On Monday, LVMH’s Moët Hennessy announced a partnership with Jay-Z through the 50 percent acquisition of his Armand de Brignac champagne brand.

The 51-year-old entrepreneur and musician sold half of his champagne brand to Moët Hennessy for an undisclosed price, and the Financial Times reports said the move will help take Armand de Brignac to “the next level of taste and distribution.” Since 2006, Armand de Brignac has continued to grow, and in 2019, the brand sold over 500,000 bottles through North America, Asia, and Europe. Jay acquired the brand in 2014.

“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 Jay-Z of the new partnership in a 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.” 

Jay and Moët Hennessy CEO Philippe Schaus appeared on CNBC’s Squawk Box to talk about the news, with Hov saying the partnership came “from a place of respect.” He also touched on his boycott of Cristal briefly, which ultimately led toward the acquisition of Armand de Brignac. “There’s plenty room to go from here.”

The partnership will allow Armand de Brignac to reach more stores than before, and includes a global distribution agreement. “We are going into this partnership on equal terms together with Jay-Z and his family and the same conviction that we are only at the beginning of a wonderful story,” added Philippe Schaus. “Together, we will lay a strong path forward to firmly cement Armand de Brignac as a luxury icon for current and future generations of customers.”

The New York Times reports that Jay said the deal “happened very naturally,” as he and his team were “always looking to grow this brand.” Schaus, who also manages the Dom Pérignon and Krug brands for Moët Hennessy, said Jay helped create “a new consumer for champagne.”

Beyoncé’s mother Tina Knowles praised Hov for his latest business move in a love letter on Instagram.

This is a love letter to my son-in-law Shawn Carter. The reason why I was led to write this was because recently at the Super Bowl we witnessed the national anthem America the Beautiful and the halftime entertainment all being super talented black people !!! Everyone was psyched about it ! Each person that performed Jazmine Sullivan, Her, and the Weekend all slaying their performances and making Black Excellence shine and us all proud. I could not help but remember when J took on being in charge of the Entertainment at the Super Bowl , and saying that things would never change unless we had someone on the inside that could make decisions . Someone at the top . I read all the horrible things people said calling him a sellout and hating on him big time . But he kept it moving because every person who has affected change has been criticized and dogged by their peers. One thing that I’ve noticed about Jay is that he doesn’t let what people say bully him into not doing the things that he knows are right. But after the Last Super Bowl I did not read one comment by one person that said that they were pleased that he didn’t listen to the noise and he kept it moving and that he was able to get three talented black people to dominate this years Super Bowl why is that? . It took a lot of guts and a lot of his money blood sweat and tears to start Tidal Tidal , has the best sound around and is an excellent streaming service . I really try to support every Black business but so many would rather support Apple . One day I claim that we will stop being crabs in a barrel . We will support each other. There is room for everyone. But today Jay I salute you and your Latest venture in selling 50% of your Champagne Co to LVM . You are a bad ass brother and I hope that you continue to pave the way for others like you have in the past !! And I have seen such extreme kindness and generosity so many times that people don’t even know anything about! You are a true man who has admitted publicly when you’ve made mistakes in a very brave and classy way ! You have in turn influenced the Culture of Young Black Men. You are a Bad Ass brother. I love you so much!!