LVMH said in a statement that Fenty's ready to wear activity, based in Paris, would be"put on hold" pending better conditions - a rare setback for the luxury group, which has weathered the coronavirus crisis better than most rivals.
LVMH did not elaborate on the reasons for hitting the pause button but after a big launch and debut collection, the brand kept a low profile and never followed up with major marketing events, even before the COVID-19 crisis. Asked about the fashion venture during the group's third-quarter earnings call last October, LVMH's finance chief Jean-Jacques Guiony called it"a work in progress":"We are still in a launching phase, and we have to figure out exactly what is the right offer. It's not something that is easy."
"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.
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