ENTERTAINMENT

FORBES ESTIMATES JAY-Z’S ACE OF SPADES DEAL NETTED HIM $315 MILLION

BLACK ENTERPRISE reported that LVMH Moët Hennessy, the world leader in luxury wines and spirits, announced a partnership with the hip-hop heavyweight, Jay-Z, acquiring a 50% stake in Carter’s Armand de Brignac, which is widely known as “Ace of Spades” due to its logo. Now, Forbes has estimated that the Brooklyn-bred hip-hop entrepreneur has made a total of at least $300 million when he sold half the company to Moët Hennessy.

“I’m proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles,” said Carter in a written statement. “It is a partnership that has felt familiar the entire time. We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength, and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further.”

Forbes has set the value of the collaborative deal for “Ace of Spades” at roughly $630 million, based on conversations with five beverage analysts and industry insiders. That’s double Forbes’ previous valuation of the brand. Neither side has commented but based on analyst estimates, Jay-Z likely pocketed at least $315 million in the deal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: