Because, after months of murmurs, the star has announced the launch of the ‘Fenty’ fashion house with LVMH.
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After seeing their first venture – cosmetics line Fenty Beauty – generate $500 million in sales in its first year, the entities have expanded their partnership.
Set to be unveiled in Paris on May 22nd, Fenty will be “centered on Rihanna, developed by her, and takes shape with her vision in terms of ready-to-wear, shoes and accessories, including commerciality and communication of the brand.”
The historic move is notable on many fronts, including that Fenty is the first fashion brand launched from the ground up by LVMH since Christian Lacroix was founded in 1987.
Furthermore, the Bajan belle will become the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH maison.
Speaking on the venture, Rih said:
big day for the culture. thank you Mr. Arnault for believing in this little girl from the left side of an island, and for giving me the opportunity to grow with you at @LVMH . This is proof that nothing is impossible. Glory be to God. 🙏🏿
While in a more formal statement:
“Designing a line like this with LVMH is an incredibly special moment for us. Mr. Arnault has given me a unique opportunity to develop a fashion house in the luxury sector, with no artistic limits. I couldn’t imagine a better partner both creatively and business-wise, and I’m ready for the world to see what we have built together”
Bernard Arnault, chairman and chief executive of LVMH, added:
“Everybody knows Rihanna as a wonderful singer, but through our partnership at Fenty Beauty, I discovered a true entrepreneur, a real CEO and a terrific leader. She naturally finds her full place within LVMH. To support Rihanna to start up the Fenty Maison, we have built a talented and multicultural team supported by the Group resources. I am proud that LVMH is leading this venture and wish it will be a great success.”
Rih, who by way of a sizeable ownership % stands to make a fortune is said to be wholly committed to the venture and has committed almost £30 million of “in-kind” contributions to the venture. Translation? She’s ponying up £30 million worth of her time, her name and what she represents — while LVMH (who also have the likes of Givenchy and Celine under their umbrella) has put up £30 million in cash.
Huge congrats to Runway RiRi! She’s making strides few would have foreseen and deserves all the kudos for it.