Jay-Z sells 50% stake of his Champagne brand, Armand de Brignac, to luxury giant
LVMH’s Moët Hennessy in a partnership deal.
LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z’s
Champagne brand Armand de Brignac, also known as “Ace of Spades.” The terms of the
deal were not disclosed.
The partnership comes at a time when LVMH is working to appeal to a more diverse
clientele. The luxury sector has long been criticized for cultural appropriation, high-
profile racist gaffes and a lack of runway diversity.
Read Also:Jay Z Plans To Keep George Floyd Memories Alive
LVMH recently revealed tennis champion Naomi Osaka as its new brand ambassador.
During the US Open, Osaka was praised for supporting the Black Lives Matter protests
that started over the summer. It has also collaborated with skateboarder Lucien Clark on
apparel and a skate shoe.
And a few years ago, it partnered with singer Rihanna on Fenty Fashion House, making
her the first Black woman to lead an original brand with LVMH. Fenty Fashion House was
recently discontinued. But LVMH said it will continue to support other elements of the
Fenty empire, concentrating on “the growth and long-term development” of beauty and
skincare lines Fenty Beauty and Fenty Skin, as well as lingerie line Savage X Fenty, which
just raised $115 million to help it expand into retail.
“LVMH is a brand that has quite a wide appeal. It serves lots of different markets,” said
Neil Saunders, retail industry analyst and managing director of GlobalData.
By diversifying its marketing efforts and expanding its portfolio, it can help reach “audiences
that are very important, but perhaps have been traditionally underrepresented in luxury,”
he said. The partnership with Jay-Z “certainly helps as part of that effort.”
http://nationalsportslink.com.ng
