News Alert: Bacardi Acquires Majority Interest in D’usse, Ending Jay-Z FeudFebruary 3, 2023
After months of legal wrangling, Bacardi Ltd and Shawn “Jay-Z” Carter have come to an accord on D’usse Cognac. 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. Terms weren’t disclosed.
D’usse had recently become the subject of a legal dispute between Bacardi and Jay-Z, who partnered to launch the brand in 2012. Despite rapid growth that saw D’usse soar from below 60,000 cases in 2015 to nearly 1 million cases last year, according to Impact Databank, Jay-Z had accused the drinks giant of mismanaging the business in order to acquire his share at a reduced price.
Bacardi responded in court papers claiming that its Empire Investments affiliate struck a “handshake deal” with Jay-Z’s SCLiquor LLC to purchase Jay-Z’s 50% share in the brand. Bacardi said the rapper and business mogul “abruptly reneged on its agreement and doubled its demanded valuation.” Now the two sides have come to an agreement that should allow D’usse to continue its expansion. The D’usse Cognac range consists of VSOP (Very Superior Old Pale) and XO (Extra Old) qualities.
“Growing D’usse over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” said Jay-Z. “The next phase of this journey will further cement D’usse’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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