Rihanna has reportedly lost about $36 million following the collapse of her luxury fashion label Fenty, a joint venture with Louis Vuitton's parent company, LVMH.
Financial records from her UK firm, Denim UK Holdings, show the singer's costly investment in the failed project, according to the Daily Mail.
The Fenty brand made its debut in 2019 when Rihanna became the first Black woman to be the head of a brand under LVMH.
Rihanna's move was designed to take her already successful business empire in beauty and lingerie to the next level by adding fashion as well as luxury clothing and accessories.
The "Diamonds" singer invested about $34.8 million, while the luxury compan Under the parent company name, Project Loud France, a nod to her 2010 album Loud.
Rihanna's company shut down in 2021 following the pandemic. The travel restrictions made it difficult for Rihanna to personally oversee the production in Europe.
It was reported that she couldn't go to the Paris atelier or the Italian factories for the design and manufacturing process.
Fenty Fashion Struggled to Find Buyers
When Fenty launched, Rihanna said the brand aimed to reflect women's complexity and strength. "Women are forces of this earth. We are multifaceted, complex, vulnerable yet bulletproof," she said in a 2019 statement, according to CNN.
She described the collection as versatile and designed for women who "want to be submissive" some days and "completely in charge" on others.
Although the collection was heavily covered by magazines such as Vogue and newspapers like The Guardian, it didn't really take off commercially.
Fenty's items were accompanied by expensive price tags, for instance, a denim jacket with padding was almost $1,000, and a corseted shirtdress was roughly $810.
The high prices and scarcity of the product pushed away a part of the Rihanna fan community, which had followed her other brands because they were affordable and inclusive.
In a combined statement in 2021, Rihanna and LVMH gave out the information that they would "concentrate on the growth and long-term development of the Fenty ecosystem," with their main concern being beauty, skincare, and lingerie.
Rihanna's Empire Remains Strong
Fenty's downfall did not derail Rihanna's business success. Her other projects, Fenty Beauty and Savage X Fenty, are still flourishing and are at the core of her billion-dollar empire.
In 2022, Forbes referred her as the youngest self-made female billionaire in the U.S., with a net worth estimated at $1.4 billion. Right now, she is one of the topmost celebrity entrepreneurs globally.
Away from business, Rihanna, 37, recently welcomed her third child, daughter Rocki Irish Mayers, with partner A$AP Rocky. The couple also shares two sons, RZA and Riot.
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