The pandemic shatters even the dreams of giants. Two years after its launch, LVMH has decided to close Fenty, the brand developed by the singer Rihanna, according to advances WWD. The firm started in May 2019 and it was the first that the conglomerate launched from scratch since Christian Lacroix’s launch in 1987.
Now, it will also be the first to close. The last time the group suspended a project was in 2015, when it discontinued the second Marc Jacobs line.. The firm’s ecommerce will be suspended in the coming weeks and only one closing team remains in its Paris offices.
The company concentrated the bulk of its distribution in the online channel, although it also had ephemeral points of sale in Galeries Lafayette and Bergdorf Goodman, among other establishments. The pandemic arrived when the firm had barely completed a year.
“Rihanna and LVMH have jointly made the decision to suspend the prêt-à-porter activity, based in Europe, pending better conditions,” they have confirmed from the group to WWD.
LVMH will enter the capital of Rihanna’s intimate line through L Catterton
LVMH will continue to be linked to the singer and has entered the capital of her intimate line, Savage X Fenty, via L Catterton. This firm, which has been one of the most successful projects of the singer and businesswoman, was launched in 2018 by the TechStyle Fashion Group.
L Catterton has led the company’s latest round of $115 million. LVMH also signed an agreement with the singer for her cosmetic line, Fenty Beauty, launched under the umbrella of her Kendo accelerator.
Robin Rihanna Fenty registered her last name in 2014 for use in different types of activities. With different strategic partners, the singer has managed to carve out a niche in the sector with disruptive models that go beyond the traditional licenses and lines sponsored by celebrities.
LVMH, meanwhile, is the world’s largest luxury conglomerate. The company, which at the beginning of this year sealed the purchase of Tiffany, closed 2020 with a drop in sales of 17%, to 44,651 million euros, although the fashion and leather goods category, which accounts for 41% of the business of the group, was the one that evolved the best.