Moët Buys 50% of Jay-Z's Champagne Brand

LVMH's luxury brand Moët Hennessy announced that it will purchase 50% of the Armand de Brignac brand of champagne from rapper Jay-Z , Beyoncé's husband.

As reported by the Wall Street Journal , the singer said he "is proud to welcome the Arnault family to ours through this association," referring to the family that runs LVMH .

The partnership's financial terms are not known, but it is the luxury brand's latest effort to reach out to younger customers.

The "Empire State of Mind " singer's brand is one of the most current in the sparkling wine industry and is recognized for its iconic metal bottles that can fetch prices of up to 12,000 pesos (about $ 547).

This partnership comes at a difficult time for champagne, says the Journal , as the pandemic has caused the cancellation of weddings, graduations and other events that reduced their sales by 20% in 2020.