Wine
LVMH Buys 50% of Jay-Z’s Champagne Brand Armand de Brignac
- Stake purchase follows initial talks with Alexandre Arnault
- Champagne demand has fallen amid postponed celebrations
Photographer: Francois Nascimbeni/AFP/Getty Images
LVMH’s Moet Hennessy has bought a 50% stake in Armand de Brignac, a Champagne producer owned by rapper Jay-Z, another sign of a close relationship between the luxury industry and hip-hop culture.
No financial terms were disclosed for Monday’s transaction. Armand de Brignac sold more than half a million bottles in 2019, prices of which run $300 and up.