American rapper turned business mogul Jay-Z has sold his 50% stake of his champagne brand, Armand de Brignac, to LVMH’ Moet Hennessy.
The luxury brand owners become the latest company to tie themselves with a top celebrity as they look forward to expanding their business.
Speaking after the news was revealed, Jay-Z welcomed Moet Hennessy’s family to his through the partnership.
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Even though the news was revealed by top business companies including Wall Street Journal and Financial Times, the financial terms have not yet been revealed up to now.
Several top luxury companies have recently been partnering with top celebrities including that of Jay-Z’s wife Beyonce’s deal to come up with Ivy park sportswear.
Other celebrities tied in partnerships include Kim Kardashian and Coty who acquired 20% of her KKW brand early last year. LVMH has also brokered a deal with Rihanna’s Fenty but was later put on hold.