JAY-Z has filed a lawsuit against Bacardi, his partner in the cognac brand D’USSÉ, over concerns about financial transparency.
According to TMZ, Hov’s SC Liquor company has demanded Bacardi open up its books and reveal the “location of all warehouses storing D’USSÉ barrels, bottles and accessories.”
It’s unclear why Hov has filed the lawsuit against Bacardi, but there seems to be a lack of the trust between the two parties as SC Liquor is looking to “monitor the conduct of [Bacardi’s] business to protect SC’s rights.”
JAY-Z and Bacardi have been in business together since 2011 and share a 50/50 partnership in D’USSÉ. The Roc Nation boss famously drank the cognac out of a Grammy in 2013 after winning two awards.
D’USSÉ is worth well over $100 million and the brand even auctioned off a rare bottle autographed by JAY-Z that fetched over $50,000 last year.
Proceeds of the sale of Hov’s rare D’USSÉ bottle went to The Shawn Carter Foundation, benefitting young professionals and recent college graduates looking to launch their own businesses.
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The Brooklyn mogul is a major player in the spirits industry as he also owns a 50-percent stake of the premium champagne brand, Armand de Brignac. He sold the other 50-percent share, which he previously owned, to LVMH Moët Hennessy Louis Vuitton last February, pocketing $300 million in the process.
JAY-Z’s latest investment saw his venture capital firm, Marcy Venture Partners, put $16.5 million behind Stellar Pizza, a robot-powered pizza truck company based in Los Angeles.
it would be great if we could see pictures of all the things jay-z is doing to help people. however it seems every venture jay-z gets tied up with there is always someone involved crying foul over money.
pretty easy to google what jay and roc nation are doing to help …from social justice,prison reform,scholarships…
private label deals aint tuff use my likeness stick ur liquor in a new bottle, wanna impress me buy the land, grow the crops, distil it, own the bottle factory and glass manufacturing, put ur people to work and get 100% and then u get to know where all “your” product is
Jaz is definitely not concerned with impressing. You. He’s already a billionaire. Why don’t you go get your land and do it yourself # troll
Idiot not everyone has wine or li our knowledge plus you gotta have a passion or it’ll show in the product