Wednesday, 10 February 2021

Rihanna Is Shutting Down FENTY

Rihanna's LVMH-backed luxury ready-to-wear line Fenty is closing, just under two years after of debuting in Paris, Business Fashion News reports. 

LVMH confirmed the news to the publication, though it didn't offer an additional statement. 

Back in October, during a call about Q3 sales, LVMH chief financial officer Jean-Jacques Guiony described Fenty as a "work in progress," per @WWD, saying: "On Fenty fashion, we are obviously still in a launching phase and we have to figure out exactly what is the right offer. It's not something that is easy... We have successes, we have things that have worked less well, so we have to sort in between the two and really decide what should be the core strengths of the offer in the years to come." 

Fenty was a significant launch for LMVH in 2019: It marked the first time a black woman was at the helm of a brand within its umbrella (Rihanna served as both its CEO and its artistic director) and the first time since 1987 that the conglomerate helped start a fashion house from the ground up. In December 2019, Rihanna won the Urban Luxe Award at the British Fashion Council's Fashion Awards. 

"Being the first Black woman to lead a luxury house, especially under LVMH, it was a huge deal to see him just encourage people to buy black," Rihanna told vogue U.K in her May 2020 cover story. "I felt connected to it, and knowing why really made me feel like there's no way I can ignore this."

Rihanna's other fashion ventures, though, seem to be going strong: On Wednesday, Savage x Fenty announced it had secured $115 million through a Series B fundraising round, led by L Catterton (which LVMH has a stake in).

Courtesy of Fashionista
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