Rihanna's $36M Fashion Fumble: The Rise and Fall with Louis Vuitton
RIHANNA'S $36 MILLION FASHION FLOP: SINGER'S LUXURY VENTURE WITH LOUIS VUITTON CRASHES AND LEAVES HER WITH A HUMILIATING LOSS
It's a fashion disaster of epic proportions! Global superstar Rihanna has taken a staggering hit to her bank balance, losing an eye-watering $36 million (£27 million) on a failed fashion venture with luxury brand Louis Vuitton. The singer, 37, had high hopes for her Fenty clothing line, but it appears the pandemic and a lack of hands-on involvement from Rihanna herself proved too much for the business to overcome.
According to accounts for her British company Denim UK Holdings, Rihanna invested €29,988,000 ($34.86 million) in the venture, while Louis Vuitton's parent company LVMH contributed an additional €30 million ($34.88 million). The French-based business was trading under the name Project Loud France, a nod to Rihanna's hit fifth album, Loud.
It seems that Rihanna's passion project didn't quite live up to expectations. Sources close to the venture revealed that travel restrictions during the pandemic made it difficult for Rihanna to oversee the atelier in Paris and connect with Italian fashion houses responsible for producing the products. The singer reportedly relied heavily on others to manage the business, which may have contributed to its downfall.
The Fenty clothing line was meant to be a luxury powerhouse, offering high-end ready-to-wear, shoes, and accessories. However, it appears that the price point was just too steep for consumers. A padded denim jacket retailed at an astonishing $1,000, while a corseted shirtdress cost a staggering $810. While Rihanna's other lines, Fenty Beauty and Savage X Fenty, have been incredibly successful, the clothing line failed to generate the same level of interest.
A joint statement released by LVMH and Rihanna in 2021 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." It seems that the singer has finally accepted defeat and is moving on from her failed fashion venture.
But don't feel too sorry for Rihanna just yet. The Barbadian beauty still boasts an estimated net worth of $1.4 billion, making her one of the richest self-made women in America. Her business empire continues to thrive, with Fenty Beauty and Savage X Fenty both going strong. In fact, Rihanna's success has been so impressive that she was named the youngest self-made female billionaire in 2022, surpassing fellow A-lister Kim Kardashian.
Rihanna's meteoric rise to fame is nothing short of incredible. From her humble beginnings in Barbados to becoming one of the biggest stars in the world, Rihanna has proven herself to be a force to be reckoned with. But it wasn't always easy for the singer. Growing up in poverty with an abusive father who struggled with addiction and violence, Rihanna's childhood was far from idyllic.
"It was a really difficult place to be," she recalled of her childhood in an interview. "I had to take care of my siblings while my mom worked to keep us afloat. My dad was... complicated." Despite the challenges she faced, Rihanna found solace in music and eventually began performing with a school band. She was discovered by American record producer Evan Rogers in 2003, who sent her demo to Def Jam Recordings.
Jay-Z, then president of Def Jam, was blown away by Rihanna's talent and signed her immediately. Her debut single, Pon de Replay, shot to the top of the charts in 2005, and she has been a household name ever since. With nine Grammy Awards, 12 Billboard Music Awards, 13 American Music Awards, and eight People's Choice Awards under her belt, Rihanna is one of the most successful artists of all time.
But it's not just music that has made Rihanna a household name. The singer has also ventured into acting, starring in films like Battleship, Valerian and the City of a Thousand Planets, and Ocean's 8. She has collaborated with top brands like Armani, Dior, and Puma, and has been named one of Time Magazine's most influential people in the world.
Despite her many successes, Rihanna's latest fashion venture may have ended in disaster, but it seems she won't be letting this setback hold her back for long. As a true businesswoman, she will undoubtedly bounce back stronger than ever, ready to take on the next big challenge that comes her way.
In related news, Rihanna has recently welcomed her third child with rapper A$AP Rocky, adding to her growing family. Her daughter Rocki Irish Mayers joined the world last month, and we can't wait to see what the future holds for this incredible mom of three.