JAY-Z keeps turning his rap money into real money.
The 51-year-old has sold a 50 percent stake in his Armand De Brignac Champagne Brand to LVMH, the parent company of Moet Hennessy.
The financial terms of the deal haven't been disclosed, but Hov referred to the transactions as the beginning of a partnership.
“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Jay-Z said in a statement. “It is a partnership that has felt familiar the entire time. We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further.”
Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac. The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison. https://t.co/Rux95qWidL pic.twitter.com/INPjPjUfBA— Armand de Brignac (@ArmandDeBrignac) February 22, 2021