02.22.21 - Moët Hennessy The Wine and Spirts arm of French luxury goods conglomerate LVMH is now taking a 50% stake in Armand de Brignac Champagne, also known as Ace of Spades.
Ace of Spades was purchased outright in 2014 for $30 million by businessman and musician Shawn Carter, also known as Jay-Z. Carters take over the business took the company from a small Champagne brand with 60,000 bottles in sales to over 500,000 bottles in sales in 2019 with margins of over 90%.
The sale amount has been undisclosed analysts however estimate that the stake sale price is in the $190M-$300M range.
With LVMH’s stake in the company, Carter now has access to the conglomerate’s massive distribution network. Moët Hennessy’s CEO Philippe Schaus indicated as much in interviews regarding the deal.
Source: CNBC
