Jay-Z Made At Least $300 Million When He Sold Half Of His Ace of Spades Brand, Report
Jay-Z’s net worth just keeps going up.
The rapper, philanthropist, and entrepreneur reportedly received a $300 million payday when he sold his popular Armand de Brignac (Ace of Spades) brand in a deal with LVMH’s Moët Hennessy.
According to Forbes, the overall transaction was worth $600 million, giving Jay-Z at least $300 million.
Jay-Z explained why he wanted to partner with Moët Hennessy in a press release and said,
“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.”
— Squawk Box (@SquawkCNBC) February 22, 2021
Philippe Schaus, President & CEO of Moët Hennessy said of the partnership:
“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category. Often referred to as “Ace of Spades”, Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs. Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand and quality of its range of prestige cuvées will allow us to take the business to new heights across the world.”
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