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

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

FILE PHOTO: Shawn "Jay-Z" Carter, a founding partner of Reform Alliance, a newly formed organization to reform the U.S. criminal justice system, 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 buying a 50 per cent 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 per cent 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.

Source: Reuters/jt

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