MILAN (Reuters) – Louis Vuitton owner LVMH and music star Rihanna have agreed to close her fashion line Fenty less than two years after its launch, the French luxury goods giant said on Wednesday.
LVMH said in a statement that Fenty’s ready to wear activity, based in Europe, would be “put on hold” pending better conditions.
It said that LVMH-backed investment fund L Catterton had taken a stake into Savage X Fenty, Rihanna’s lingerie line.
“LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of Fenty ecosystem focusing on cosmetics, skincare and lingerie,” it added.
(Reporting by Silvia Aloisi)
