Rihanna’s FENTY Luxury Label is Closing After Less Than Two Years in Business!

In 2019, Rihanna signed a deal with luxury conglomerate LVMH, forming FENTY, her own luxury fashion brand. The singer, through her company Denim UK Holdings owned 49.99 percent stake in the business, with LVMH as the majority shareholder. Jean-Baptiste Voisin, LVMH’s chief strategy officer, immediately assumed the role of the company’s president. After, less than two years in production, and with heavy PR, the two parties have decided to pull the plug on the business. \

In a statement shared yesterday, LVMH said that Fenty’s ready-to-wear clothes would be “put on hold” pending better conditions. The conglomerate, however, pledged to concentrate on the long-term development of the “Fenty ecosystem”, which includes the Savage X Fenty; lingerie line and the Fenty Beauty and Fenty Skin lines.

According to insiders, the reason for the untimely ‘pause’ is, “although Rihanna has a huge fan base, Fenty label’s prices were too steep for most of them,” BBC reports. Other factors sighted as causes include the Covid-19 pandemic, which has affected many businesses.

After signing the deal in the spring of 2019, Rihanna, whose full name is Robyn Rihanna Fenty, became the first black woman to own and lead a house under the LVMH conglomerate, which is home to other luxury houses such as Louis Vuitton, Dior, Givenchy, Marc Jacobs.

The 32-year-old star has not release new music since 2016, owing to her many commitments.

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