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Bloomberg
Pop star Rihanna is joining LVMH to launch a fashion house under her Fenty brand, pairing the world’s largest luxury conglomerate with one of the biggest cultural influencers.
The Paris-based label will make its debut this spring, selling ready-to-wear clothing, shoes and accessories, LVMH said in a statement confirming earlier reports on the plans to expand their partnership. The Barbadian singer and the owner of Louis Vuitton and Dom Perignon already launched a hit makeup line in 2017.
The move represents a rare foray into building a new brand for LVMH, which has focussed on acquiring labels with prestigious histories ranging from Christian Dior Couture to Rimowa suitcases.
LVMH Chief Executive Officer Bernard Arnault “has given me a unique opportunity to develop a fashion house in the luxury sector, with no artistic limits,†said Rihanna, whose surname
is Fenty.
The deep-pocketed French company is led by the world’s third-richest person, with an $88 billion fortune, according to the Bloomberg Billionaires Index. No financial details of the agreement were provided.
LVMH’s Fenty Beauty by Rihanna makeup line, sold principally through the company’s Sephora beauty chain, reached almost 500 million euros ($562 million) in sales during its first full year of business. The brand’s move to sell 40 shades of foundation was lauded for its appeal to customers with a diverse range of skin tones — and competitors like Procter & Gamble’s CoverGirl and Ulta Beauty’s Flesh raced to add new shades to their own lines.
The move to invest in a new fashion house comes as LVMH runs out of M&A targets in its key fashion and leather division. American challengers like Michael Kors parent Capri Holdings Ltd and Coach owner Tapestry Inc, Chinese groups Fosun International Ltd and Shandong Ruyi, private equity funds have all scrambled to buy European luxury labels, pushing up asset prices. Families controlling prestigious brands like Hermes and Chanel have resisted putting their companies up for sale.