Rihanna reportedly hit with a major loss after her luxury fashion venture with Louis Vuitton failed to take off.
As per Dailymail, the accounts for her British company Denim UK Holdings disclosed that the Diamonds singer faced a loss of staggering $36million (£27M) from a failed fashion venture with Louis Vuitton.
In 2019, she launched her clothing range Fenty in collaboration with the luxury French brand, but it flopped and closed down in 2021 due to the pandemic.
The reports revealed that at the time of COVID, the travel restrictions prevented Rihanna from visiting the Paris atelier or Italian factories producing her designs.
According to the reports, Rihannna almost poured €29,988,000 ($34.86M) at the launch of her brand to match LVMH’s €30 million stake.
Her Paris-Brand registered as Project Loud France, referenced Rihanna’s fifth album Loud.
In her venture, she invested through Denim UK Holdings, holding a 49.99% partnership stake.
Unfortunately, Rihanna and LVMH took a collaborative decision in 2021 to shut down the fashion business to focus on cosmetics and lingerie.
A joint statement at the time read, “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.”
Fenty, named after Rihanna’s full name, was designed to expand her LVMH partnership into fashion, but its high prices — like $1,000 jackets — failed to attract buyers
Notably, Rihanna is currently enjoying motherhood after welcoming her third child — and first baby girl — with boyfriend A$AP Rocky.
