Fenty Beauty Business Story: Rihanna, LVMH and the 50-50 Joint Venture

Fenty Beauty launched in 2017 as a 50-50 venture between Rihanna and LVMH's Kendo incubator. Here is how the brand was built, what it reportedly earns, and why a reported sale of LVMH's half matters for founders.

Fenty Beauty is the cosmetics company Rihanna co-founded in 2017 with LVMH, and it is a widely cited example of a celebrity taking equity instead of a licensing fee. Reuters’ sources put its 2024 net sales near US$450 million, and the same October 2025 report said LVMH had begun looking for a buyer for its half.

For founders, the brand’s history covers almost every decision a consumer startup faces: who to partner with, what to build first, how to grow beyond one category, and what happens when a co-owner wants out.

How did Fenty Beauty start?

Fenty Beauty started as a joint venture between a famous founder and a corporate incubator. Reuters reported that Rihanna, whose full name is Robyn Rihanna Fenty, launched the brand in 2017 “with the help of Kendo Brands, LVMH’s in-house beauty incubator.” A joint venture is a company two parties set up and own together, sharing the costs and the upside.

The company’s own About page frames the origin as a gap in the market. It says Rihanna spent years working with leading beauty professionals “and still seeing a void for products that performed across all skin tones + types and hair textures.”

Fenty Beauty timeline

When Milestone (source)
2017 Launch with Kendo Brands; 40-shade foundation (Reuters, Cosmetics Business)
2021 Forbes values her half at $1.4 billion (Reuters)
2022 Revenue doubles (Forbes)
2024 About US$450 million in net sales (Reuters sources)
Oct. 2025 LVMH explores selling its half (Reuters)
2026 MarcyPen reported in talks (Cosmetics Business, theGrio)

The product bet: 40 shades on day one

The launch range was the marketing. Cosmetics Business describes Fenty Beauty as “known for disrupting the make-up category with an inclusive foundation range that spanned 40 shades.” Reuters wrote that her aim was makeup suited to more complexions, naming Black, Hispanic and Asian customers in particular.

The founder lesson is that a product specification can be a positioning statement. A wide shade range can cost more to develop and stock, but it gave the brand a clear reason to exist that rivals could not copy overnight.

How Fenty Beauty makes money

Fenty Beauty earns money by selling its own products at retail and online. Reuters reported that its makeup, skincare, haircare and fragrance lines “are sold in Sephora and on Amazon.” It is a product company, so its income comes from units sold, not from Rihanna appearing in advertisements for someone else’s brand.

Distribution came with the partner. TheGrio noted that LVMH “brought distribution muscle and retail relationships that helped Fenty Beauty scale quickly through Sephora, which the conglomerate owns.” Few first-time founders get a retail network like that on day one.

The brand has stretched into adjacent categories. Cosmetics Business reports that Rihanna added skin care through Fenty Skin, perfume through Fenty Fragrance, and hair care through Fenty Hair.

Revenue and valuation, as reported

Fenty Beauty is private, so all figures come from outside estimates or unnamed sources. Forbes says the company “doubled its revenue in 2022.” Reuters’ sources put 2024 net sales near US$450 million and said the business “could be valued at somewhere between US$1 billion to US$2 billion.”

A valuation is a price tag someone might put on the entire business; the owners receive nothing from it unless shares are actually sold. Back in 2021, Reuters reported that Forbes valued Rihanna’s 50% stake at $1.4 billion. Comparing that figure with the 2025 range shows how much private-company valuations depend on who is estimating and when.

Savage X Fenty: a separate company

Rihanna’s lingerie line is a different business with a different ownership structure. Forbes estimates she owns 28% of Savage X Fenty and reports that it raised $125 million in January 2022. TheGrio adds that Marcy Venture Partners, co-founded by Jay-Z, was an early investor.

Leadership has turned over. Victoria’s Secret & Co. said in an August 2024 release filed with the SEC that its incoming chief executive, Hillary Super, had most recently been CEO of Savage X Fenty.

What went right, and what is unresolved

The things that went right are well documented: an underserved customer, a launch range built around that customer, and a partner with retail access and capital. The open question is ownership. Reuters reported in October 2025 that LVMH had hired the bank Evercore to explore selling its half; LVMH and Evercore declined to comment.

In 2026 a bidder emerged in press reports. Cosmetics Business, citing Beauty Independent, reported that MarcyPen Capital Partners had evaluated financing structures and held talks with outside investors. TheGrio later reported, citing HotNewHipHop and Puck, that MarcyPen was nearing an agreement. The firm declined to discuss the talks, and financial terms have not been made public.

A 50-50 deal gives each side a veto but no control. Founders weighing a similar structure should negotiate exit terms early, including what happens if the corporate partner wants to sell. Our related stories on Kylie Cosmetics and Coty and rhode’s sale to e.l.f. show two other ways celebrity beauty owners have handled that moment.

Lessons for founders from the Fenty Beauty model

  • Trade royalties for equity. Owning half of the company is what tied Rihanna’s wealth to Fenty Beauty’s value, according to Forbes’ 2021 estimate.
  • Make inclusivity measurable. “40 shades” is a claim customers can check on a shelf.
  • Borrow distribution. A partner that owns the retailer shortens the path to shelves, as theGrio noted about Sephora.
  • Plan the partner’s exit. The 2025-2026 sale process shows that a co-owner’s priorities can change.

As of the latest reporting cited here, from October 6, 2026, Rihanna still owned her half and no buyer for LVMH’s stake had been announced.

Frequently Asked Questions

Who owns Fenty Beauty?

Rihanna and LVMH each own half of the company, according to sources cited by Reuters in October 2025. LVMH holds its half through Kendo Brands, its beauty incubator.

How many shades did Fenty Beauty launch with?

Its first foundation range spanned 40 shades in 2017, according to Cosmetics Business.

How much revenue does Fenty Beauty make?

The company does not publish its accounts. Reuters, citing people familiar with the matter, reported net sales of around US$450 million in 2024.

Is Fenty Beauty for sale?

LVMH, not Rihanna, has been reported to be exploring a sale of its half. In October 2026 theGrio said a MarcyPen agreement was reportedly close. The firm would not comment, and the price has not surfaced.

Is Savage X Fenty part of Fenty Beauty?

No. Savage X Fenty is a separate lingerie company with its own investors. Forbes estimates Rihanna owns 28% of it.

Sources

This article is general information for founders and is not accounting, legal or investment advice. Net worth figures are estimates published by the outlets named, on the dates shown. They are not disclosed by the people profiled, they move with markets and private valuations, and different publications reach different numbers. Found Founders is not affiliated with anyone profiled here.