Rumours surrounding Rihanna’s latest venture with LVMH began to swirl late last month, and according to new information, it’s all coming true—and sooner than you might think.
According to Business of Fashion, transactions have been filed with French accounting firm Ledouble showing that Rihanna has reportedly invested $29.8 million into her new project with the fashion conglomerate, confirming that the singer is firmly on her way to becoming a global fashion mogul in her own right.
Entitled Project Loud France, after her fifth album Loud, LVMH has invested over $30 million, making them a majority shareholder, with Rihanna owns a 49.99 per cent stake.
The monumental move marks the second time LVMH has launched a new brand (the first being Christian LaCroix in 1987). As for the scope of the brand, the documents note that Project Loud France will be behind the “conception, fabrication, distribution, commerce, importation and exportation” of a wide array of products, including everything from womenswear, menswear, children’s clothing, accessories, footwear, eyewear, tech products, and even office supplies.
The singer’s wildly successful beauty brand Fenty Beauty is set to hit the billion-dollar mark soon, and with this new endeavor in motion, Rihanna’s year is shaping up to be her most successful yet.