LVMH and singer Rihanna launch a new luxury brand, Fenty, in the form of a new home within the luxury conglomerate.
According to a press release from LVMH, the new range will include shoes, ready-to-wear clothing and accessories, which, according to Business of Fashion, will also include jewellery. The publication states that the singer would have a 49,99% stake in the cooperation and that LVMH has committed EUR 30 million in financial support.
The Parisian brand has set the launch date for the spring of 2019, which should take place soon.
The offer is unusual in several respects. On the one hand, LVMH is working on revitalizing its historical brands, instead of launching new ones. According to The New York Times, LVMH sold its first original haute-couture attempt, Christian Lacroix, in 2005.
On the other hand, the singer, named Robyn Rihanna Fenty, will be the first African-American woman to run a LVMH company.
“From Kanye West to Jessica Simpson – rappers, singers, singers, actors and reality TV stars abound that own their own product lines in department stores and other related institutions,” wrote Nadra Nittle in Vox. “But having a luxury home in their honor is inaccessible to most celebrities. Rihanna would be one of the few to enter the world of haute couture.”
Rihanna, who is followed by 70 million people on Instagram, is already connected to LVMH for the marketing of its Fenty Beauty range. Bernard Arnault, President and CEO of LVMH, said in a statement that this joint venture had convinced him that it was “a true businesswoman, a true CEO and an excellent manager.”
He added, “To support Rihanna in the launch of House Fenty, we have a gifted and multicultural team, supported by the Group’s resources.”
This team includes Jean-Baptiste Voisin, Chief Strategy Officer of LVMH, who according to Business of Fashion will be the new chairman of the joint venture.
The singer stated in a press release: “Mr. Arnault gave me the unique opportunity to develop a fashion house in the luxury sector, without artistic limitations. I couldn’t have imagined a better partner, both creative and commercial“.
In 2017, the singer had worked with Chopard on a series of jewellery.