Times are tough and it seems that not only small and medium sized businesses are going out of business, but also great brands.
Fashion brand Fenty, according to a statement from the Louis Vuitton group, – the owner of LVMH, and famous singer Rihanna, said that – “the company is suspending its activity, after two years of success, in the ready-to-wear sector, based in Europe, pending better conditions”.
This practically means that Fenty’s fashion division, which also includes the Savage X Fenty lingerie and Fenty Skin makeup and cosmetics lines, will not be producing a new collection in the near future. However, the brand is not officially discontinued and Rihanna is still a partner of the LVMH group.
Fenty was the second brand that the LVMH group created and sought to launch, after the Christian Lacroix brand created in 1987 and sold in 2005. Although it started very ambitiously, it seems that the project did not succeed. 2020 was the worst year for the luxury goods market and LVMH Group had a profit loss of about 33%.
It’s worth noting that at the same time, the Savage X Fenty underwear line is enjoying great success, bringing in a 200% revenue explosion and it was recently announced that it’s going to be funded by Jay-Z’s company.
cover photo, Martin Bureau/AFP/Getty Images
