All good things must come to an end. On Wednesday, LVMH announced that it would be pressing pause on Rihanna’s Fenty label just two years after its launch.
According to WWD, a small group of employees remain at the Fenty office to close up operations. As for Rihanna, she is reportedly feeling “sad” about the shuttering of her high-end label.
While Fenty is taking an indefinite hiatus, Rihanna’s other fashion venture, Savage X Fenty, recently secured $115 million in funding led by private equity giant L Catterton, which LVMH just happens to have a stake in.
Fenty launched in 2019 and gave Rihanna her first Fashion Award, taking home the prize in the Urban Luxe category in December 2019. It was the first time since 1987 that LVMH started a fashion label from scratch, and its first brand to be led by a Black woman.
“Following the completion of a fundraising round where L Catterton has taken a stake into Savage X Fenty, LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie," Rihanna and LVMH said in an official joint statement. "In the meantime, Rihanna and LVMH have jointly made the decision to put on hold the ready-to-wear activity, based in Europe, pending better conditions.”