PARIS (Reuters) - LVMH’s Moet Hennessy is buying a 50% stake in rap star Jay-Z’s Armand de Brignac champagne brand, the latest luxury brand to try to broaden its appeal with a celebrity tie-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 that runs LVMH.
Financial terms of the deal, which was reported earlier by the Wall Street Journal, Financial Times and New York Times, were not disclosed.
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 Beyonce 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 on hold its Fenty fashion venture with pop star Rihanna.
Reporting by Sudip Kar-Gupta. Editing by Jason Neely and Mark Potter
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