Jay-Z renews partnership with Bacardi following legal battle over D’USSÉ brand
Jay-Z and Bacardi have come to an agreement following their legal battle over the D’USSÉ brand. The entrepreneur will be renewing his partnership with Bacardi.
Per the terms of the deal, Bacardi will acquire a majority interest in D’USSÉ, while Jay will retain a “significant ownership stake” in the brand.
“Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” he said in a statement. “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.”
The news of the Jay/Bacardi deal follows a legal battle in which the rapper sued the spirits company for lack of transparency, especially in regard to DUSSÉ’s valuation, Vibe reports. Jay later offered a $1.5 billion buyout, but he was denied. Bacardi claimed he doubled the price instead of honoring his deal to sell his share in D’USSÉ.
Copyright © 2023, ABC Audio. All rights reserved.