Moet Hennessy owned by LVMH has bought a 50 percent stake in the Armand de Brignac (Ace of Spades) champagne brand owned by American rap megastar Jay-Z.
The move by Moet Hennessy is the latest by a luxury brand to make efforts to widen its appeal by partnering with a celebrity to access its audience.
Jay-Z said in a statement, “I’m proud to welcome the Arnault family into ours through this partnership.”
The Arnault family operates the LVMH luxury brand.
The “Anything” singer, however, did not divulge the financial terms of the lucrative agreement that had been reported earlier by the Wall Street Journal, Financial Times and New York Times.
Jay-Z bought the champagne company in 2014 for USD30 million then increased its annual sales from 60,000 to 500,000 bottles in 2019, with its output and revenues rising each year.
Luxury brands across the globe have partnered with various celebrities as they target younger clients to increase their sales and revenues.
Just recently, Beyonce, the wife of Jay-Z (real name Shawn Corey Carter), struck an equally lucrative deal with the Ivy Park sportswear brand that is the envy of many across the world.
Only last year, cosmetics firm Coty struck a deal to purchase a 20 per cent stake in makeup brand KKW which is owned by reality television star Kim Kardashian West.