LVMH's Moet Hennessy buys in to rap star Jay-Z's champagne brand

Business

LVMH's Moet Hennessy buys in to rap star Jay-Z's champagne brand

FILE Photograph: Shawn "Jay-Z" Carter, a founding partner of Reform Brotherhood, a newly formed organization to reform the U.S. criminal justice arrangement, appears during the Reform Alliance launch event in New York City, New York., U.S., January 23, 2019. REUTERS/Mike Segar/File Photo

PARIS: LVMH's Moet Hennessy is ownership a l per cent stake in rap star Jay-Z'due south Armand de Brignac champagne brand, the latest luxury brand to try to broaden its appeal with a celebrity necktie-up.

"I'm proud to welcome the Arnault family into ours through this partnership," the "Empire State of Mind" singer said in a statement, referring to the family unit that runs LVMH.

Fiscal terms of the deal, which was reported earlier by the Wall Street Journal, Financial Times and New York Times, were non disclosed.

Historic luxury brands around the world take struck partnership deals with celebrities, seeking to appeal to younger customers, with Jay-Z'south popular star married woman Beyonce already involved in the Ivy Park sportswear brand.

Last year, cosmetics company Coty agreed to buy a 20 per cent pale in reality Television receiver star Kim Kardashian West's makeup make KKW, although before this calendar month LVMH put on hold its Fenty fashion venture with pop star Rihanna.

LVMH's Moet Hennessy buys in to rap star Jay-Z's champagne brand

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