Word On The Curb
Rihanna and LVMH are reportedly hitting the pause button on Rih’s Paris-based luxury fashion house, Fenty maison.
According to Women’s Wear Daily, the 32-year-old singer turned business mogul and the French luxury giant (Moët Hennessy, Louis Vuitton — the world’s largest luxury group) have “mutually agreed” to suspend Fenty maison, less than two years after the brand’s launch.
“Rihanna and LVMH have jointly made the decision to put on hold the RTW activity, based in Europe, pending better conditions,” LVMH said in a statement to WWD. Sources also told the outlet, “a skeleton staff remains at the Paris headquarters of Fenty fashions to wind down remaining operations.”
While Fenty maison is being put on the back burner, WWD reported that LVMH is now planning to concentrate on Rihanna’s other companies: Fenty Beauty, Fenty Skin, and her lingerie brand, Savage X Fenty. Private equity giant L Catterton, in which LVMH has a stake, has already “led a $115 million Series B fundraising round to support the upcoming expansion into retail of Savage x Fenty,” the fashion outlet reported.
“Following the completion of a fundraising round where L Catterton has taken a stake into Savage X Fenty, LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie,” LVMH and Rihanna added in their statement.