Jay-Z may have 99 problems, but Champagne ain’t one. As of today, 50 percent of his Champagne brand Armand de Brignac has been purchased by Moët Hennessey, the wine and spirits division of the luxury conglomerate LVMH.
The brand is commonly known by its nickname “Ace of Spades,” a moniker popularized by its frequent mentions in the realm of hip-hop culture. In fact, Jay-Z purchased Armand de Brignac in 2014, effectively ending his endorsement of Cristal after an executive of Roederer ridiculed the Champagne’s role in the hip-hop world. LVMH, in contrast, seems to be incentivized by Ace of Spades’ hip-hop clout. According to Phillipe Schaus, a chief officer of LVMH, while the merger offers Jay-Z the distribution power of a global Champagne giant, LVMH will benefit from partnership with a Black cultural leader — especially during a moment when the luxury sector is under fire for its racist history.
It might seem like an inopportune time to invest in Champagne, considering the bubbly industry has taken an estimated $1.2 billion hit since the start of the pandemic. But according to Armand de Brignac’s press release, this partnership is the catalyst for something greater to come —reflecting a “shared vision […] for the future of this iconic Maison.”