Jay-Z is continuous to maneuver his international model.

In keeping with the New York Times, Jay-Z and the corporate that owns Dom Pérignon and Moët & Chandon, LVMH, are becoming a member of forces. LVMH has taken a 50 p.c stake in Jay-Z’s Champagne model Armand de Brignac. The phrases of the deal are reportedly not closed.

In 2014, Jay purchased Armand de Brignac, also called Ace of Spades. The model has offered greater than 500,000 bottles in 2019, in accordance with the Associated Press.

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Moet Hennessy President and CEO Philippe Schaus stated in a press release, “We’re extremely proud to be partnering with them.”

Jay-Z additionally acknowledged, “It’s a partnership that has felt acquainted the whole time.”

The coronavirus pandemic has hampered champagne gross sales as individuals are having fewer events and nights out. Trade commerce group Comite Interprofessionnel du Vin de Champagne estimated that champagne gross sales fell $1.2 billion, or 18 p.c by quantity, final yr.