Jay-Z’s Armand de Brignac, also known as Ace of Spades, joins Dom Pérignon’s LVMH for $250 million.
What We Know:
- The world-renowned corporation LVMH has invested an estimated $250 million in half of Jay-Z’s Ace of Spade champagne brand. Jay-Z joined a video call last week with Philippe Schaus, the chief executive of LVMH Moët Hennessy Louis Vuitton’s luxury drink business, with a smile. The two men discussed the deal briefly while basking in the top-tier investments. Jay-Z, whose given name is Shawn Carter, walks away with keeping half of his very successful spirits company while joining the luxury giant LVMH.
- Mr. Schaus, who oversees the Champagne portfolio for Moët Hennessy, exclaimed to Jay-Z, “In your understanding of the world of tomorrow, we believe you created a new consumer for Champagne.” Mr. Carter also explained how Moët Hennessy is the “natural partner” to escalate Armand de Brignac to new heights. Both parties have raised the golden stakes for luxury products, and this pairing seems to be thriving.
- This news comes in the wake of another lucrative investment for Jay-Z in the cannabis business. MONOGRAM touts their premium four strands of cannabis as each product being “hand-finished.” Jay-Z explained to CNBC that his vision for MONOGRAM is “cannabis redefined.” TPCO and Jay-Z joined together to make MONOGRAM for a more inclusive world with people of color and cannabis. The MONOGRAM’s playlist called Sounds from the Grow Room can be found on the brand’s website.
- LVMH recognized the investment in Jay-Z’s bubbly company gave them the edge that so many seek in the luxury-brand world: diversity. With Mr. Carter’s recent investment of $10 million to help minority-owned cannabis companies, the growth in representation is inevitable. The entrepreneur recognizes the cannabis business disproportionately works against people of color while billionaires walk free, and so he continues to invest his life and businesses to better the playing field for black and brown bodies.
With the recent investments where representation is desperately needed, Jay-Z digs his heels into corporate America as a very successful black man.
