Jay-Z has sold half of his champagne brand to Moet Hennessy for an undisclosed figure.
The announcement of the partial acquisition of Armand de Brignac, popularly known as Ace of Spades, was made today by Moet Hennessy, the wine and spirits division of luxury goods company LVMH.
Jay-Z, born Shawn Carter, bought Armand de Brignac in 2014, helping the brand to sell over half a million bottles just five years later.
Regarding the move, the Blueprint rapper said, “It is a partnership that has felt familiar the entire time.”
He added 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.”