Some big changes are afoot at Fenty.
On Wednesday, Rihanna’s beauty brand announced its partnership with luxury goods corporation LVMH on a line of ready-to-wear products is being put on hold.
“With the overwhelming success of beauty and skin, LVMH and Rihanna have jointly made the decision to put the ready-to-wear Fenty division on hold in relation to the current climate,” a source close to the brands told ET. “As partners, LVMH Group and Rihanna will concentrate on the growth and long-term development of the Fenty ecosystem.”
One big area of growth is in lingerie, which Rihanna is set to capitalize on with $115 million in new funding for her Savage X Fenty lingerie line from investment group L Catterton.
Launched in 2018, Savage X Fenty saw big growth in the last year, increasing revenues by over 200 per cent.
“Lingerie is about celebrating your body and that’s what Savage is all about,” Rihanna said in a statement. “Savage to me is such a powerful word. It’s about being confident, in charge, and taking ownership of our choices. This brand is a home, a hub and a safe space for everyone – regardless of shape, size, ethnicity, gender identity, or sexual orientation. It is a representation of all and a validation that everyone is beautiful no matter what.”
Natalie Guzman and Christiane Pendarvis, co-presidents of Savage X Fenty, added, “As we continue to grow the brand at a remarkable pace, it is imperative that we move forward with partners who not only have a deep understanding of our business and customer base, but share our ambitious vision for Savage X Fenty and have the operational know-how to work with us to achieve it.”