Rapper Kanye West is expanding into branded beverages and fragrances with two new partnerships.

West will have his own energy drink through a collaboration with GURU Beverages Inc., a maker and distributor of organic and natural drinks. The rapper will be involved in the entire development process of the new beverage. The new drink is expected to launch later this year and, as part of the deal, West is now an equity partner in the company.

West is also part of a deal that will see branded perfumes and colognes from Jay-Z, Rihanna, and West himself. Parlux Fragrances, Inc., has signed an agreement with Iconic Fragrances LLC, Jay-Z's licensing company. The agreement allows for royalties, profit sharing, and stock options for Jay-Z, Rihanna and West.

"We are conscious of the general economic conditions that have unfairly affected the value of our shares for our shareholders. However, we believe this proactive investment by JAY-Z, Rihanna and Kanye West is an indication to the market place of the underlying value of Parlux," Neil Katz, chairman and CEO of Parlux, said in a statement.