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Business

Jay-Z speaks on new partnership with Moet Hennessey

Jay Z has disclosed why he partnered with Louis Vuitton Moët Hennessy (LVMH) in a new deal.

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We Think of Products the Same Way, Jay-z Explains New Partnership with Moet

Sean Carter, better known as rapper Jay-Z has disclosed details of his new partnership with Louis Vuitton Moët Hennessy (LVMH)

Moet Hennessey recently announced it has acquired a 50% stake in luxury champagne brand Armand de Brignac, also known as the Ace of Spades.

The ‘Ace of Spade” brand was previously owned by hip hop mogul and businessman Jay Z who bought it in 2014. He is to retain a 50% ownership stake alongside Moet.

Jay Z and the CEO of LVMH wines Philippe Schaus were invited on “Squawk Box” by CNBC news to discuss the deal

On why he chose to deal with Moet, Jay Z stated that his thinking, integrity, and passion for luxury products align with that of Moet Hennessey. He also stated that he has a lot of respect for the company.

He said, “You know they have just aligned in our thinking and thoughts and the way they care about products. You know when we build the products, whether it be Roc Nation, to monogram, to whatever we are building. We are building luxury products and Moet Hennessey goes about it the same way. 

“We are aligned in our thoughts, integrity, and passion for the things we build”

Louis Vuitton Moet Hennessey was represented by its CEO Philippe Schaus who was also live to discuss the deal

On why the company chose to work with Jay Z, he stated that his Luxury Champagne brand is in a very attractive category. He stated that the company has been following up with the Ace of spades brand and was impressed with how they were able to attract new customers to the market.

“The brand is in the field of prestige which is a very attractive category in which we have several brands, but of course what Jay z did with his brand created a new market of its own at a very high level in the prestige category. It touched new consumers, bringing new consumers to the world of champagne with a very disruptive way of marketing,”  Schaus said.

On what LVMH would be bringing to the Armand de Brignac brand, Schaus said the company will be bringing the sheer power of their international distribution network.

What we felt we could bring to the brand which was already very successful is the sheer power of our international distribution network which can range from Asia, Europe, Latin America, and Africa,” he said.

Jay Z celebrated the deal as another win for the black community after he was quizzed on why he boycotted Cristal a previous favorite.

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He explained that the idea of the “Ace of spades” Champagne brand is quite similar to what happened at the beginning of his rap career. Jay Z couldn’t get a record deal despite his talent so he started a record label with his friends Damon Dash and Kareem Burke

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It’s like the same way we built Roc Nation. It wasn’t our plan to build this media company. I wanted a record deal, and when we couldn’t get one we built our own. It’s similar to how those comments forced us to build our own thing. It’s a happy day,”  Jay-Z said.

What you should know

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  • Jay-Z wholly bought the “Ace of Spades “ brand in 2014 from Sovereign Brands, a New York-based wine and Liquor company.
  • He promoted it mostly with his brand. It sold over 500,000 bottles in 2019
  • LVMH was formed as a conglomerate in 1987 when Louis Vuitton merged with Moet Hennessy in a $4 billion deal. They have gone on to become the world’s leading luxury goods vendor.

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Business

US supports appointment of new service chiefs, affirms close ties with Nigeria

The US Government has endorsed President Buhari’s appointment of ex-military service chiefs.

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FG to attract foreign investors for Actors Guild of Nigeria

The United States Government has expressed its support for the recent appointment of military service chiefs by President Muhammadu Buhari.

The new appointments are expected to bring new approaches to combating terrorism in the northeast and provide national security across the country.

According to a statement signed by the spokesperson for the US Department of States, Ned Price, this disclosure was made by the new US Secretary of State, Antony J. Blinken, during a phone call conversation with Nigeria’s Minister for Foreign Affairs, Geoffrey Onyeama, on Monday, March 1, 2021.

He also acknowledged the threats that violent extremists posed to Nigeria and regional security as a whole.

While highlighting the importance that the United States placed on its relationship with Nigeria, Secretary Blinken outlined a holistic approach to the US-Nigeria partnership based on their shared values of democracy, respect for human rights and robust people-to-people relations.

The statement said that as part of efforts to ensure a good relationship with Nigeria, Blinken referred to President Biden’s revocation of immigrant visa restrictions on Nigeria as an affirmation of the close ties between Americans and Nigerians.

He also reiterated the support of the United States for Dr Ngozi Okonjo Iweala as the new Director-General of the World Trade Organization (WTO).

Talking about the conversation with his US counterpart, Geoffrey Onyema expressed his delight at the discussion which covered a broad range of bilateral and multilateral issues.

He said, “Very glad to re-engage, through a very nice phone call with US Secretary of State, Secretary Blinken. We covered a broad range of bilateral and multilateral issues and look forward to increased cooperation.”

On his part, Secretary Blinken said, “Delighted to speak with Foreign Affairs Minister, Geoffrey Onyema. We deeply value our bilateral relationship with Nigeria and look forward to rejuvenating our partnership based on shared values of democracy, respect for human rights, and robust people-to-people relations.”

What this means

This appears to be a renewed partnership and bilateral relationship between the United States and Nigeria, which seemed to have suffered some setbacks during the Trump administration.

This was clearly evident in visa restrictions on Nigeria and the refusal of the last US administration to support the confirmation of Nigeria’s Ngozi Okonjo-Iweala as the Director-General of the WTO despite the unanimous support of member states.

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US Ambassador opens centre in Lagos, to boost entrepreneurial skills among Nigerian youth

US Ambassador to Nigeria has launched a centre where youths can gain entrepreneurship skills through programs and workshops.

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The United States Ambassador to Nigeria, Mary Beth Leonard, opened the first-of-its-kind Window on America in Nigeria on Monday.

The Centre is expected to serve as a community center where young people develop their ideas, as well as their leadership and entrepreneurship skills through programs and workshops designed especially for them.

This was disclosed in a statement shared by Temitayo Famutimi, Information Specialist, Public Affairs Section (PAS), U.S. Consulate General and seen by Nairametrics.

According to the statement, the Centre, which was Hosted at the Lekki Slum2School Innovation Hub in Lagos, is as a result of a partnership between the US Consulate General, Lagos and Slum2School Africa, founded by Otto Orondaam, a 2016 alumnus of U.S. government’s Mandela Washington Fellowship.

The Ambassador noted that the new Window on America is open to everyone in the community, offering its services, programs and resources to the public at no cost.

She said, “We are happy to open the very first Window on America space in Nigeria here in Lekki.

“In the next few months, we will follow with six additional new Windows on America in the south and 12 across the country. We want our Windows on America to promote mutual understanding between the United States and the people of Nigeria.”

In addition to providing public programming space, the Lekki Window on America will support five core programs: English language learning, educational advising, alumni activities, cultural programs, and information about the U.S.

What you should know

  • Visitors to the window will typically include students, teachers, entrepreneurs, academics, journalists, civic organizations, government officials, and community leaders, in addition to many others.
  • Windows on America are American spaces that provide welcoming environments where visitors can learn about the United States, including its government, history, culture, and educational system through programs, lectures, books and electronic resources provided by the U.S. Government.
  • In addition to the Lekki Window on America, 12 more will be opened in major cities across the country, including Abeokuta, Awka, Benin City, Enugu, Osogbo, Uyo, Zaria, Minna, Dutse, Makurdi, Gombe and Lafia, in order to engage more Nigerian audiences in their local communities.

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