Jay Z Shares The Story Of Why He Created Ace Of Spades After Selling 50% Of The Company For A BOAT LOAD Of Money
Love it. Absolutely love it. Imagine how great that must feel if you're Jay Z? You help build up a brand that's not yours (Cristal), the owner says he wants to disassociate from you, so you boycott him by creating your own brand and selling it for boat load of money fifteen years later. It doesn't get much better than that. The actual numbers associated with the deal have yet to be confirmed, but word on the street is that it was north of $250,000,000...
Here's what we know so far:
Source - Luxury beverage giant LVMH Moët Hennessy has acquired a 50% stake in Jay-Z’s champagne brand, Armand de Brignac.
Armand de Brignac — which is widely known as “Ace of Spades” due to its logo — was launched by French Champagne company, Cattier, in 2006, then purchased by a company led by Jay-Z in 2014. A press release touted the brand as a “worldwide success” that sold over 500,000 bottles in 2019.
The new deal with Moët Hennesy (which is itself one-half of the gigantic French luxury conglomerate LVMH) involves a 50-50 ownership split as well as a global distribution agreement. Moët Hennessy also looks after other well-known champagne brands including Dom Pérignon and Krug.
While neither Jay-Z’s team nor LVMH disclosed financial terms of the transaction, The New York Times pointed out that some clues may be found in the rapper’s own lyrics: According to a Jay-Z verse on Meek Mill’s 2018 “What’s Free,” Ace of Spades is worth “half a B,” which would value a 50% stake at $250 million.
This tweet, which I have no idea whether or not is true, was also starting to go viral...
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Regardless, the story of how and why Jay Z created Ace of Spades is incredible. Say what you want about him, but don't you dare say that he's not a business, man. One of the greatest of our generation to be exact. He also started a marijuana line called Monogram out of California last October which he'll eventually sell for a shit-ton of money. The guy doesn't miss and I, for one, and happy for him. Now all he has to do is put out another album and he'll really be on a roll. Take it away, Jay…
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