Pop singer Rihanna lost £27 million in a botched fashion collaboration with Louis Vuitton. The singer, whose singles include Umbrella, Diamonds, and Stay, reported the losses in the accounts of her British company, Denim UK Holdings.
Rihanna, 37, collaborated with the design firm to establish her clothing line Fenty in 2019, and the pandemic had an instant impact on it. According to The Sun, travel limitations prevented Rihanna from meeting the designers in person or visiting the facilities where the products were manufactured.
The mother of two invested more than £25 million of her own money in the firm, becoming a 49.99 percent shareholder in Project Loud France. LVMH, Louis Vuitton’s parent business, contributed nearly comparable amounts.
Among the items in the collection were a £600 shirt dress and a £750 denim jacket. The collection was formally unveiled in Paris amid much hoopla, and Rihanna’s designs were featured in fashion magazine Vogue. However, there were issues right away. At the time, Jean-Jacques Guion, the chief financial officer of LVMH, stated: “We are still in the launching phase and we have to figure out exactly what is the right offer.”
“It is not a simple task. We were beginning all over again. “Obviously, Rihanna has been a huge help with this, but truly defining what the offer will be is still a work in progress,” the speaker said. The company faltered and shut down after the pandemic.
In a joint statement, LVMH and Rihanna reaffirmed their goal to focus on the long-term growth and development of the Fenty ecosystem, with a particular emphasis on skincare, lingerie, and cosmetics. Notwithstanding the failure of this firm, Rihanna has had great success with her other endeavors, which include Fenty Beauty cosmetics and Savage X Fenty lingerie.
Rihanna was the richest female musician in the world and a billionaire a year after Project Loud France finished. The singer, who was born in Barbados, has sold over 250 million records worldwide, making her one of the best-selling female singers of all time. Her eighth album is anticipated to be released next year, marking her comeback to the music industry.
