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.
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
Creating a brand is one of the most important steps in building a business. It can help set you apart from the competition and tells customers what your values are, but many companies don't know how to brand themselves effectively. Tiana Von Johnson, CEO & Chief Brand Strategist of TVJ World, gives expert tips on the do’s and don’ts of branding.
Housing affordability has collapsed to its lowest level on record over the last year. According to the national association of realtors, affordability has dropped by 29%, thanks to surging home prices and mortgage rates. Odeta Kushi, Deputy Chief Economist of First American, breaks down the housing market, and when buyers can expect prices to finally drop.
U.S. markets opened sharply lower on Friday on hotter-than-expected inflation data. The May CPI showed an 8.6% jump in consumer prices year-over-year, higher the expected 8.3%. Mark Howard, Senior Multi-Asset Specialist at BNP Paribas joined Cheddar's Opening Bell to discuss.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Residents often have to wait on federal assistance after a disaster, but one group has a solution: hiring community members to help clean up and improve their neighborhoods. Resilience Force tackles two problems at once by creating jobs in response to growing climate-related disasters. LaTanja Silvester, director of New Orleans programming for Resilience Force, joins Closing Bell to discuss how the organization creates jobs in communities that need help and higher employment, the importance of creating a "green" workforce, and more.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
Yung Lim, CEO and Fixed Income Strategist at FolioBeyond, joined Closing Bell to discuss the May CPI report, as inflation is still red-hot going into a key decision from the Federal Reserve about interest rates.
