Previously we reported Louis Vuitton‘s interest in becoming a share holder with one of the biggest entertainment companies in Korea, none other than YG Entertianment and now we are back to report that a deal between the two large names have been reached.
Louis Vuitton (LVMH) plans to invest $80 million USD into YG Entertainment, as well as $60 million USD in the entertainment agencies newly procurred shares from Louis Vuitton’s investing arm, L. Capital Asia. YG’s new share holders are still in talks to buy $20 million USD worth of shares from the CEO Yang Hyun Suk.
The general- director at the Korea Venture Capital Association, James Park spoke of the transaction and praised what good the profits have done for the company in just a week, saying “It hasn’t been that long that South Korean cultural projects have shown profit, but returns are improving and foreign investors are showing more interest, especially for success cases like YG.”
Since the news was released YG’s stocks skyrocketed 3.1% and is currently up 13% after the media unveiled the investment.
Source: Koreaboo Blog
Edited by: Angelspatience
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