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

LVMH's Moet Hennessy is buying a 50% stake in rap star Jay-Z's champagne brand: Armand de Brignac.

It's the latest luxury brand to try to broaden its appeal with a celebrity tie-up.

In a statement the "Empire State of Mind" rapper said he's proud to welcome the Arnault family, which runs LVMH, into the partnership.

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 been striking partnership deals with celebrities.

The trend reveals they're seeking to appeal to younger customers, with Jay-Z's pop star wife Beyonce already involved in the Ivy Park sportswear brand.