Is this the end of the celebrity-high-fashion-designer experiment? There is, it turns out, anything Rihanna Can not: sell high fashion clothes during an epidemic.
LVMH Mott Hennessy Louis Vuitton, French luxury group, announced The Fenty Fashion House 2019 with great fanfare. But today, he revealed that, along with Rihanna, he had decided to “jointly hold ready-to-wear activity, which is based in Europe, pending better status”.
Translated, it means luxury fashion arm Empire of fifty, Which includes lingerie line Savage X Fenty and Fenty cosmetics and skin care, will no longer make a collection, even if it isn’t officially discontinued, and Rihanna remains a part of LVMH.
Discussions are currently underway with employees of the brand about their future, although the label’s managing director, Bastian Renard, is in position. First came the news of this news Women’s wear daily.
While this comes on the heels of a successful $ 115 million fund-rounding for Savage x Fenty by L. Catterton, the suspension of Fenty Ready-to-Wear, a private equity firm linked to LVMH, is one of the world’s biggest luxury Rare failure. The group, which also owns Louis Luiton, Dyer and Celine. It is also a rare missstep for one of the world’s most effective celebrity polymaths: both poignant responses to the Fenty collection, as well as a reflection of the pandemic’s ongoing ongoing impact on the luxury sector.
And it is a reminder that just because someone has a huge cultural following and no-holds-barred taste, it does not mean that they will make great, original clothes.
Only the second luxury fashion maison LVMH ever attempted to build from scratch (the first was Christian Lacrosics, which LVMH opened in 1987 and sold in 2005), Fenty was initially presented as the group’s forest. : A new brand, a black woman driven by great style and popular influence but no formal old-fashioned design training, which will regularly advance the runway show’s calcified system for drops and digital direct-to-consumer sales And will focus on communication.
What could have gone wrong?
Starting a new luxury fashion house from scratch is very expensive for any investor, and usually takes time. But 2020 was the worst year for the luxury sector in history. While LVMH, the largest luxury group in sales, had reported a decline in sales in recent months, mainly fueling by Chinese consumers, lockdowns continue the ongoing disruption and moist group gains. LVMH said its profit last month was € 4.7 billion in 2020, a decrease of nearly a third from 2019.
And unlike some other LVMH brands that have proved resilient during the recession, like Louis Vuitton and Dior, the faint clothing line that was a bold experiment was struggling to regain its footing, with some Jean-Jacques Gioni, LVMH chief financial officer , Which arrived last October while reporting the group’s third quarter 2020 results on a news call.
“At Fenty Fashion, we are clearly still in a launching phase and we have to figure out what the right offer is. This is not something that is easy. We were starting from scratch completely, ”he said. “Obviously, we’ve got a lot of help from Rihanna on this, but I’d say it’s still work in progress when it really defines what the proposal will be.”
In fact, the “proposal” was not clear from the beginning. At the inception of the house, a statement from LVMH read that the new brand would “focus on Rihanna, which was developed by her” and would “take shape from her point of view”.
But when Rihanna created her profile for high fashion in her own strategic and adventurous style – receiving a Fashion Icon Award from the Council of Fashion Designers of America in 2014 through a crystal-spangled dress, thong and white boa – She often seemed better at choosing a statement-making look for herself than creating new ones for her followers. Wearing a street wear bent usually between oversize and excessive body-con, the fabric seemed more derivative than groundbreaking.
Meanwhile, Savage X Fenty made headlines with the song ‘n-dance-‘n-celebrity-filled Lingerie Filmed and then streamed on Amazon, positioning itself as empowering, inclusive post for Victoria’s Secret in a post- #meet world.
This time the Fenty clothing brand has been allowed to reinvent itself and refine its offering, seizing a better moment for a comeback – perhaps of epidemic party-desires. after. There is a reason that they have not stopped it completely.
On Wednesday, as the news about the LVMH partnership spread, Savage X Fenty released a statement outlining the details of the new funding round, in which Jay-Z is an investor through his firm Marci Venture Partners. The brand has experienced “more than 200 percent growth in explosive revenue” over the past year, the statement read, and the “heavily subscribed” round will see investment in customer acquisition and expansion into retail.
“The brand has a unique balance between affordability, fashion and comfort, which stands deep for inclusivity and diversity, and an exceptional level of affinity and unmatched customer loyalty,” said Jonathan Owsley, partner at Growth Fund, Caterton. Has disassociated itself with. .
There was no mention of the Fenty clothing line, nor suspended experiments with LVMH.