Jay-Z’s got 99 problems but champagne ain’t one! Hove just sold 50% of his Armand de Brignac bubbly brand to luxury giant LVMH (though he didn’t brag about his take-home).
The stake was bought by Moet Hennessy, the French conglomerate’s wine and spirits division. Jay-Z first bought into the brand (which is also known as Ace of Spades) in 2006 before purchasing the remaining shares in 2014.
LVMH’s (MC.PA) shares were trading about 1.2% lower on Wednesday, though. Perhaps investors were skeptical about the current demand for champagne – because, let’s face it, who’s popping bottles at home in lockdown right now?