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LVMH said in a statement that Fenty’s ready to wear activity, based in Europe, would be “put on hold” pending better conditions.
It said that LVMH-backed investment fund L Catterton had taken a stake into 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.
LVMH and the R&B singer launched the Fenty fashion brand in 2019, a rare move by the French group as it set a label up from scratch to tap soaring demand for luxury celebrity collaborations.
Fenty – after the “Umbrella” hitmaker’s full name, Robyn Rihanna Fenty – was meant to build on the singer’s joint cosmetics venture with LVMH, with a full range of clothing, shoes and accessories.
It was the first label the acquisitive group – also home to storied couture houses such as Christian Dior and Givenchy – had fully created since Christian Lacroix’s eponymous brand launched in 1987. It eventually sold that on in 2005 after it struggled to ever turn a profit.
