Rihanna lost a whopping 36 million dollars from a failed fashion venture with Louis Vuitton, as per accounts for her British company Denim UK Holdings.
The 37-year-old American singer launched her clothing range Fenty, in 2019 in collaboration with the luxury French brand, but it flopped and closed down in 2021 due to the pandemic.
Reports at that time stated that due to travel restrictions during Covid Rihanna couldn’t see the atelier in Paris or get to the Italian fashion houses making the products.
When she launched the venture, it was revealed that Rihanna had ploughed in 34.86 million dollars while Louis Vuitton’s parent company LVMH put in 34.88 million dollars.
The French-based business had the trade name of Project Loud France, in a nod to Rihanna's fifth album, Loud.
Rihanna - who has an estimated net worth of 1.4 billion dollars - invested the money through Denim UK Holdings and became a 49.99 per cent partner shareholder.
In 2021, Rihanna and LVMH made a joint decision to close down the fashion business to focus on cosmetics and lingerie.
In a joint statement, it was revealed, “LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of the Fenty ecosystem, focusing on cosmetics, skincare and lingerie.”
Fenty, which is named after the Umbrella hitmaker's full name, Robyn Rihanna Fenty - was meant to build on the singer's joint cosmetics venture with LVMH, with a full range of clothing, shoes and accessories.
But the line was pricey, as per Daily Mail, it costed almost 1000 dollars for a padded denim jacket and 810 dollars for a corseted shirtdress, because of which it failed to generate as much interest as her other lines.