Jay-Z on teaming up with Moet on his luxury champagne brand Armand de Brignac
Moet Hennessy announced Monday that it will be acquiring a 50% stake in luxury champagne brand Armand de Brignac, also known as the Ace of Spades. The brand was popularized by Grammy-winning artist and businessman Jay-Z, who will retain a 50% ownership stake alongside Moet. Jay-Z joined "Squawk Box" on Monday with Philippe Schaus, CEO of LVMH's wines and spirits arm Moet Hennessy, to discuss the deal. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Moet Hennessy, the wine and spirits division of luxury conglomerate LVMH, announced Monday the purchase of a 50% stake in rapper Jay-Zs champagne brand, Armand de Brignac.
Financial terms of the deal were not disclosed.
Jay-Zs relationship with Armand de Brignac started in 2006 with a 50% stake in the brand and debuted in his Show Me What You Got music video before it officially launched later that year. He had previously endorsed Cristal in his songs before an executive of Louis Roederer made disparaging comments about its role in hip-hop culture. The rapper, whose given name is Shawn Carter, bought the remaining half of Armand de Brignac in 2014.
Carter said on CNBCs Squawk Box on Monday that he started having conversations about a deal with LVMH in 2019.
It just started out in a place of respect and built from there pretty quickly, he said.
Moet Hennessy CEO Philippe Schaus told CNBCs Becky Quick that Armand de Brignac brought new consumers to the champagne category.
What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network, Schaus said.
The brand, which is known by the nickname Ace of Spades, sold more than 500,000 bottles in 2019. With fewer parties and nights out, the coronavirus pandemic has hit champagne sales. Industry trade group Comite Interprofessionnel du Vin de Champagne estimated that champagne sales fell $1.2 billion, or 18% by volume, last year.
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Moet Hennessy announced Monday that it will be acquiring a 50% stake in luxury champagne brand Armand de Brignac, also known as the Ace of Spades. The brand was popularized by Grammy-winning artist and businessman Jay-Z, who will retain a 50% ownership stake alongside Moet. Jay-Z joined "Squawk Box" on Monday with Philippe Schaus, CEO of LVMH's wines and spirits arm Moet Hennessy, to discuss the deal. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Moet Hennessy, the wine and spirits division of luxury conglomerate LVMH, announced Monday the purchase of a 50% stake in rapper Jay-Zs champagne brand, Armand de Brignac.
Financial terms of the deal were not disclosed.
Jay-Zs relationship with Armand de Brignac started in 2006 with a 50% stake in the brand and debuted in his Show Me What You Got music video before it officially launched later that year. He had previously endorsed Cristal in his songs before an executive of Louis Roederer made disparaging comments about its role in hip-hop culture. The rapper, whose given name is Shawn Carter, bought the remaining half of Armand de Brignac in 2014.
Carter said on CNBCs Squawk Box on Monday that he started having conversations about a deal with LVMH in 2019.
It just started out in a place of respect and built from there pretty quickly, he said.
Moet Hennessy CEO Philippe Schaus told CNBCs Becky Quick that Armand de Brignac brought new consumers to the champagne category.
What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network, Schaus said.
The brand, which is known by the nickname Ace of Spades, sold more than 500,000 bottles in 2019. With fewer parties and nights out, the coronavirus pandemic has hit champagne sales. Industry trade group Comite Interprofessionnel du Vin de Champagne estimated that champagne sales fell $1.2 billion, or 18% by volume, last year.
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Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBCs daily news podcast providing deep, non-partisan coverage and perspective on the days most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
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