LVMH have announced that Rihanna's fashion line, backed by the luxury conglomerate since its launch in 2019, has been put on hold. The venture marked the first time the group invested in a female-owned brand and a person of colour. Putting their weight behind a brand so early on was a highly unusual move for the group, Christian Lacroix being the last to launch from scratch in 1987. The move ultimately reflected high hopes for Rihanna's fashion brand, with the goal that it would follow in the footsteps of the star's wildly successful businesses Fenty Beauty, Fenty Skin and Savage x Fenty. Having placed their bets on Rihanna's public image driving sales which may not have materialised, together with the impact that COVID-19 has had on the fashion industry, LVMH and Rihanna have been forced to realign their priorities.
Rihanna's Fenty Beauty and Fenty Skin lines are set to continue, and the private equity firm L. Catterton, in which LVMH has a stake, will be investing into the lingerie line Savage x Fenty. With a less accessible price range, it's thought that the high-end Fenty clothing prices were too far of a stretch for the icon's audience: currently a dress from Selfridges will set you back about £600.
'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' the group said in a statement released earlier today.