The music star and luxury French giant mutually agreed on a setting fifty Maison is hanging out after less than two years at all.
The brand stopped posting to their Instagram account on January 1st, and the last batch dropped fifty.Com dates back to november 2020: high-heeled shoes in collaboration with one of RihannaAmina Maadi’s favorite shoe designer. Understandably, the e-commerce site – the main distribution channel for Fenty fashion – will be shut down in the next few weeks.
LVMH It confirmed the development exclusively for WWD via a brief statement saying: “Rihanna and LVMH have jointly decided to suspend RTW, which is based in Europe, pending better conditions.”
According to sources, a skeleton crew remains at the Fenty Fashion Headquarters in Paris to finalize the remaining operations.
Meanwhile, in a sign of her strong faith in Rihanna and her growing world of Fenty products, LVMH now plans to focus on Fenty Beauty and Fenty Skin – and participate in its successful lingerie project.
WWD also learned that private equity giant L Catterton, in which LVMH owns a stake, led a $ 115 million fundraising round for Series B to support the upcoming retail expansion of Savage x Fenty, Rihanna’s successful lingerie range that launched in 2018 with California – TechStyle Fashion Group.
The fundraising round also enjoyed significant participation from existing investors such as Marcy Venture Partners and Avenir, along with a number of new investors, including Sunley House Capital, Advent International’s mutual fund.
“After completing a fundraising tour where L Catterton acquired a stake in Savage X Fenty, LVMH and Rihanna reaffirmed their ambition to focus on the long-term growth and development of the Fenty ecosystem focused on cosmetics, skin care and underwear,” LVMH added Rihanna in a statement. To WWD.
Late last year, Rihanna was told To search for investors To expand Savage X Fenty into sportswear, and eclectic with Goldman Sachs.
Rihanna is said to be “sad” that her Fenty fashion house is on ice.
The start-up fashion company faced the coronavirus crisis, which kept the star on the ground in Los Angeles, allowing her a hands-on training with Fenty Beauty and launching Fenty Skin last July, both of which are located in California, but are far from design and development teams in Paris, and production sites. In Italy. Rihanna is known to be the practical type, hopping on a plane to visit important fabric suppliers and educating herself about clothing production.
It is understood Rihanna and LVMH ultimately decided to “prioritize” and focus on the high-flying ecosystem in the United States, with sources describing the Fenty Skin launch as a “home run.” It is also said that they have other projects in the pipeline.
Market sources estimate that Fenty Skin has grossed $ 30 million in less than four months on its online store. The brand made its debut on Sephora locations this month, and is also available at Harvey Nichols and Boots in the UK
The fashion house Fenty reportedly enjoyed promoting sales of eyeglasses, shoes, and jeans, and found some initial attraction in department stores. But the challenges of building eight groups of ready-to-wear per year and running a startup remotely have been incredibly tough.
Fenty Fashion on Instagram has reached 1 million followers, versus 3.9 million for Rihanna’s Savage x Fenty and 10.5 million for Rihanna’s Fenty Beauty. Instagram’s Fenty Skin platform has 800,000 followers.
WWD I reported the news In January 2019 Rihanna, who is already a color cosmetics freak in partnership with LVMH, entered the fashion scene with her own brand after a stint as Creative Director for Puma.
LVMH officially announced in May of that year, that Fenty House will be “its focus on Rihanna, its development, and shaped with its vision in terms of rtw, footwear and accessories, including trade and branding.”
It was the first time that LVMH – whose forte is modernizing vintage brands like Dior, Louis Vuitton, Givenchy, and Bulgari – has launched a fashion brand from scratch since it created a Christian Lacroix high fashion house in 1987.
The project was also uncharacteristically low-profile for a group known for its lavish fashion shows and splashy ad campaigns. While there were pop-up events at big stores like Bergdorf Goodman and Galeries Lafayette Champs-Élysées, product launches were a quiet thing that was announced on the Fenty fashion website and on social media.
Last fall, LVMH Bring in a new managing director Who seemed ready to adjust Rihanna’s luxury home. Bastian Renard, who worked for 19 years at Nike in Europe and the United States, was succeeded by Véronique Gebel, the old Louis Vuitton CEO from the ready-to-wear division who was recruited for the launch. It is understood that Reynard is running the filtration process, and will take on a new assignment within LVMH.
It was LVMH She hinted that things were less than rosy In Fenty when she revealed the third quarter last October.
“On Fenty costumes, it is clear that we are still in the launch phase and we have to pinpoint exactly the right show. It’s not an easy thing.” CFO Jean-Jacques Guyonne said at the time, “We are totally starting from scratch.” “Obviously, we have a lot of help from it. Rihanna is on this one, but I can say it’s still a work in progress when it comes to deciding what the show really is going to be. We’ve had successes, and we’ve got things that worked less well, so we have to sort between the two and identify the key strengths of the show in the coming years. “
Rihanna Robin Fenty holds the titles of Fenty Founder, CEO, and Artistic Director. Jean-Baptiste Voisin, chief strategist for LVMH, has overseen the launch of the luxury fashion house, whose current offerings include $ 300 hoodies to $ 900 in gladiator sandals.
Most of Rihanna’s outfits, which are mainly sold online at Fenty.com via Drops See Now Buy Now, veered further into the chic and designer end of the spectrum.
Understandably, LVMH and Rihanna have not ruled out a second tour of the luxury house in the future, encouraged by the fact that it has been able to attract repeat clients, mostly high net worth professionals who buy other luxury brands.
Rihanna has shown a serious interest in fashion and its influence on it – along with colossal styling bits and sharp instincts – with her three-year career as the Creative Director of Puma, revitalizing the German brand Activewear through her project Fenty by Puma, and following She has successfully traversed Beauty and Apparel Interior – the first with Kendo controlled by LVMH.
Kendo, which acts as an incubator to manufacture products that end up retail by LVMH’s perfume chain Sephora and other outposts, signed on to Rihanna in 2016. Her Fenty Beauty products have sold $ 100 million in sales within weeks. And hailed as a transformative brand.
Rihanna’s proximity to LVMH dates back to at least 2015. After attending the shows of Christian Dior, one of Arno’s most valued fashion characteristics, she appeared in “Secret Garden IV”, a campaign and short film shot by Stephen Klein in Versailles. Featured in Dior sunglasses, baggage and an appearance from the Esprit Dior collection.
A year later, she created a line of futuristic sunglasses in collaboration with Dior as part of her brand ambassadors.
Rihanna’s talent and beauty have made her a favorite with fashion designers all over the world. A former Barbados native designed Gucci, Emporio Armani and Balmain models.
She made her design debut in 2013 with the popular British brand River Island, creating a line of clothing and accessories.
Watch: Inside Rihanna’s Fashion Career