Moët Hennessy Louis Vuitton SE (LVMH), a French luxury conglomerate, has recently announced the indefinite suspension of Fenty Fashion House, Rihanna’s clothing line. The brand was launched less than 2 years ago with this French company, which is home to Dior, Louis Vuitton, and other high-end fashion houses.
LVMH has reportedly cited that the company and Rihanna jointly made the decision to temporarily put the Fenty Fashion House business on hold. Following this suspension, it will still continue to concentrate on the long-term development and growth of other business lines such as Fenty Beauty, Fenty Skin, and Savage X Fenty. Additional details of the latest business suspension have not been revealed.
The fashion industry across the globe has been hard hit by the ongoing COVID-19 pandemic, with fashion sales recording a dramatic drop in 2020. The recent announcement happened along the heels of a successful fundraising activity of the lingerie brand, Savage X Fenty. Through this funding round, the business line raised $115 million to boost its investment into customer acquisition as well as expansion into the retail sector, with Jay-Z as an investor via Marcy Venture Partners. This business, like other Fenty brands, has gained widespread recognition and adoption over the past years owing to its inclusive practices and body-positivity. The brand also has witnessed an exponential revenue growth of nearly 200%.
After the launch of Fenty Fashion House in 2019, Rihanna became the 1st Black woman to lead an original brand with the support of LVMH, despite it not being her 1st clothing venture. Moreover, she also became Puma’s creative director in 2014, and has created multiple collections for River Island, a British store.
The recent business suspension of the Fenty clothing brand will favorably enable it to reposition and refine its offerings to make a significant return to business, perhaps after the COVID-19 crisis.