*LVMH’s Moët Hennessy has joined forces with Jay-Z and his Armand de Brignac champagne brand.
The hip-hop star has reportedly sold half the company to Moët Hennessy for an undisclosed price. Per the Financial Times, Jay said the partnership will help take Armand de Brignac to “the next level of taste and distribution.”
“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Jay-Z of the new partnership in a statement. “It is a partnership that has felt familiar the entire time. We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further.”
Jay and Moët Hennessy CEO Philippe Schaus appeared on CNBC’s Squawk Box to talk about the collaboration, (see clip above), and the artist said the partnership came “from a place of respect.”
“We are going into this partnership on equal terms together with Jay-Z and his family and the same conviction that we are only at the beginning of a wonderful story,” added Schaus. “Together, we will lay a strong path forward to firmly cement Armand de Brignac as a luxury icon for current and future generations of customers.”
The New York Times reports that Jay said he and his team were “always looking to grow this brand.”
A statement on the Armand de Brignac Twitter account said: “Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac. The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison.”