Luxury goods conglomerate LVMH has purchased a 50 percent stake in Armand de Brignac, a champagne brand owned by Shwan ‘Jay-Z’ Carter. The champagne brand is also famous as ‘Ace of Spades.’ The terms of the deal have not been made public and therefore it is not how much the French conglomerate has paid for the deal. The deal has been signed at a time when LUMH is working on diversifying its offering. According to reports, the value of half of the champagne brand was valued at around USD 250 million in 2018. The company has been criticized for the lack of diversity by many.
Reports suggest that the deal between the hip-hop mogul and the luxury brand happened ‘very naturally’ and the two brands are eager to work together. They will now work to find ways to promote the brand among other luxe champagnes like Veuve Clicquot, Dom Pérignon, and Krug. But the path is going to be tough as they deal comes a time when the champagne industry is going through one of its toughest times. This is because there has been a huge fall in demand for the drink because of the decline in events and celebrations. Most of the restaurants and event destinations have suffered a huge blow because of the COVID-19 pandemic, which directly affected the sales of the drinks.
Meanwhile, LVMH signed start tennis player Naomi Osaka as its new brand ambassador. Osaka was in limelight during the US Open as he extended support to the Black Lives Matter protests. The protest had started over the summer. The company has also signed skateboarder Lucien Clark for skate shoes and apparel. LVMH has been trying to associate with Black celebs for quite some time. Last year, it signed singer Rihanna on Fenty Fashion House. She was the first black woman to be associated with the luxury brand. However, Fenty Fashion House was discontinued recently. However, LVMH said that it will continue to support the other products of the Fenty empire. The focus will be now more on beauty and skincare items along with lingerie lines.
The global heat transfer fluid market is poised to grow at a CAGR of 5.6%…
The Calcium Hypochlorite market is poised for substantial growth, projected to reach around USD 2317.9…
The Sodium Metabisulfite Market is poised for significant growth, with a projected value of USD…
activated alumina market size is expected to be worth around USD 1724 Million by 2033, from USD 1018.9 Million…
The bio fungicides market is poised for significant growth, with projections indicating a valuation of…
The hydrogen generation market is forecasted to see substantial growth, reaching USD 489.2 billion by…
The Hydrogen Peroxide Market, valued at USD 3.2 Billion in 2023, is projected to exhibit…
The global bauxite market exhibited significant value and growth trends over recent years. In 2022,…
The aerogel market has demonstrated significant growth, with its valuation reaching USD 876.5 million in…
biobased disinfectant market size was valued at USD 4.5 Billion and it is estimated to reach USD 8.7 billion…
The Concrete Sealer Market is poised for substantial growth, with projections estimating its value to…
The Ammonium Sulfate Market is poised for significant growth, projected to reach approximately USD 6.1…
The cathode material market, integral to advancements in battery technology, has been valued at USD…
The flat glass market, known for its essential role in various industries, is on a…
The Special Graphite Market, valued at USD 785.5 million in 2022, is projected to reach…
The Black Pellets Market is poised for significant growth, with a projected Compound Annual Growth…
The nanosized alumina market, valued at $3.0 billion in 2022, is expected to grow to…
The global methanol market is on a robust growth trajectory, with projections indicating a rise…
The E-Liquids market is set to experience remarkable growth, with a projected Compound Annual Growth…
The PVC market is anticipated to achieve a substantial valuation of USD 94.7 billion by…