Jay-Z has come out on the winning side of another lawsuit, financially that is. The rapper has officially sold his stake in the D’USSÉ Cognac brand for $750 million USD.
Jay-Z originally partnered with Bacardi to launch the brand in 2012. However, the rapper decided earlier this year that he wanted to be bought out by the company. This led to Jay-Z filing a multi-million lawsuit against Bacardi in which he claimed they were attempting to low-ball him by offering $500 million for his stake, while he claims it was worth at least $1.5 billion.
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After a months-long case, it was agreed that an affiliate would buy Jay-Z’s 50% controlling stake in D’USSÉ. Now, Bacardi owns 75% of the company. Jay-Z still retains “a significant ownership stake,” the press release explains, through his company SCLiquor LLC.
“Mr. Carter and Bacardi partnered to launch D’USSÉ Cognac to set a new and clear standard for cognac around the world, collecting numerous distinctions including Double Gold at the 2021 San Francisco World Spirits Competition and Double Gold at the 2022 Proof Awards,” the press release stated.
“D’USSÉ has become a culturally iconic brand standing for integrity, boldness, freedom, and the elevation of authenticity,” it continued. “D’USSÉ is the best-performing cognac brand outpacing the strong overall U.S. category CAGR growth by more than 30 percent in the past three years.”
This isn’t the only lawsuit Jay-Z recently won. Last February, a judge decided that Parlux Fragrances had to pay the music mogul $4.5 million in royalties following a collaboration that went wrong.
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Parlux Fragrances originally sued Jay-Z in 2016 for $16 million, claiming he’d breached their contract by not fulfilling promotional duties following the release of their Gold Jay-Z cologne collaboration.
However, Jay-Z responded with a countersuit for $2.7 million. A jury eventually denied Parlux’s original case, while finding them guilty in Jay-Z’s countersuit. Parlux was subsequently ordered to pay $4.5 million in royalties.
Prior to his recent lawsuit with Bacardi, Jay-Z had a reported net worth of $2 billion. But with the $750 million sale of his controlling stake, Jay-Z may be worth a lot more.
Sources: PRN, Hypebeast, Celebrity Net Worth,
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