LVMHand Rihannasuspended collaboration on the Fentyluxurious trendenterprise two years after its launch, WWD reported.
- LVMH and Rihanna will consider long-term Fenty model growth, Reuters and WWD reported.
LVMH, the proprietor of luxurious manufacturers Louis Vuitton and Christian Dior, has suspended collaboration with R&B singer Rihanna on her Fenty ready-to-wear trend line, Ladies’s Put on Every day reported on Wednesday.
LVMH didn’t instantly reply to Insider’s request for remark.
Rihanna’s trend enterprise, which was launched in 2019 in Europe, shall be “placed on maintain” pending higher circumstances, the French luxurious good conglomerate stated in an announcement, based on WWD and Reuters. Ladies’s Put on Every day was the primary to report the
LVMH and Rihanna will consider the long-term growth of the Fenty enterprise with a give attention to skincare,
The LVMH-backed funding fund L Catterton has taken a stake in Rihanna’s lingerie line, Savage X Fenty, WWD reported.
In December, Savage X Fenty was reportedly seeking to raise $100 million in funding to broaden in Europe and launch a brand new line of athletic put on. The corporate appointed Goldman Sachs to lift the brand new spherical of funding which might give Savage X Fenty a valuation of $1 billion, based on The New York Times’ DealBook newsletter.
Fenty was the primary trend enterprise that LVMH created from the bottom up since Christian Lacroix’s model launched in 1987. It was established to develop the singer’s joint beauty enterprise with the French group with clothes, equipment, and sneakers.
Rihanna launched cosmetics model
LVMH was financially impacted by the pandemic and retailer closures. In October it reported a revenue of $37 billion, down 21% in comparison with the identical interval a yr earlier than. The posh conglomerate had a income reaching about $59 billion in 2019.
In a press assertion, the corporate stated it was exhibiting “vital enchancment” in its third quarter. Its trend and leather-based items division, for which natural income declined by 11% over the primary 9 months of the yr, noticed a double-digit rebound of 12% development within the third quarter.