WillItSurvive
Consumer brands · acquisition pending · United States

Fenty Beauty

fentybeauty.com ↗

Rihanna's cosmetics brand, sold through Sephora and Ulta, half-owned by LVMH.

Losing its protection
Assessed 23 July 2026 · Evidence as of 23 July 2026
The structural protection is eroding.
On the recordSince 23 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: LVMH stake sale expected to close, possibly to JAY-Z's MarcyPen Capital Partners
The call

Fenty Beauty still makes real money and sits on real shelves, but the ownership change and rising rivals mean the next two years decide if it holds ground or slides further.

Fenty Beauty sells makeup and skincare, famous for offering many skin tones and backed by Rihanna's star power. What used to make it special, having lots of shade options, is now standard across the beauty industry, and newer brands like Rare Beauty and Rhode are taking customers away. The company's owner LVMH is selling its stake, sales have dropped from $570M in 2018 to $450M today, and the real question is whether the brand can stay relevant once that ownership change closes and if sales numbers stop falling in the next couple years.

Why
01
AI pressure: None apparent. AI shade-matching and virtual try-on tools help sell makeup online but don't threaten Fenty's basic business. Could AI do the core job? Unlikely.
02
Bigger players: Rare Beauty and Rhode. Selena Gomez's Rare Beauty and Hailey Bieber's Rhode now pull the shelf and social attention Fenty once owned alone. Could a giant copy it? Yes, easily.
03
What protects it. Sephora and Ulta shelf space plus a still-recognizable name tied to Rihanna.
What would change this call
LVMH stake sale to MarcyPen Capital Partners or another buyer closes or collapses. Shows whether ownership instability resolves or deepens, affecting strategy and Sephora ties.
Fenty Beauty H2 2026 net sales figures are reported. Reveals whether revenue decline continues or reverses.
Sephora shelf placement and marketing support for Fenty after any LVMH exit. Indicates if Fenty loses distribution advantage tied to LVMH sibling relationship.
Key numbers
  • 2024 net sales about $450M, down from $570M peak (2026-06-13)
  • Valuation estimates range $1B to $3B during sale talks (2026-06-13)
  • 40+ foundation shades, once a rare offering, now standard (2026-07-23)
Named risks
  • LVMH actively seeking to exit its 50% stake since October 2025 with no deal closed as of June 2026. Severity: high
  • Revenue decline from about $570M peak in 2018 to about $450M in 2024. Severity: high
  • Market share erosion to Rare Beauty and other celebrity brands gaining retail momentum in 2025-2026. Severity: medium
  • Wide valuation disagreement ($1B to $3B) creates uncertainty for any equity stake tied to a sale. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Rare Beautygaining onNamed 2025's most popular celebrity beauty brand and set Ulta launch-day record Feb 1 2026
Rhodegaining onCited as crowding the celebrity beauty space alongside Fenty as of June 2026
Kylie CosmeticscontestingComparable estimated revenue scale keeps it a direct peer competitor in 2025-2026
L'Oreal and Estee Laudergaining onLegacy giants have caught up on shade-inclusive formulations that were once Fenty's differentiator
Questions people ask
Is Fenty Beauty profitable in 2026?
No public profit figure has been disclosed. Reuters reported 2024 net sales of about $450 million, down from a peak near $570 million in 2018, and 2025-2026 coverage describes revenue as flat or slowing, especially in North America, as of July 2026.
Who owns Fenty Beauty?
Fenty Beauty is a 50/50 joint venture between Rihanna and LVMH's Kendo Brands, formed in 2016. As of June 2026, LVMH is exploring selling its 50% stake via Evercore, with JAY-Z's MarcyPen Capital Partners named the leading bidder, though no deal has closed.
Is Fenty Beauty losing ground to Rare Beauty?
Yes, signs point that way. Rare Beauty was named 2025's most popular celebrity beauty brand by Fresha in November 2025, ahead of Fenty, and Rare Beauty broke Ulta Beauty's launch-day sales record on February 1, 2026.
Could AI replace Fenty Beauty?
Unlikely to replace the brand itself. Fenty's moat is Rihanna's celebrity IP and Sephora/Ulta shelf space, not automatable. AI so far is a minor feature layer, seen in the selfie shade-finder and the July 2026 'Rose Amber' WhatsApp beauty advisor (vendor-claimed).
Is Fenty Beauty being sold?
LVMH retained Evercore in October 2025 to explore selling its 50% stake in Fenty Beauty. As of June 15, 2026, JAY-Z's MarcyPen Capital Partners is reported as a leading bidder, but the transaction has not closed.
How much has Fenty Beauty's revenue declined since launch?
Fenty Beauty generated roughly $570-573 million in its first 15 months through 2018, per Forbes and LVMH's Bernard Arnault. By 2024, Reuters reported net sales of approximately $450 million, a notable decline from the early peak.
Timeline
  • 2026-06-15JAY-Z's MarcyPen Capital Partners reported as leading bidder for LVMH's Fenty stake
  • 2026-04-13LVMH group revenue reported at 80.8B euros for 2025, down from 84.7B euros in 2024
  • 2026-02-01Rare Beauty launches at Ulta Beauty, breaking a launch-day sales record
  • 2025-11-07Rare Beauty crowned 2025's most popular celebrity beauty brand by Fresha, ahead of Fenty
  • 2025-10LVMH retains Evercore to explore sale of its 50% Fenty Beauty stake
  • 2024Fenty Hair line launches, extending the brand into a fourth category
  • 2022-03Fenty Beauty launches at Ulta Beauty in the US
  • 2021Fenty Fragrance launches
  • 2020Fenty Skin launches
  • 2017-09-08Fenty Beauty launches, generating about 72 million dollars in first-month sales
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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