French multinational luxury giant LVHM and Rihanna have made the mutual decision to put Fenty on hold for the time being. According to WWD, the decision was mutual, with the French corporation confirming that “Rihanna and LVMH have jointly made the decision to put on hold the ready-to-wear activity, based in Europe, pending better conditions.”
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Despite the decision, LVMH is still backing Rihanna, concentrating their efforts on Fenty Beauty and Fenty Skin. Additionally, Savage X Fenty said private equity giant L Catterton (which LVMH has a stake in), led a $115 million Series B fundraising round to support its growth and upcoming expansion into activewear.
“On Fenty fashion, we are obviously still in a launching phase and we have to figure out exactly what is the right offer. It’s not something that is easy. We were starting entirely from scratch,” Jean-Jacques Guiony, chief financial officer at LVMH said last October. “Obviously, we have the great help from Rihanna on this, but I would say it’s still a work in progress when it comes to really defining what the offer will be.”
Words by AR Staff
