Dr. Dre salutes Jay Z on his massive champagne deal with LVMH
Jay Z has sold half of Ace of Spades, Armand de Brignac, to the owner of Dom Pérignon and Moët & Chandon.
Jay Z has made headlines yet again, this time for selling a 50% stake of his Ace of Spades, Armand de Brignac, Champagne. Hip-hop mogul Dr. Dre took to Instagram on Monday, February 22, to congratulate Jay Z on his success. In the post, Dr. Dre praises Jay Z and "Black excellence" for the whopping deal that just closed.
Back in 2018, according to Jay Z via his verse on Meek Mill's "What's Free" track, half of Armand de Brignac was worth $250 million. "I’m 50 percent of D’Ussé, and it’s debt-free, 100 percent of Ace of Spades, worth half a B." So while the total amount Jay Z made is currently under wraps, it is evident he made a killing with this deal. Jay Z has been slowly acquiring the company bit by bit over time, and it looks like his hard work has finally paid off.
The deal comes in an odd year for champagne production. Given the pandemic, champagne sales have dropped drastically, as many in-person events and venues have been shut down or canceled due to the ongoing pandemic.
Jay Z most recently made headlines for another business transaction, launching Monogram, his high-end marijuana company. Further, Jay Z has also used this marketing tactic towards a higher-end clientele for his marijuana business, as he did for Ace of Spades.
"LVMH is a brand that has quite a wide appeal. It serves lots of different markets," Neil Saunders, retail industry analyst and managing director of GlobalData, said in an interview with CNN.
Hov's idea of marketing towards a different clientele that is more "diverse" has proven to work very lucrative for Jay Z and his companies. With this much success in the last few months, we are eager to see what else Jay Z has in store for us.
Hov also got some more love via IG from his stepmother, Tina Knowles. In the IG post, Tina posts a "love letter" to her son-in-law for accomplishing "badass" things that make him the boss he is.