Pop star, Rihanna has lost close to $36 million following the collapse of her luxury-fashion venture with LVMH.
The 37-year-old singer teamed up with the brand in 2019 to launch a high-end clothing label named Fenty, under the trade name Project Loud France, a nod to the performer’s fifth album Loud.
Rihanna invested €29,988,000 and LVMH contributed roughly €30 million. But the venture was wound down in 2021, citing a strategic refocus on her cosmetics and lingerie businesses, according to Mail Online.
Now, according to accounts from the British-registered arm of the business, Denim UK Holdings, through which Rihanna invested, the singer has made the massive loss of about $36 million.
The Daily Mail, which uncovered the records, said Rihanna’s efforts “flopped” and the business closed down in 2021 due to the pandemic.
Reports at the time stated due to travelling restrictions during Covid, hands-on designer Rihanna couldn’t see the atelier in Paris or get to the Italian fashion houses making the products.
When the label launched, it attracted attention for its pricing.
For example, a padded denim jacket priced at nearly $1,000 and a corseted shirtdress at around $810.
The brand’s positioning put it at the ultra-premium end, unlike Rihanna’s other lines such as Fenty Beauty or Savage X Fenty.
In a statement at the time of closure, Rihanna and LVMH said: “LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of the Fenty ecosystem, focusing on cosmetics, skincare, and lingerie.”
The fashion house was officially titled “Project Loud France” and registered in Paris, but never achieved the market impact expected.
Rihanna’s loss marks a rare financial setback in the otherwise highly successful business trajectory of the singer, who has made a fortune from her ventures in beauty, lingerie and entertainment.
Her career spans two decades, and her estimated net worth as of this year is at least $1 billion.