LVMH, the world's biggest luxury goods company, said on Monday it had agreed to buy 50 percent of Armand de Brignac, the champagne brand owned by rapper Jay-Z.
The company said the purchase -- for an undisclosed sum and made through its Moet Hennessy drinks division -- also involved a distribution deal and would kick off a partnership reflecting a "shared vision" between the singer and the company.
Jay-Z's champagne brand, known informally as Ace of Spades, had been "a fantastic success", Moet Hennessy CEO Philippe Schaus said in a joint statement with Jay-Z.
"Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs," he said.
Jay-Z, quoted in the statement, said "it is a partnership that has felt familiar the entire time", adding he was confident that "the sheer power of the Moet Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further".(AFP)