With all due respect to rap superstar Drake, his @champagnepapi Instagram handle might be better suited for JAY-Z. The hip-hop mogul made another boss move recently by selling 50 percent of his Armand de Brignac champagne brand to LVMH.
JAY-Z Does Big Business With LVMH
If you’re not familiar, LVMH is the Paris-based conglomerate that owns all or part of luxury brands like Louis Vuitton, Moet, Hennessy, Dior, BVLGARI, Fenty and others. The company has acquired a 50-percent stake in JAY-Z’s champagne brand Armand de Brignac. Although financial terms were not disclosed, it’s safe to assume the rich (JAY) got richer.
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 Savage X Fenty Is Worth $1 Billion
Music mogul Rihanna‘s biggest moves lately have been in the fashion industry. Her Savage x Fenty lingerie line, also under the LVMH umbrella, is hotter than ever and was recently valued at $1 billion.
“Lawd forgive us for we are Savage 🙌🏾 #XXSavageX@badgalriri“
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)
JAY-Z + Jack Dorsey Create Bitcoin Development Fund
JAY-Z reportedly partnered up with Twitter founder Jack Dorsey to create an endowment to fund Bitcoin development, initially in Africa and India.
“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start:”