LVMH's Moet Hennessy Buys 50% Stake In Rap Star Jay-Z's Champagne Brand
LVMH's Moet Hennessy has bought a 50% stake in rap star Jay-Z's Armand de Brignac champagne brand.
"I'm proud to welcome the Arnault family into ours through this partnership," the Jay-Z said in a statement, referring to the family that runs LVMH.
Financial terms of the deal were not disclosed.
Partnership Deals With Celebrities
Historic luxury brands around the world have struck partnership deals with celebrities, seeking to appeal to younger customers, with Jay-Z's pop star wife, Beyoncé, already involved in the Ivy Park sportswear brand.
Last year, cosmetics company Coty agreed to buy a 20% stake in reality TV star Kim Kardashian West's makeup brand KKW, although earlier this month LVMH put a Fenty fashion venture with pop star Rihanna on hold.