Jay-Z sells half his champagne brand to LVMH

LVMH, the world's biggest luxury goods company, said on Monday it had agreed to buy 50 percent of Armand de Brignac, the champagne brand owned by rapper Jay-Z.

The company said the purchase -- for an undisclosed sum and made through its Moet Hennessy drinks division -- also involved a distribution deal and would kick off a partnership reflecting a "shared vision" between the singer and the company.

Jay-Z's champagne brand, known informally as Ace of Spades, had been "a fantastic success", Moet Hennessy CEO Philippe Schaus said in a joint statement with Jay-Z.

"Armand de Brignac breaks barriers and reflects contemporary luxury, while preserving the traditions of the Champagne terroirs," he said.

Jay-Z, quoted in the statement, said "it is a partnership that has felt familiar the entire time", adding he was confident that "the sheer power of the Moet 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".