Bernard Arnault, chairman and chief executive of Louis Vuitton Moët Hennessy (LVMH), loves Rihanna as much as the rest of us. He loves her ability to bring in boatloads of money even more.
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As reported by Business of Fashion:
During his presentation to more than 2,000 shareholders, the executive underscored the company’s continued commitment to creating a desirable product that offers consumers “meaning” and “a reason to buy.” In 2018, the company posted record results, generating global sales of €46 billion euros, with Rihanna’s Fenty Beauty line generating nearly €500 million in revenue and Louis Vuitton posting more than €10 billion.
Still, Arnault wants to keep us in suspense regarding the upcoming launch of Rihanna’s standalone apparel brand, Project Loud France. The rumor is that LVMH has a 51 percent stake.
“I appreciate your interest in Rihanna. I am [interested] too, she’s an extraordinary singer,” he said. “But we like surprises….As it’s a surprise, I will not tell you more.”
Admitting a “surprise” is a confirmation, right?
Back in January, WWD reported that social media was buzzing over the possibility of a Fenty apparel or accessories line when paparazzi spotted Rih wearing sunglasses with the Fenty name splayed along the sides.
LVMH’s rumored new venture with Rihanna seems more likely than ever, but regardless, Rihanna is continuing her reign with stunning May covers for Vogue Australia, and Harper’s Bazaar US.
Correction: Sept. 21, 2019, 4:53 p.m. ET: This story has been edited to remove unattributed text.
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