Bacardi Accuses Jay-Z of Doubling Valuation of D’Ussé
Bacardi Accuses Jay-Z of Doubling Valuation of D’Ussé
Bacardi strikes back!
The partnership between Hip-Hop billionaire Jay-Z‘s SC Liquors and Bacardi looks to come to an end with controversy. Jay-Z is partners with Bacardi with the cognac brand, D’Usse. According to TMZ, after the Empire State of Mind lyricist questioned how much money the cognac brand has been making, the liquor company, more known for its rum, responded.
In court papers, Bacardi’s subsidiary, Empire Investments stated that Jay-Z and the company had a “handshake deal” just last December. Empire Investments agreed to purchase his 50 percent stake in the cognac brand. Now, the company claims that Jay-Z “abruptly reneged on its agreement and doubled its demanded valuation.”
No numbers have been revealed from either side in that matter.
Last month, it was reported that the J to the Izzo rapper, who has been 50/50 partners with Bacardi since 2011 requested that Bacardi hand over all financial books and records relating to D’Usse.
SC Liquor also asked for the location of all associated warehouses that are keeping the brand’s barrels, bottles, and accessories in inventory. Within that demand, SC Liquors also wants all information concerning Bacardi’s physical inventory and its inventory process. The lawsuit states that SC Liquor needs to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner in the company.
A hearing for this matter is scheduled to take place Friday, November 4 in New York.
Jay-Z is doing just fine with his other liquor brand, Ace of Spades. Last year, he sold a 50 percent stake in the champagne to Louis Vuitton Moët Hennessy.
The business acumen of Jay-Z has been particularly stellar as of late as BLACK ENTERPRISE just reported that he is the wealthiest rapper in the states. With a reported value of $1.5 billion, this is the highest amount that he has accumulated since becoming a part of the billionaires club.
Bacardi Accuses Jay-Z of Doubling Valuation of D’Ussé
