According to numerous reports, Rihanna and French luxury conglomerate LVMH Moёt Hennessy Louis Vuitton have mutually agreed to suspend the singer's and entrepreneur's ready-to-wear brand Fenty.
LVMH confirmed the news in a statement to: "Rihanna and LVMH have jointly decided to suspend RTW's operations in Europe pending an improvement in conditions."
At Fenty's headquarters in Paris, a small staff completes cases, according to the newspaper's sources.
The news came on the same day as the announcement that Rihanna's underwear line, Savage X Fenty, “has completed a $ 115 million Series B fundraising round,” led by L. Cutterton (the world's largest private equity firm focused on to consumers), to "support the company, rapid growth and impending retail expansion," the press release said.
“In two short years, Savage X Fenty has achieved remarkable success,” said John Owsley, co-managing partner of L Catterton’s Growth Fund, in a press release. “The brand strikes a unique balance between affordability, fashion and comfort, is deeply committed to inclusiveness and diversity, and is distinguished by an extraordinary level of intimacy and unrivaled customer loyalty. We believe the opportunity is tremendous for Savage X Fenty and we look forward to leveraging our vast experience in scaling digital consumer brands and partnering with Rihanna, Christian, Natalie and the entire Savage X Fenty team to help the Company achieve its full potential.”
The 32-year-old singer-turned-fashion and beauty mogul made history by signing with LVMH in May 2019, becoming “the first woman to create an original brand at LVMH and the first black woman at the top of LVMH.”
Rihanna's successful Fenty line has joined their powerful lineup of brands that include Céline, Dior, Givenchy and Fendi to name a few.
“Creating such a line with LVMH is an incredibly special moment for us,” the star said in a statement. “Mr. Arnault gave me a unique opportunity to build a fashion house in the luxury sector without any artistic constraints. I couldn't imagine a better partner, both creatively and in business, and I am ready for the world to see what we have built together."