Moet Hennessy Buys Stake in Jay-Z's Champagne Brand

Shawn Carter, aka Jay-Z, said the new partnership will help his brand flourish, noting Moet Hennessy's track record of developing luxury brands.

Video Transcript

JOHANNA GRENAWAY: Shawn "Jay-Z" Carter and Moet Hennessy announced a deal on Monday. The French company will acquire a 50% stake in the rapper and entrepreneur's champagne brand Armand de Brignac, also known as Ace of Spades.

Back in 2006, Carter gave the Moet Hennessy brand a boost when he featured one of their bottles in a music video after a public fall out with rival brand Cristal, which Carter accused of being racist. Later in 2014, the rapper bought Ace of Spades.

After Monday's deal was announced, Carter said the new partnership will help his brand grow and flourish, noting Moet Hennessy's track record of developing luxury brands. For Newsy, I'm Johanna Grenaway.