Rihanna’s luxury ready-to-wear brand is ceasing operations less than two years since it was launched. According to LVMH statement, the brand is on hold “pending better conditions”. LVMH, a French brand home to many popular names like Louis Vuitton and Dior through their chief financial operations officer Jean Jacques Guiony told analysts in October 2020 that “we have to figure out what the right offer is and it not something easy”. He added that it’s “still a work in progress”.
However, this decision does not affect the other ventures of the Fenty–the lingerie and beauty line. The announcement of the closure came at the same time as the Lingerie line just secured a $115 million funding led by L Catterton, the private equity firm backed by LVMH.
Despite popular grumble about the high price of Fenty fashion products, the brand officials didn’t give more details about the closure.
However, looking at available analysis and reports including the McKinsey Consulting Firm, it is no question that the pandemic has a big impact on the fashion industry making sales “dip dramatically in 2020”.
The pop start became the first black woman to head a luxury brand for LVMH in 2019.The brand grew rapidly while promoting inclusiveness and diversity. Apart from being the first black brand to head a partnership with LVMH, Fenty Fashion became the second brand that LVMH started from scratch, the first being Christian Lacroix in 1987.
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