Two juggernauts of the fashion and entertainment world came together to sign a landmark deal in Singapore on Saturday 13 September and pledged to “make history together”.
South Korea’s YG Entertainment, a record label, talent agency and multi-million dollar trendsetters in the world of K-pop, joined forces with L Capital Asia investment group, which is backed by French luxury group, LVMH Moet Hennessy Louis Vuitton SA.
The investment amounts to US$80 million (S$101 million). As part of YG Entertainment’s global expansion, this signals potential tie-ups in the world of fashion, cosmetics and F&B, such as appearances by YG artistes in advertising for LVMH marquee brands such as Louis Vuitton, Fendi or Dior.
THE JOINING OF GLOBAL ICONS
CL of 2NE1 and Bigbang's G-Dragon. Photo: Zaki Jufri
At the ceremony held , at the Ritz Carlton Millenia Singapore hotel, YG CEO Yang Min Suk termed the landmark deal as paving the way for “meaningful changes in the global music industry”.
YG is responsible for some of the most popular K-pop acts in the world, including BigBang, 2NE1 and Psy, who are in Singapore for the YG Galaxy Family Tour at the Singapore Sports Hub on 13 and 14 September.
YG Entertainment founder and chairman Yang Hyun Suk, YG Entertainment CEO Yang Min Suk and L Capital Asia managing partner Ravi Thakran celebrate the signing of the agreement. Photo: Zaki Jufri
Flanked by some of YG’s key performers, including BigBang’s G-Dragon, 2NE1’s CL and up-and-coming boy group Winner, L Capital Asia’s managing partner Ravi Thakran and YG chairman Yang Hyun Suk signed the deal.
Thakran said: “When people talk about shows with grandeur, shows with phenomenal panorama, they no longer talk about (artistes) coming from the United States. They talk about artistes coming from South Korea. They’ve become a benchmark not only for Asia, but for global artistes.
“We will make history together”.
This tie-up with YG Entertainment will be the 18th investment by L Capital, and its first in South Korea.
Both groups have been steadily diversifying their portfolio to include complementary lifestyle brands. L Capital’s most recent acquisitions of Singapore brands include Ku De Ta, Charles and Keith as well as the Crystal Jade Group, while YG entertainment has expanded into advertising and fashion.