Jay-Z Sells Half of Ace of Spades Champagne Brand to LVMH

When Jay-Z clicked right into a video name final week with Philippe Schaus, the chief government of LVMH Moët Hennessy Louis Vuitton’s drinks enterprise, the Zoom backgrounds instructed the story.

Jay-Z spoke from a partly lined terrace of his Los Angeles house, carrying an off-the-cuff sweater, accessorized by the outside front room and greenery round him. Mr. Schaus was in his workplace in Paris, carrying a go well with, accessorized by cabinets of elaborate drinks bottles behind him.

The matter: the information that LVMH would purchase half of Armand de Brignac, Jay-Z’s bubbly model. (Most individuals name it Ace of Spades, after its bottle’s branding.)

The deal offers Jay-Z the organizational assist and distribution energy of a worldwide drinks “machine,” as Mr. Schaus known as it, whereas LVMH will get the cool clout and way of life advertising and marketing savvy of a pace-setting Black cultural chief at a time when the luxurious sector’s racism is below explicit scrutiny.

“We have to catch up somehow,” said Mr. Schaus on the Zoom call. “So this relationship will inject us with some better understanding of the market of tomorrow.”

LVMH first attempted to access “the market of tomorrow” in 2019 when it teamed up with Rihanna to create the Fenty high fashion line — which was also, as it happened, when it first met Jay-Z. (Rihanna is represented by the management arm of Roc Nation, Jay-Z’s entertainment and sports company.) Though operations of Rihanna’s line were suspended less than two weeks ago, the Champagne partnership signals a strengthening of larger ties to the greater Jay-Z universe.

The Ace of Spades deal was initially discussed in the summer of 2019, when Jay-Z hosted a lunch at his house for Bernard Arnault, LVMH’s founder and chairman, and Alexandre Arnault.

The younger Mr. Arnault is the third of Bernard Arnault’s five children. He is, at 28, an increasingly visible force at LVMH. He became chief executive of Rimowa, the LVMH-owned German luggage brand, in 2017 at only 24; was the family member who accompanied his father when President Trump cut the ribbon on a new Louis Vuitton factory in Texas; and was recently named executive vice president of product and communications at Tiffany, which LVMH acquired in a $15.8 billion deal last year.

He and Jay-Z are good friends who speak on the phone once a month or more. “I’ll send him a photo of something going on with me or he’ll send me a photo,” Jay-Z said. “It’s super natural, super chill. I view him as a person of high integrity. Always keeps his word, very punctual. These are some of the qualities I have myself.”

Source link Nytimes.com

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