Jay-Z sells half of his Champagne brand to owner of Dom Pérignon
CNN
Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly.
LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z's Champagne brand Armand de Brignac, also known as "Ace of Spades." The terms of the deal were not disclosed. The partnership comes at a time when LVMH is working to appeal to a more diverse clientele. The luxury sector has long been criticized for cultural appropriation, high-profile racist gaffes and a lack of runway diversity.
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