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LVMH sips on some of Jay-Z’s bubblyINTL

LVMH sips on some of Jay-Z’s bubbly

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?

why it matters
LVMH is keen to expand and diversify its clientele in order to keep up with other luxury giants. In this spirit, Moet Hennessy’s CEO said the company anticipates Armand de Brignac to bring in new consumers from other parts of the champagne market.