All good things come to an end. On Wednesday, LVMH announced it would take a break from Rihanna’s Fenty label just two years after its release.
According WWD, a small group of employees remain in the Fenty office to close operations. As for Rihanna, she is reportedly feeling “sad” about the closure of her luxury label.
While Fenty is on an indefinite hiatus, Rihanna’s other fashion venture, Savage X Fenty, recently secured $ 115 million in financing led by private equity giant L Catterton, in which LVMH happens to have a stake.
Fenty launched in 2019 and gave Rihanna her first Fashion Award, taking home the award in the Urban Luxe category in December 2019. It was the first time since 1987 that LVMH started a brand from scratch, and its first brand to be led by a black woman.
“Following the completion of a fundraising round in which L Catterton acquired a stake in Savage X Fenty, LVMH and Rihanna reaffirm their ambition to focus on the long-term growth and development of the Fenty ecosystem with a focus on cosmetics, skin care and lingerie, “Rihanna and LVMH said in a joint official statement:” In the meantime, Rihanna and LVMH made a joint decision to suspend Europe-based ready-to-wear activity, depending on the best. conditions.”