LVMH luxury brand Moët Hennessy announced that it will buy 50% of Armand de Brignac’s champagne brand from rapper Jay-Z, Beyoncé’s husband.
As reported by the Wall Street Journal, the singer said he be « proud to welcome the Arnault family through this association », referring to the family who run LVMH.
The financial terms of the partnership are unknown, but it is the latest endeavor of the Luxury brand to reach younger customers.
The « Empire State of Mind » singer brand is one of the newest in the sparkling wine industry and is known for its legendary metal bottles, which can fetch prices of up to 12,000 pesos (approx. 547 US dollars) .
That partnership comes at a difficult time for champagne, the Journal says, as the pandemic has caused the cancellation of weddings, graduations and other events that reduced their sales by 20% in 2020.