February 10, 2021 at 03:42PM
Sad news for Rihanna fans, because the singer is closing her high-end designer collection with LVMH, Fenty. Launching the brand in 2019 made her the first Black woman to create an original brand for the luxury group. Rihanna put out a statement to Women’s Wear Daily on her decision to pause. “Rihanna and LVMH have jointly made the decision to put on hold the RTW [ready-to-wear] activity, based in Europe, pending better conditions,” the LVMH statement read. Typically, going on a hiatus means that the business is shutting down for good soon.
Related: Rihanna Brightens My Winter Blues With Her Tie-Dye Slip Dress and Matching Bucket Hat
If you’re disappointed, though, there’s some good news, too. Rihanna’s been seeing success with her affordable lingerie line, Savage x Fenty, Fenty Skin, and Fenty Beauty. In fact, LVHM just announced that they are investing $115 million of funding into Savage X Fenty from L Catterton, a firm cofounded by LVMH and Bernard Arnault’s Groupe Arnault, and multiple other funds. The press release stated that the investment would help support the existing business and help expand into retail. It also says that the brand has experienced “explosive revenue growth of over 200 percent while increasing its active VIP member base by over 150 percent.” For one, I can’t wait to see what Rih has in mind for the upcoming retail stores.
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Author Nikita Charuza | Popsugar
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