LVMH Launches New Fashion House With Rihanna
10 Maggio 2019 - 10:57PM
Dow Jones News
By Eric Sylvers
LVMH Moët Hennessy Louis Vuitton said it has created a new
luxury fashion house with Rihanna, betting the recording star and
social media powerhouse can bring the same cachet to a brand as the
industry's celebrity designers.
Fenty is the first new fashion house for LVMH since it created
Christian Lacroix more than three decades ago. It is also the first
time the Paris-based luxury conglomerate has named a woman of color
to lead one of its brands.
The collaboration between Rihanna, who has more than 70 million
followers on Instagram and 91 million on Twitter, and LVMH
consecrates a shift that has been accelerating over the past
several years as social media drives sales at even the most
high-end brands.
Rihanna, born Robyn Rihanna Fenty in Barbados, developed the new
label, the style and how the brand will be promoted, said LVMH. The
brand will debut with a Spring 2019 line. News of the new fashion
label was reported in January though there hadn't been confirmation
from Rihanna or LVMH.
"I discovered a true entrepreneur, a real CEO and a terrific
leader," Bernard Arnault, LVMH's chairman and chief executive, said
of Rihanna.
In the past, Mr. Arnault has concentrated growth efforts on
buying existing fashion labels. In recent years, some of fashion's
most famous names such as Bulgari and Loro Piana have been absorbed
by LVMH, which has become an industry giant that last year
generated EUR6.35 billion(about $7.1 billion) in net income and
EUR46.8 billion in revenue.
Rihanna is the most downloaded recording artist of all time,
according to the Recording Industry Association of America. She has
already marshaled that and her huge social media following to build
a business empire selling lingerie, sportswear and cosmetics. But
moving into the world of ready-to-wear, shoes and accessories will
be a new step.
"Rihanna has a massive network of followers (and) people will
buy from her, because she has an emotional connection with them,"
said Milton Pedraza, the chief executive of the Luxury Institute, a
research and consulting firm. "That is what matters in commerce
today."
The pop star has become one of the most well-known social media
influencers -- people with large online followings who are courted
by brands with free products and other perks in exchange for
promotion.
Rihanna already has a relationship with LVMH, which owns a
majority stake in Fenty Beauty, Rihanna's cosmetics line and one of
the industry's fastest-growing brands. She also has a collaboration
with German sportswear maker Puma and a lingerie line called Savage
X Fenty.
Financial terms of the agreement between LVMH and Rihanna to
create Fenty weren't released.
Analysts have said they expect Fenty to embrace the streetwear
look that has been successful for many of the fastest-growing
luxury labels including Balenciaga and Gucci, which sell sneakers
that can top $1,000 a pair.
"It's a breath of fresh air," said Gabriella Santaniello, the
founder of A Line Partners, a retail research firm. "Rihanna will
bring LVMH a new audience and new exposure."
Suzanne Kapner contributed to this article.
Write to Eric Sylvers at eric.sylvers@wsj.com
(END) Dow Jones Newswires
May 10, 2019 16:42 ET (20:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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