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r8 w3 Rihanna's first stumble in business: Fenty closes - The Times Hub

Rihanna's first stumble in business: Fenty closes

Rihanna's first stumble in business: Fenty closes

32-year-old Rihanna has long been much more than a singer – she's a businesswoman focused on her very fruitful fashion, beauty and skincare businesses. However, the health crisis, turned into an economic crisis, also seems to have taken its toll on Barbados, with a fortune estimated by Forbes magazine at 600 million dollars (about 500 million euros). The singer has been forced to close her fashion firm Fenty, one of the legs of her business. Therefore, it will now focus on Fenty Beauty (beauty), Fenty Skin (skin care) and Savage x Fenty (lingerie).

The firm was created with great expectation a little less than two years ago, in May 2019, and its disappearance has been announced by the singer's capitalist partner, LVMH. It had been almost six years since the French luxury conglomerate closed a fashion line, in this case the second by Marc Jacobs (Marc by Marc Jacobs) . For the moment, they have said, they are suspending their collaboration. They have explained this in a statement published exclusively by the specialized medium in the fashion industry WWD : “Rihanna and LVMH have made the joint decision to put on pause the activity of their daily fashion line, based in Europe, at the waiting for better conditions ”. The outlet claims that only a handful of employees will remain in the brand's Paris office to close the remaining operations.

This is the first closure Rihanna faces among her successful consumer lines. In fact, the last collection he released was on November 20, and as of January 1, Fenty's Instagram profile remains inactive. WWD estimates that activity will cease in late February or early March. Most of its sales were on the Internet, although Fenty did have outlets in some high-caliber European fashion galleries.

At the moment, the rest of Rihanna's signatures survive comfortably. In fact, the lingerie company has just obtained the backing of an investment fund that has placed 95 million euros in it. This fund, L Catterton, is also linked to LVMH, which shows that the relationship between the artist and the largest luxury conglomerate on the planet (which has firms such as Louis Vuitton, Christian Dior, Loewe, Givenchy, Bulgari and Sephora ) has not been broken.

Rihanna and LVMH's union broke the mold when it was unveiled two years ago. Then the artist became the first woman to run a home of her own within LVMH and the first black designer to head a conglomerate brand. So, that union was a whole paradigm shift. As The New York Times fashion editor Vanessa Friedman put it, Fenty was “the first brand of the Instagram era endorsed by one of the three great groups that have defined the era of luxury so far.”

Not at the moment It is known how this professional blow will affect Rihanna and her fortune. The businesswoman was considered in the summer of 2019 as the richest musical artist in the world , but she is also one of the richest and most powerful women in the world made by herself: in a list of the 100 most important of that category made by Forbes , she is ranked 22nd

Music has long been out of her life. Although thanks to hits like Umbrella (2007) or Diamonds (2012) he has sold more than 280 million records (more than Celine Dion or Mariah Carey), his latest album, Anti , came out more than five years ago. The singer is focused on her personal and business life; in fact, in November 2019 he announced that he was stopping and taking a break. What it does continue to work on is its philanthropic side, which has exploded with causes such as the fight against the coronavirus or the Black Live Matters movement. Last June Rihanna announced a donation with Jack Dorsey , founder of Twitter, of 15 million dollars (13.7 million euros) to associations that helped fight against mental illness, especially in times of pandemic. Already in March it gave five million dollars (4.5 million euros) since its foundation to, above all, help toilets with equipment and protection.

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