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Hip-Hop mogul Jay-Z has teamed with Parlux Fragrances to introduce two new perfume labels, one for rap star Kanye West and the other for R&B songbird Rihanna.

Additionally, Jay-Z, who is a principal of Iconix Fragrances LLC, will have the option to purchase up to 4 million shares of Parlux’s at $5 a piece.

According to The Wall Street Journal, Jay-Z and an unnamed female singer are also close to finalizing a deal with Parlux.

Parlux makes perfumes and accessories for Paris Hilton, Jessica Simpson, GUESS?, Nicole Miller, Natori, Queen Latifah, XOXO, Ocean Pacific (OP), Andy Roddick and others.

In March of 2007, Iconix Brand Group purchased Rocawear from Jay-Z and Damon Dash for $204 million in cash, plus an additional $35 million dollars of Iconix stock to buy Rocawear.

Jay-Z remains in charge of product development, marketing and licensing for Rocawear.

Kanye West and Rihanna’s fragrances are due in stores in 2010.