June 23, 2024

Diabetestracker

Passion For Business

LVMH hits pause button on Rihanna’s fashion brand

Louis Vuitton proprietor LVMH and music star Rihanna have agreed to suspend her manner line Fenty much less than two decades after its start, the French luxury products huge reported on Wednesday.

LVMH reported in a statement that Fenty’s prepared to don action, primarily based in Paris, would be “set on hold” pending improved problems – a exceptional setback for the luxury group, which has weathered the coronavirus crisis improved than most rivals.

The R&B singer and LVMH introduced the Fenty manner manufacturer in Might 2019, only the 2nd time the French group had set a label up from scratch as it looked to tap soaring demand for luxury superstar collaborations.

LVMH did not elaborate on the good reasons for hitting the pause button but after a huge start and debut collection, the manufacturer held a very low profile and under no circumstances followed up with major advertising and marketing situations, even before the Covid-19 crisis.

Trade publication WWD, which 1st documented news that the label was staying suspended, reported on Wednesday that a skeleton team remained at the Paris headquarters to wind down remaining functions.

Questioned about the manner undertaking throughout the group’s third quarter earnings phone very last Oct, LVMH’s finance main Jean-Jacques Guiony identified as it “a function in progress”. “We are however in a launching period, and we have to figure out specifically what is the suitable present” Guiony reported. “It truly is not some thing that is easy.”

LVMH also reported on Wednesday that non-public equity fund L Catterton, which is connected to the group, had taken a stake in Savage X Fenty, Rihanna’s lingerie line.

“LVMH and Rihanna reaffirm their ambition to concentrate on the progress and the lengthy-time period enhancement of Fenty ecosystem focusing on cosmetics, skincare and lingerie,” it extra.