Rihanna and LVMH have come to the decision to close the Paris-based luxury brand. They came to a mutual agreement to close RTW activity until worldly conditions are in a better state, meaning that there is still a chance for a comeback. The luxury maison first stepped upon the scene back in 2019. At the time, Rihanna said that creating this was an “incredibly special moment” for the team. She went on to add.
Mr. Arnault has given me a unique opportunity to develop a fashion house in the luxury sector, with no artistic limits. I couldn’t imagine a better partner both creatively and business-wise, and I’m ready for the world to see what we have built together.
The french conglomerate hasn’t launched anything since 1987 with Christian Lacroix. It was said that they will continue to focus more on Rihanna’s Fenty beauty and skincare line. They even want to take part in her Savage X Fenty line. This is great news being as though the brand is extremely profitable. According to A Fast Company exclusive report, Savage X Fenty has brought in a hefty $115 million from L Catterton in Series B funding. With this, this brings the brand’s valuation over $1 billion. If they keep up this type of revenue, Savage X Fenty will be a lingerie phenomenon.