Popular singer and businesswoman Rihanna suffered financial losses of $36 million due to an unsuccessful joint fashion project with French giant Louis Vuitton (LVMH). This became known from the financial statements of her British company Denim UK Holdings, Daily Mail reports, writes UNN.
Details
In 2019, the artist launched the luxury clothing brand Fenty, named after her full name – Robyn Rihanna Fenty. It was an ambitious move: Fenty was to become the first new luxury brand in the LVMH portfolio in decades.
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However, due to the COVID-19 pandemic, which limited travel and the work of fashion houses in Paris and Milan, the line could not fully develop. In 2021, the parties decided to close the brand.
LVMH and Rihanna confirm their commitment to focus on the growth and long-term development of the Fenty ecosystem, focusing on cosmetics, skincare and lingerie
Financial documents show that Rihanna invested over 29 million euros (about $35 million) through Denim UK Holdings, while LVMH invested about 30 million euros. Despite massive investments, the brand's collections did not generate the expected interest: the cost of items exceeded $800–1000, which made them inaccessible to most of her fans.
Unlike the more affordable Fenty Beauty and Savage X Fenty lines, the Fenty fashion house focused exclusively on the premium segment, which, according to experts, was one of the reasons for the failure.
At the launch in 2019, Rihanna said she aimed to create clothes for modern women – strong, diverse and self-sufficient.
Women are the power of this earth. We are multifaceted, complex, vulnerable, but at the same time unsurpassed, and Fenty speaks to all our subtleties
Despite losing tens of millions of dollars, Rihanna remains one of the richest women in the music world. Her fortune, estimated by Forbes, exceeds $1.4 billion, thanks in part to the success of her Fenty Beauty cosmetics brand and Savage X Fenty lingerie line.