Jay-Z is looking to sell some of the premium cognac brand D’Ussé, and says Bacardi is trying to undercut him on the sale total.
The rapper, 52, filed a request in court to see Bacardi’s numbers on his D’Ussé brand, TMZ reported after reviewing court documents in the case.
The partnership between the rapper and the alcohol brand, in place since 2012, is supposed to be set at 50% each.
Take a stand: Jay-Z (seen in October 2021) is looking to sell a share of premium cognac brand D’Ussé, and says Bacardi is trying to undercut him on the sale total in new legal documents
Jay-Z, through his company SC Liquor, sought to exercise a buyout clause with Bacardi, which is contractually stipulated to “negotiate in good faith” on the final total, his legal team said.
Representatives of Jay-Z’s company said Bacardi-linked firm Empire Investments Inc. blocked and stalled the rapper’s efforts to obtain accurate financial totals for D’Ussé.
Jay-Z said through his legal team that he believes Bacardi intentionally mismanaged certain aspects of its business in an effort to hinder profits ahead of a possible takeover.
Although both assessments are redacted in legal documents, TMZ reported, Jay-Z said Bacardi’s estimate was “well below” a reasonable total.
Giant: The 52-year-old tycoon has taken legal action against Bacardi because he wants to know how much his liquor range earns as they are 50/50 partners
The rapper is asking the court to compel Bacardi to fully disclose its finances regarding the D’Usse because he wants “financial clarity” regarding his premium cognac brand D’Usse.
TMZ Hip Hop obtained documents on Tuesday that show his company SC liquor had demanded financial clarification in regards to D’Usse.
According to the site, Jay-Z’s company is requesting all financial books and records in addition to the location of all warehouses storing the cognac brand’s barrels, bottles and accessories.
They also want all relevant information regarding Bacardi’s physical inventory and inventory process.
It’s still unclear why Jay-Z and his partners are pushing this process forward, but it’s clear there’s mistrust in the business partnership.
Serving: TMZ Hip Hop obtained documents on Tuesday that show his company SC liquor demanded financial clarification in regards to D’Usse
The ROC: According to the site, Jay-Z’s company is requesting all financial books and records in addition to the location of all warehouses storing barrels, bottles and paraphernalia for the cognac brand he is pictured with his wife Beyonce in June 2021
TMZ notes that one of the statements in the legal documents is very interesting because it indicates that SC Liquor says it must “monitor the conduct of [Bacardi’s] business to protect SC’s rights as a partner in the business.
Jay-Z and Bacardi have had a partnership on D’Usse since 2012.
He regularly checks the brand name in his songs and in 2014 even poured some brandy into one of his Grammys and drank it in order to promote it.
Shot: Jay-Z and Bacardi have had a partnership on D’Usse since 2011
Meanwhile, earlier this month, rapper 99 Problems was featured in clips from his wife Beyonce’s Club Renaissance Paris celebration in partnership with Tiffany & Co. earlier this month.
The 41-year-old megastar stunned in a silver ensemble as she posed in a lift with her hubby adding an oversized sporty jacket.
The Break My Soul singer wrote in the caption to her loyal legion of followers, “CLUB RENAISSANCE Paris with partner @tiffanyandco.”
She then added hashtags, “#TiffanyAndCo #CLUBRENAISSANCE”.
Rise: Meanwhile, earlier this month, rapper 99 Problems was featured in clips from his wife Beyonce’s Club Renaissance Paris celebration in partnership with Tiffany & Co. earlier this month
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