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LVMH Moet Hennessy Louis Vuitton, the parent company of luxury fashion brands Louis Vuitton, Marc Jacobs and more, is planning to invest more than 100 billion won ($97.2 million) in local entertainment firm YG Entertainment.
The amount is about 17 percent of YG’s market value, which is estimated to be 600 billion won.
“YG is in high demand as K-pop stars have huge influence over the Chinese market, which is considered a gold mine for luxury fashion companies,” a Hong Kong-based investment bank was quoted as saying. “Other financial firms are expressing their interest in YG.”
YG is one of Korea’s most influential showbiz agencies, representing K-pop stars such as Psy, Big Bang, 2NE1 and others.
By Um Yoon-sun (uys@heraldcorp.com)