It is no surprise that several companies have had their fair share of difficulties due to the coronavirus pandemic’s onset; Rihanna’s Fenty Fashion House is no exception.
LVMH announced this week that the fashion house would be suspended indefinitely.
The French conglomerate told CNN Style that the joint decision with the singer-songstress would not impact her other lines’ progression and development, such as Fenty Beauty, Fenty Skin, and Savage X Fenty.
The COVID-19 Effect
LVMH suffered more than just the halt on Fenty Fashion House this past year. In September, the luxury house announced that it would be pulling out of Tiffany & Co’s acquisition, a deal worth $16.2 billion.
Another fashion-related firm, Sycamore, also backed out of its deal to acquire Victoria’s Secret from L Brands.
The more complex issue of fast fashion may also be to blame for the industry’s downfall.
In an interview with NPR, former model Dana Thomas expressed that the onset of fast fashion forced the luxury industry into a state of upheaval.
“The world of fashion used to turn around four seasons in the four major fashion capitals,” she said. “But with the emergence of mass-produced, inexpensive, designer-copied clothing aka fast fashion, things ramped up.”
A Small Bump In The Road For Rihanna
If anything, the suspension of Fenty Fashion House shows that Rihanna is fully capable of running a successful, multi-million-dollar business on her own. Despite the departure, Rihanna’s Savage X Fenty lingerie line recently acquired $115 million in new funding. The newly acquired funding has also brought the company’s value up to $1 billion. It is expected to become the lingerie market leader by 2025.
In the meantime, the line will still be available to shop until the end of February or early March.
Mia is a recent graduate of Penn State and an aspiring writer. When she is not writing for RoyalTee Magazine, she enjoys listening to music, learning graphic design, and reading.