Forbes Estimates Jay-Z’s Ace Of Spades Deal Netted Him $315 Million

BLACK ENTERPRISE reported that LVMH Moët Hennessy, the world leader in luxury wines and spirits, announced a partnership with the hip-hop heavyweight, Jay-Z, acquiring a 50% stake in Carter’s Armand de Brignac, which is widely known as “Ace of Spades” due to its logo. Now, Forbes has estimated that the Brooklyn-bred hip-hop entrepreneur has made a total of at least $300 million when he sold half the company to Moët Hennessy.

“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Carter in a written statement. “It is a partnership that has felt familiar the entire time. 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.”

Forbes has set the value of the collaborative deal for “Ace of Spades” at roughly $630 million, based on conversations with five beverage analysts and industry insiders. That’s double Forbes’ previous valuation of the brand. Neither side has commented but based on analyst estimates, Jay-Z likely pocketed at least $315 million in the deal.

“The multiples for Armand de Brignac—based on the category and volume size of the brand—far outreach brands that don’t have that celebrity ownership,” says beverage market analyst Eric Schmidt.

“For years we have been following the fantastic success of Armand de Brignac and admiring their ability to challenge some of the rules of the Champagne category. Often referred to as “Ace of Spades,” Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs. Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand, and quality of its range of prestige cuvées will allow us to take the business to new heights across the world,” Philippe Schaus, president & CEO of Moët Hennessy, said in a statement.

Credit: Source link


Please enter your comment!
Please enter your name here




This iPhone Screen Magnifier Makes Watching Your Favorite Shows Easy – Hollywood Life

Wish you had something to transform your small iPhone screen to something bigger when watching your favorite show? This screen magnifier may be...

Portable HD Mini Projector | StackSocial

DescriptionThis Portable HD Mini Projector is equipped with a maximum of 1080P Full HD resolution that provides...

The Grammys 2021: The Best Hair and Makeup Looks | Photos

With the Grammys 2021 taking place during the pandemic for the first time, several parts of the music award show are bound to...

19 Reasons to Buy an Oversized Button-Down Shirt

It’s time to level up from that baggy shirt you “borrowed” from your last boyfriend and then conveniently “forgot” to return. With the...

Impeachemnt Manager Requests Trump Testify At Impeachment Trial

The head Democratic Impeachment manager has requested former President Donald Trump testify at his impeachment trial next week. Rep. Jamie Raskin (D-Md.), the lead...