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LVMH & Jay-Z Announce A New 50% Partnership In Ace Of Spades Champagne

Jay-Z has sold 50% of his champagne brand Armand de Brignac (Ace of Spades) to LVMH. After buying the company in 2014 for ~$30M, Jay-Z increased annual sales from 60k to 500k bottles in 2019. Ace of Spades costs ~$13 to make but sells for $225 at wholesale — a 94% profit margin