The focus for the business story should be on Fenty Beauty’s beginnings as a solution to a real consumer need. There’s an opportunity to break down what’s at stake financially for both Fenty and Fenty’s potential new owners without the deal becoming real, or in the absence of disclosed terms.
How Rihanna’s Fenty Beauty Might Be the Next Big Celebrity Investment
Rihanna changed the game in the beauty industry with the launch of her brand Fenty Beauty, and rightfully so. Before the brand launch, customers struggled to find foundations that met their color and skin requirements.
Fenty Beauty launched into a gap in the market with the potential for massive returns.
Another opportunity for growth and significant changes for the brand might be just around the corner.
MarcyPen Capital Partners, a firm that counts Jay-Z as a co-founder, might acquire the 50% interest of the brand Fenty Beauty held by LVMH. According to a Puck report published on September 30, 2026, an agreement is likely in three to four weeks.
The brand should not be treated as if a sale of the company has been agreed upon, as the terms have not been publicly disclosed.
With a completed deal, ownership of Fenty Beauty will combine two celebrity industry moguls: Rihanna, and Jay-Z, who helped transform Fenty Beauty into a world renowned beauty brand.
In this article I explore the business case of purchasing half of the Fenty Beauty brand and what it might mean for Rihanna and if Fenty Beauty can remain a top brand in the hyper competitive beauty industry.
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Why Fenty Beauty Became a Beauty Industry Success Story
Fenty Beauty made a big splash when it hit the scene in 2017 with an initial collection of 40 foundation shades. Finally, there was a brand that seemed to care about a common complaint in the beauty industry: the fact that most foundation ranges lacked representation for people of color.
That first bold step created instant name recognition and brand identity. Instead of tacking on a few foundation shades to an existing collection of makeup to try to show they were “diverse,” Fenty made diversity their priority from the beginning.
It was also a good decision to enter the market when Fenty did. There was an increasing call for diversity and representation in beauty, and more and more brands were facing increased scrutiny about the lack of inclusivity in their products.
Fenty gave the consumer an answer they had been looking for, a makeup range that would work for everyone.
Although it didn’t hurt that Fenty had Rihanna to lend its products the endorsement of the first celebrity beauty powerhouse, it certainly didn’t carry the whole load on its own. Kendo Brands, a beauty brand incubator owned by LVMH, brought extensive expertise and retail relationships with Sephora to the mix, enabling Fenty to be positioned in the market with equal measures of cultural relevance and commercial infrastructure.
The Financial Numbers Behind the Brand
The sales of Fenty Beauty help to clarify the ownership of Fenty Beauty.
The reported sales for Fenty Beauty in 2024 were about $450 million. In addition to these reported sales, there was reporting on Fenty Beauty in October 2025 where it was estimated that Fenty Beauty could have a valuation between $1 billion and $2 billion.
While those figures offer context, they should be interpreted with care. The sales figure applies to 2024, and the valuation range was a estimate as opposed to a finalized deal price.
However, they do show how big the company has become. It has grown to be a lot more than just a celebrity branded collection. It has become a successful, full-scale company in all aspects of the industry, including many different product categories and the opportunity for further expansion.
It is probably more attractive to invest in Fenty Beauty than it is to invest in a brand that is just in the beginning stages of seeing if consumers even like what they sell.
Why Jay-Z’s Investment Firm Wants a Stake in Fenty Beauty
The investment firm MarcyPen Capital Partners is familiar with Rihanna’s various ventures. The company originated when two venture firms, Marcy Venture Partners and Pendulum Opportunities, combined. Before this, Marcy Venture Partners had invested in Savage X Fenty, Rihanna’s lingerie line.
Given that history, the alleged Fenty Beauty purchase is notable. MarcyPen Capital Partners has previously done business with Rihanna, which means it potentially has more insight into the industry’s advantages and disadvantages.
Though knowing a celebrity founder helps with marketing, a celebrity founder is not sufficient reason to make a big investment.
A buyer would need to assess the company’s financials such as the company’s revenue, profit margins, customer base, distribution, and company growth. The buyer would also need to assess the company’s future need for capital.
Finally, price needs to be considered. There are too many uncertainties about the terms to consider this deal an attractive investment at this point.
However, with clear potential, the final determination rests on price and what the business can do.
