SINGAPORE - Two powerhouses in Korean music and French fashion came together in Singapore on Saturday to formalise their cooperation.
French luxury giant LVMH's private equity arm L Capital Asia announced last month that it is investing up to US$80 million (S$101 million) in South Korea's YG Entertainment.
L Capital Asia managing partner Ravi Thakran and YG chairman Yang Hyun Suk represented their companies at the signing ceremony held at The Ritz-Carlton on Saturday afternoon.
Headquartered in Singapore, L Capital Asia will be the second-largest investor in YG with an 11.5 per cent interest. Mr Yang, YG's founder, has a 28 per cent stake.
Possible areas of collaboration between the two firms could include Korean-themed restaurants, cosmetic and fashion lines, they said at the ceremony. YG artistes could also be ambassadors for LVMH's brands such as Louis Vuitton.
Mr Yang said in a statement: "YG has been preparing to launch its unique trendiness in the cosmetics and fashion industry.
"The partnership with L Capital Asia, the most influential player in the lifestyle consumer market, will be an exciting trigger in YG's growth in creating the newest trends."
Mr Thakran said there is great potential for both companies to create new avenues for the growth of YG's core entertainment business, both within South Korea and overseas.
Adding a dash of Hallyu glamour to the event were YG artistes G-Dragon from all-male group Big Bang, CL from girl group 2NE1 and boyband Winner.
Among YG's stable of stars are Gangnam style singer Psy, Epik High and Akdong Musician.