The impact of the pandemic has taken its toll on the much celebrated LVMH backed Fenty Fashion House by Rihana, which announced shutting down its businesses infefinitely. The ready-to-wear Fenty Fashion was launched just two years ago in May 2019, by LVMH(Moët Hennessy Louis Vuitton), and celebrated for Rihana being the first black woman to head an original luxury brand with LVMH. Fenty Fashion also had the rare previlege of being only the second premium brand started by LVMH.
As per reports, the restrictions of the pandemic interrupted supply chain or travel, required to develop its line of footwear, eyewear and denim items. It is also being speculated that the items were priced too high to leverage sales to the fans of the Grammy Award winner, with a pair of jeans for at a steep £300.
The luxury brands had already scaled back sales projections with the year long protests in Hong Kong and China, and the following pandemic has hit profits in a big way. Meanwhile, even as the Fenty’s other two projects, lingerie lable Savage X Fenty and Fenty Skin, are doing good busienss and reported profits.