Rihanna has reportedly suffered a financial setback of about $36 million (£27 million) following the collapse of her luxury fashion line with Louis Vuitton, according to filings from her UK-based company, Denim UK Holdings.
The 37-year-old singer launched her high-end fashion label, Fenty, in 2019 in collaboration with the French luxury conglomerate LVMH (Louis Vuitton Moët Hennessy). However, the brand struggled to sustain itself and eventually shut down in 2021, largely due to the impact of the COVID-19 pandemic.
Reports from that period revealed that travel restrictions during the global lockdown made it difficult for the hands-on designer to visit ateliers in Paris or the Italian manufacturers responsible for the line’s production.
At the start of the venture, Rihanna reportedly invested €29.9 million (around $34.8 million), while LVMH contributed €30 million ($34.9 million) to the joint project. The French-based company operated under the name Project Loud France, a subtle reference to Rihanna’s fifth studio album, Loud.
Despite the financial loss, Rihanna whose fortune is estimated at $1.4 billion retains nearly 50% ownership in the venture through Denim UK Holdings.
