Music mogul JAY-Z has just pocketed some serious cash. Following news that Jay had sold a 50-percent stake in his Armand de Brignac champagne brand to luxury lifestyle giant LVMH, exact details of the deal have emerged.
JAY-Z Made $315+ Million In Recent Deal
Forbes has reported that the brand was valued at more than $600 million, with more than half of that going to Hov himself. He profited over $300 million following the major Ace of Spades business move.
“Forbes values the deal for the bubbly wine, known by its nickname Ace of Spades thanks to its logo design and several of Jay-Z’s lyrics promoting it, at roughly $630 million, based on conversations with five beverage analysts and industry insiders. That’s double Forbes’ previous valuation of the brand. The terms of the deal have not been publicly reported by LVMH or Jay-Z, whose company will still handle production. Neither side would comment, but based on analyst estimates, Jay-Z likely pocketed at least $315 million in the deal.” (Forbes)
Dr. Dre Tips His Cap To JAY-Z: ‘That’s Black Excellence’
From one hip-hop mogul to another, Dr. Dre is showing love to JAY-Z. After the news broke, Dre took to social media to congratulate him. No stranger to success with his Beats By Dre empire, Dr. Dre recognized another boss player in JAY-Z. Dre posted a pic on Instagram with his own Armand de Brignac and congratulated the recent merger, as JAY-Z made a deal with the same conglomerate that owns Dior, Hennessy, Louis Vuitton and Rihanna‘s Fenty line, among many others.
Congratulations Jay Z!!
That’s Black Excellence.
JAY-Z Does Big Business With LVMH
With all due respect to rap superstar Drake, his @champagnepapi Instagram handle might be better suited for JAY-Z. Although financial terms were not disclosed, it’s safe to assume the rich (JAY) got richer in the deal between Hov and LVMH.
Congrats my brother!!!! Keep showing the way! You took the risk, now you are literally cashing in on the reward!!! YESSIR! Another Win for the Good Guys.. Use to drink Cristal them fu**as racist/Move to them GOLD bottles on to the Spades shit! ♠️♠️♠️♠️♠️♠️♠️♠️ 🏆🏆🏆🏆🏆 photos taking by the great @ravieb#BlackExcellence✊🏾🖤 (LeBron James)
Rihanna’s Fenty Fashion House Closing
While RiRi’s Paris-based Fenty fashion house is closing, she and LVMH will be reportedly focusing their time on Fenty Beauty and Fenty Skin. Savage X Fenty will also be at the forefront of LVMH Moët Hennessy Louis Vuitton’s attention, as L Catterton, which LVMH has a stake in, is investing in the lingerie company.
Per reports from both Women’s Wear Daily and Business of Fashion on Wednesday, LVMH and Rihanna have come to an agreement in which the Fenty maison will be closed. In a statement to WWD, an LVMH rep said the luxury conglomerate and the proven multi-hyphenate “have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions.” (Yahoo! Finance)