photo credit: s_bukley / Shutterstock.com
In the words of Jay-Z, “I’m not a businessman, I’m a business, man!” It’s two things Jay-Z doesn’t lack and that is his lyricism and how to make money to continue to build his empire. Jay-Z sold half of his champagne brand to Moët Hennessy Louis Vuitton. Now though that may seem a little crazy at first read, LMVH valued Jay-Z’s company Armand de Brignac at $630 million. The sale of 50% of the brand would have netted Jay Z a $315 million cash payment from LMVH.
A bottle of Armand de Brignac Brut Gold retails for $300. A 30-liter bottle, which weighs about 100 pounds, can sell for around $275,000. The brand, which is better known by the nickname “Ace of Spades,” sold more than 500,000 bottles in 2019. We realize that it is not about how much money you have but what you do with it to keep it coming in. Jay-Z seems to have the business figured out.
Source: JAY-Z Sells Half of Ace of Spades Ownership to LVMH | PEOPLE.com