Jay-Z continues expanding his enormous empire.
The rapper made a big announcement this morning when he announced the decision to sell 50% of Armand de Brignac, the company which is best known for the luxury champagne Ace of Spades to Moët Hennessy according to the New York Times.
While the value of the deal is unknown at this time, the rapper/mogul went onto CNBC to discuss the deal on the show Squawk Box.
“When we build luxury products, whether it be from Roc Nation to Monogram, we’re building luxury products,” he said. “Moët Hennessy goes about it the same way. We were aligned in our thoughts in integrity and passion for the things that we build.”
"We have a long way to go towards inclusivity," says Shawn "Jay-Z" Carter. "There's plenty room to go from here." pic.twitter.com/rdu7O4gtWB
— Squawk Box (@SquawkCNBC) February 22, 2021
Moët Hennessy owns brands such as Hennessy, Moët, Hublot, Dior, Givenchy, Tiffany & Co. and Gucci.
Jay-Z’s original stake was 50% stake in Armand de Brignac in 2006, and ended up purchasing the next 50% in 2014.
It should also be noted that Jay-Z is also a major stakeholder in TIDAL streaming company and most recently became the Chief Visionary Officer of TPCO Holding Corp., which is a company that will invest in Black and minority-owned cannabis businesses as well as criminal justice initiatives.
"It's a happy day and I feel very vindicated from that time," says Shawn "Jay-Z" Carter on teaming up with @MoetHennessy 🍾 years after boycotting Cristal. pic.twitter.com/Kes7WLOCVa
— Squawk Box (@SquawkCNBC) February 22, 2021
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