By CAPosts 23 February, 2021 - 09:04am 59 views
Two years ago Jay Z became the first hip hop billionaire and in this time the rapper has not only known how to consolidate his empire, but also expand it. As has now been announced, Beyoncé's husband has just sold a 50% ownership of his Armand de Brignac champagne , which he has owned since 2014, to the luxury conglomerate LVMH . "We have long admired the success of Armand de Brignac and today we are proud to partner with them," said Moët Hennessy CEO Philippe Schaus in a statement issued by the company on Monday. For his part, the American singer said he is confident that “the sheer power of Moët Hennessy's distribution framework, the strength of his unrivaled portfolio and his track record in developing luxury brands will give Armand de Brignac the commercial power that it needs to grow even more ”. The French business group specialized in luxury goods, born in 1987 from the merger of the fashion company Louis Vuitton and the Moët Hennessy distillery, has used the latter to materialize the operation with Jay-Z and has added the Armand de Brignac to its portfolio of alcoholic beverages.
According to the rapper's index in the same note, this new merger is the result of the friendship he maintains with Alexandre Arnault , son of the owner of the LVMH conglomerate, Bernard Arnault . Armand de Brignac champagne, popularly known as Ace of Spades (after the logo, an ace of spades from the French deck of cards, in gold) has grown in recent years to reach the figure of 500,000 bottles sold in 2019. The cheapest bottle is around 300 euros and the most expensive can reach 7,000 euros.
The history of Jay-Z and champagne dates back to 2006 , when Frederic Rouzaud, the manager of the company that made the then famous champagne Cristal, was the subject of criticism after stating in an interview what he thought about the popularity of his drink among rappers. "What can we do? We can't forbid people to buy it. " His response did not please many of the personalities of the hip hop world, who like Jay-Z took it as a racist attack and announced a boycott . Months later, the singer introduced in the video clip for his song Show Me What You Got a new golden bottle, this time by Armand de Brignac, produced by the French company Cattier, thus definitively dethroning Cristal. Their relationship went further and in 2014, Jay-Z ended up acquiring the brand that today it shares in equal parts with the luxury group LVMH.
There is no doubt that it is their most famous asset, since at the end of 2018 ended the second part of the musical tour that he did with his wife, Beyoncé, and after almost four years since his last album ( 4:44 , in 2017), Forbes continues to place the rapper among the richest with an estimated fortune of billion dollars . Armand de Brignac champagne is not the only drink that the 51-year-old rapper has bet on, as part of his heritage also comes from his business at the D'Usse cognac house.
Aware that his name carries enormous weight On the corporate front, the Brooklyn-born rapper has managed to target his projects correctly. In 2008 he founded the company Roc Nation, dedicated to the promotion of sports and entertainment events with which he has produced films, video games and music and, since 2019, is responsible for creating the musical performances of the Super Bowl. He has launched his own clothing and fragrance line, designed watches, has an art collection valued at 61 million, including works by Jean-Michel Basquiat, and is a minority shareholder of the NBA team, the Brooklyn Nets, for the which paid almost four million euros. The wealth of the founder of streaming music platform Tidal and the one who has become one of the best-selling artists of all time also includes nearly $ 200 million in cash and investments including a stake in Uber worth an estimated value of others. 60 million euros.
The musician who at age 26 started selling his own CDs and created his own record label to release his first album in 1996 after the big companies rejected it is also not far behind when it comes to real estate. After the birth in 2017 of twins Rumi and Sir, brothers of the oldest, Blue Ivy, nine years old - all three with their names registered to avoid their commercialization - Jay-Z and Beyoncé, who own an attic in the rich neighborhood from Tribeca in Manhattan, they decided to buy other houses. An example of this is the mansion next to the beach that they acquired for 22 million euros on the outskirts of New York, in The Hamptons, and a farm in the renowned urbanization of Bel Air, in Los Angeles, which cost them almost 80 million.
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