What Happens to Rihanna If LVMH Sells Its Stake?
According to the reports, Rihanna and LVMH have a 50/50 split of the Fenty Beauty ownership.
In 2025, LVMH hired Evercore to facilitate the potential sale of its interest in the company. A company called MarcyPen is reported as a potential buyer.
If the deal is made, Rihanna and MarcyPen will be equal stakeholders of Fenty Beauty, while LVMH will no longer be an owner of the company.
Rihanna will have a new partner and her interest will remain the same.
A company founder’s ownership in the company is more than just endorsement. It can also include the potential for increased value of the investment, but that is never guaranteed.
This deal will affect future ownership and decisions about the direction and development of the company, and how Fenty Beauty manages investments.
We can’t say how much, because everything will depend on what is in the final deal and the role of each owner.
For now, any predictions about the direction and strategy of Fenty Beauty would be pure speculation.
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Can Fenty Beauty Keep Growing in a Crowded Market?
This is where Fenty Beauty’s investment case gets even more complicated.
Fenty Beauty entered the market with an advantage, but competition within the industry has increased. A new beauty business may steal attention from competitors and the consumer. Shelf space is also competitive, and getting attention online.
A customer is also going to be looking for a business that can keep pace. They want innovation, fresh and creative ideas, new products that keep coming, and new launches that don’t seem repetitive.
The first step in refreshing Fenty Beauty’s portfolio came in September 2026. A replacement was introduced for the original Soft Matte Foundation, with a more advanced Pro Filt’r Fluid Flex Natural Matte Longwear Foundation in 50 shades.
This shift highlights a crucial issue for any brand. Even a brand’s hero product cannot be successful without evolution.
Fenty Beauty’s ability to remain distinct while sustaining sales is still the challenge.
Will an investor see value in a brand dependent on Rihanna’s reputation to the degree that Fenty Beauty has?
The Broader Context: Celebrities Become Founders
Fenty Beauty and other celebrity businesses signal a change in the entrepreneurial ecosystem.
A typical celebrity brand collaboration might provide a certain cash payment to endorse the brand over a period of time. However, business ownership brings with it financial accountability.
This business relationship is different because there is more ownership at stake if the brand doesn’t sell.
There are long term opportunities, but there are risks. A company may lose customers, not be competitive, and/or not make the profit investors expect.
For the founders, there is the issue of raising money while not losing the brand identity, but there is the challenge of the product and the customer of the business after the initial interest in a new company and product by celebrity.
Fenty Beauty is a good example. Its first appeal was to a good proposition. That proposition will probably serve it well as it enters the next stage. What it serves to customers, how good its products are, and how effective it is commercially in its plan for long term growth will decide how well it serves it customers.
What Investors Should Watch Next
MarcyPen and LVMH have yet to reach a finalized agreement. Details surrounding a proposed transaction such as price and structure have not yet been released.
Both Fenty Beauty’s commercial success and product line updates should also be tracked as well as changes in company leadership or product distribution strategy.
Completion of the transaction does not automatically imply the company is ready to go public, issue additional stock, or update their product line. These events will each require their own rationale.
The proposed deal may suggest the start of a new chapter between celebrity entrepreneurship and private equity.
Final Thoughts:
Fenty Beauty’s Next Chapter Could Be Its Most Important Yet
Fenty Beauty had the vision to create cosmetics for more diverse customers and create a business around it. Fenty Beauty has proven to other businesses that customers will patronize a business that truly serves the customer, and competitors will be able to succeed if they take this business opportunity. With MarcyPen potentially buying LVMH’s stake in Fenty Beauty, competition in the beauty industry will be more intense than ever, and a change of focus may be needed.
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With Fenty Beauty possibly being sold to MarcyPen, Rihanna may continue to have her 50% stake, however she may be partnered with a different company. MarcyPen will also receive the benefits of owning a reputable company and LVMH will finally get out of the company in which they were previously invested.
After a few years, we will see if Rihanna made the right choice with MarcyPen and the potential business opportunity.
Although a recognizable brand can be built in the beginning, it is useless without a good product. With the correct management, a product will be able to sell itself if it is able to satisfy a customer’s needs.
A potential deal involving the sale of Fenty Beauty will probably mean more than the ownership of the brand. This deal may redefine Fenty Beauty and Rihanna in the beauty world for years to come.
