a deal with luxury conglomerate LVMH, which also counts brands like Dom Pérignon and Moët & Chandon among its holdings, for an undisclosed sum.

The transaction occurs as LVMH apparently tries to expand its clientele following a string of controversies and PR gaffes. They recently announced that tennis star Naomi Osaka would be the new LVMH brand ambassador, and partnered with professional skateboarder Lucien Clark on a skate shoe and apparel collection.

Stephen Lovekin/Getty Images

Stephen Lovekin/Getty Images

“The cooperation that started with Alexandre Arnault and went on with his father Bernard Arnault and Philippe Schaus, at my house in Los Angeles, makes me happy to extend a warm welcome to the Arnault family into ours. All along, the partnership has felt comfortable. We are convinced that Armand de Brignac will have the commercial clout it needs to expand and prosper even further thanks to Mot Hennessy’s unmatched portfolio strength, long-standing reputation for competence in producing luxury brands, and overwhelming global distribution network power.”

Under the terms of the agreement, LVMH will handle global distribution of Armand de Brignac champagne, but details on the precise nature of those terms haven’t been made public as of yet.