Last week Jay-Z announced his new partnership with LVMH’s Moët Hennessy brand. In his latest venture, Hip-Hop’s first billionaire sold half of his Armand de Brignac (Ace of Spades) champagne brand to LVMH.
“We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength, and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further,” he stated.
Forbes notes that their valuation of Ace Of Spades placed the luxury spirit at an approximated $630 million. Analysts speculate Hov will pocket an estimated $315 million. Already boasting a net worth of over one billion dollars, making him the first rapper to hit the financial plateau, his latest money move is only one of many profitable entrepreneurs’ developments.
It’s no wonder that the move was celebrated by so many of his peers, including near-billionaires Dr. Dre and Diddy.
It’s not only impressive yet inspiring to witness Jay-Z continue to make waves beyond music. However, many fans have been longing to see him come through with a proper follow-up to 4:44.
His slew of recent features, ranging from a standout verse on Meek Mill’s “What’s Free” (where he undervalued Ace Of Spades to be worth half a billion) to the recent “What It Feels Like” collaboration with the late Nipsey Hussle has him buzzing in the rap streets. One can only imagine the energy he’d bring to his fourteenth studio album.
