LVMH and Rihanna pauses Fendi brand

LVMH and Rihanna pauses Fendi brand

Louis Vuitton owner LVMH and music star Rihanna have agreed to suspend her fashion line Fenty less than two years after its launch, as Fenty’s ready to wear activity, based in Paris would be “put on hold” pending better conditions – a rare setback for Europe’s most valuable luxury group, which has weathered the coronavirus crisis better than most rivals.

The R&B singer and LVMH launched the Fenty fashion brand in May 2019, only the second time the French group had set a label from scratch as it looked to tap soaring demand for luxury celebrity collaborations.

LVMH also said on Wednesday that private equity fund L Catterton, which is connected to the group, had taken a stake in Savage X Fenty, Rihanna’s lingerie line.  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”. It added.

The French luxury goods business jumped ahead of Swiss food giant Nestle, owing to resilient Asian sales last year, as LVMH enjoyed a market capitalisation of £ 238bn (€271bn) compared to Nestle’s  £232bn(€265bn) based on midday trading.

LVMH is comprised of the leather goods maker Louis Vuitton and Champagne and spirits group Moet-Hennessy and also owns brands such as Kenzo, Guerlain, Fendi, Celine, Chaumet, Sephora, and Bulgari.