Bacardi Buys Out A Majority Of Jay-Z’s 50% Joint Venture Stake In D’USSÉ
Written by djfrosty on February 10, 2023
Source: Kevin Mazur / Getty
It seems Jay-Z’s concerns over his cognac brand are no longer. He and Bacardi have jointly announced a long-term agreement that renews their partnership with D’USSÉ.
As spotted on Bloomberg Law, the two parties have come to terms on the splits behind the dark liquor. According to a press release, the agreement, which positions the iconic cognac brand for its next era of growth, Bacardi has acquired a majority interest in the multi-billion-dollar brand from Mr. Carter. And he will retain a significant ownership stake in the brand. The agreement brings their ongoing legal dispute to an end.
Back in October, Hov’s corporation, SC Liquors, demanded total financial transparency from the global conglomerate. In addition he is asked some very pointed questions regarding the production process including “the location of all warehouses storing D’Ussé barrels, bottles and accessories.” Empire Investments Inc., a wholly owned subsidiary of Bacardi International Ltd., formally responded with a filing in Delaware’s Chancery Court.
Their legal team claimed Bacardi and Jay-Z made a “handshake deal” back in December 2021 agreeing that the “Otis” MC would sell his 50% stake in the brand. But the corporation says Hov “abruptly reneged on its agreement and doubled its demanded valuation.” Additionally, Empire stated that they have disclosed over 800 pages of financial records.
Jay-Z expressed his enthusiasm on reaching an agreement. “Growing D’Ussé over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing. The next phase of this journey will further cement D’Ussé’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”
In 2012, Jay-Z and Bacardi partnered to launch D’USSÉ Cognac. Since then, the brand has landed numerous distinctions including Double Gold at the 2021 San Francisco World Spirits Competition and Double Gold at the 2022 Proof Awards.
Photo: Kevin Mazur / Getty