Louis Vuitton invests AU$85 million in Psy’s agency YG Ent.

LVMH, the private equity arm which owns Louis Vuitton, has announced it will invest up to AU$85 million in YG Entertainment, home to K-Pop star Psy.

Earlier this month, TMN reported the South Korean record label and talent agency was in talks with overseas investors, including L Capital Asia, the private equity arm of high-quality goods group LVMH.

While the sum was a predicted injection of AU$173 billion, LVMH announced yesterday it will invest up to AU$85.9 million in 1.35 million convertible preferred shares, priced at KRW 44,900. According to Billboard, YG currently holds a market value of AU$741 million.

The investment moves YG further into the fashion business; in June 2012 YG and Samsung’s Cheil Industries entered a partnership to launch global fashion brand NONA9ON (’nonagon’), which will be made available to public on September 9, and last September YG entered a joint venture with China’s number three makeup firm Guangzhou Huanya Cosmetics Technology Co., Ltd.

YG have also announced the signing of WINNER, the company’s first boy band since signing Big Bang eight years ago. YG also represents top-selling K-pop artists like 2NE1, Epik High, Lee Hi and Akdong Musician.