By Dee-Ann Durbin
Moet Hennessy is acquiring a 50% stake in rapper and entrepreneur Jay-Z’s Champagne brand in an effort to up its cool factor and expand distribution.
Terms of the deal, which was announced Monday, weren’t released.
Armand de Brignac, known familiarly as Ace of Spades because of its distinctive label, is produced in France's Champagne region by a father and son who are 12th and 13th generation wine growers.
Jay-Z, whose real name is Shawn Carter, gave the brand a boost in 2006 when he featured one of their bottles in a music video after a public fallout with Cristal, a rival brand. Carter accused Cristal of racism after an executive for the brand mused in an interview about whether partnering with a rapper would harm its image.
In 2014, Carter bought Armand de Brignac for an undisclosed sum. The brand sold more than 500,000 bottles worldwide in 2019.
Moet Hennessy President and CEO Philippe Schaus said Armand de Brignac breaks barriers and reflects contemporary ideas of luxury, even as it supports historic Champagne-making traditions.
“We are incredibly proud to be partnering with them,” Schaus said.
Carter said the partnership will help Armand de Brignac grow and flourish, noting Moet Hennessy’s track record of developing luxury brands like Dom Perignon and Veuve Clicquot. Moet Hennessy is the wine and spirits division of luxury goods company LVMH.
“It is a partnership that has felt familiar the entire time,” Carter said.
Carter is one of several celebrities to profit from a partnership with an alcohol brand.
Actor George Clooney co-founded Casamigos, a tequila brand, in 2013. It was purchased by beverage giant Diageo in 2017 for $700 million. Last year, Diageo also scooped up Aviation American Gin, a brand co-owned by actor Ryan Reynolds, for $610 million.
Actor Dwayne “The Rock” Johnson recently released a tequila brand called Teramana. Singer John Legend has his own wine label, LVE. And in 2018, singer Bob Dylan launched the Heaven’s Door whiskey brand.
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
Millions of people have selected insurance plans for 2024 but sometimes navigating them can be tricky time consuming and expensive. Paula Pant, host of 'Afford Anything' podcast, joined Cheddar News to break down what's needed to know about their insurance plans.
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
Adobe and Figma called off their $20 million merger, Southwest Airlines gets fined, Nippon Steel is buying U.S. Steel and oil and gas prices surge after a pause in shipments.
With more employees being called back to the office, many workers are suddenly protesting by being in the office for as little time as possible. As the term suggests, coffee-badging means coming in for just enough time to have a cup of coffee, show your face, and swipe your badge.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
