The release of the Fenty fashion label made Rihanna the first Black woman to create a Luxury Brand with Moët Hennessy Louis Vuitton SE (LVMH). Per WWD, the luxury fashion brand and the ‘Work’ singer are putting production on hold for her fashion line after barely two years of its launch in anticipation of better conditions.
It was the first time Chief Executive Officer of LVMH Bernard Arnault launched a brand under the parent company of Louis Vuitton from scratch since Christian Lacroix in 1987.
The luxury fashion industry was badly impacted by the coronavirus. However, the LVMH’s investment fund will continue to support the Savage x Fenty lingerie brand and the Fenty Beauty cosmetics line.
“LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie,” the luxury goods company said in a statement on Wednesday.
Fashion analysts believe that the prices may have been too steep for consumers despite Rihanna’s huge following. “Celebrity-originated brands can be very popular very quickly, but their staying power is questionable,” Luca Solca, analyst at Sanford C. Bernstein, said. “The risk is that they end up being a flash in the pan.”
However, there is no other celebrity to make the Black Girl Magic spell more compelling than Robyn Rihanna Fenty who has dominated the entertainment and fashion industry for several years.
She was recently certified by Forbes as the richest female musician in the world.
Following her hit song “Work” in 2016, the famous musician has evolved into a serial entrepreneur. Her source of wealth, according to Forbes, comes from music, cosmetics and her clothing lines.
Rihanna has sold more than 60 million albums and 215 million digital tracks, according to her label, Roc Nation. This places her as the second best-selling digital artiste globally.
The Barbadian singer is regarded by Forbes as one of the most publicly charitable celebrities. She was named Harvard Humanitarian of the Year in 2017 for her work supporting education and health care in the Caribbean and developing countries.
She recently donated $5 million to various organizations assisting with coronavirus relief efforts. Other charitable works by her include giving $1 million to New York’s needy, $2.1 million to abuse victims in LA and $5 million to other charities through the Clara Lionel Foundation.