JAY-Z is selling 50 percent of Armand de Brignac company, which holds Ace of Spades champagne line, to LVMH.
“We were always looking to grow this brand and this happened very naturally,” Jay said of the partnership. “Just the idea of this partnership is a signal to a more diverse way of looking at things.”
Forbes estimated Armand de Brignac to have a $310 million valuation, as Jay joined CNBC to detail why the partnership made sense.
“When we build luxury products, whether it be from Roc Nation to Monogram, we’re building luxury products,” he stated. “Moët Hennessy goes about it the same way. We were aligned in our thoughts in integrity and passion for the things that we build.
LVMH is a French corporation specializing in luxury goods and own designer brands such as Dior, Givenchy, Tiffany & Co. and Gucci.
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