LVMH's Moet Hennessy confirms champagne deal with rap star Jay-Z

FILE PHOTO: Shawn "Jay-Z" Carter, a founding partner of Reform Alliance appears during launch event in New York

PARIS (Reuters) - French luxury goods group LVMH's Moet Hennessy unit confirmed on Monday a champagne deal with rap star Jay-Z, whereby Moet Hennessy will buy a 50% stake in Jay-Z's Armand de Brignac champagne brand.

"I'm proud to welcome the Arnault family into ours through this partnership that began with Alexandre Arnault and continued with his father Bernard Arnault and Philippe Schaus, at my home in Los Angeles," Jay-Z said in a statement, referring to the Arnault family that runs LVMH.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)