Hov has reminded us on a number of occasions that he is not a businessman, he is a BUSINESS man! Today he proved that yet again. Luxury conglomerate LVMH, which owns the likes of Dom Pérignon and Moët & Chandon has purchased a 50% stake in Jay-Z’s champagne brand Armand de Brignac, also known as “Ace of Spades.”
“LVMH is a brand that has quite a wide appeal. It serves lots of different markets,” said Neil Saunders, retail industry analyst and managing director of GlobalData. By diversifying its marketing efforts and expanding its portfolio, it can help reach “audiences that are very important, but perhaps have been traditionally underrepresented in luxury,” he said. The partnership with Jay-Z “certainly helps as part of that effort.”
LVMH also recently announced that tennis champion Naomi Osaka is one of the new faces of the brand.
Raise one up for the Roc Boys in the building!