American rapper, Jay-Z, has sold off fifty percent of his champagne brand, Armand de Brignac, to the world’s biggest luxury goods company, LVMH.
The luxury company agreed to buy the brand on Monday.
The company stated that the purchase would kick off a partnership reflecting a “shared vision” between the singer and the company.
Jay-Z’s champagne brand, known informally as Ace of Spades, had been “a fantastic success”, Moet Hennessy CEO, Philippe Schaus, said in a joint statement with Jay-Z.
“Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs,” Philippe said in the statement.
Jay-Z said “it is a partnership that has felt familiar the entire time”, adding that he was confident that “the sheer power of the Moet 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.”