Via Vogue: Rumblings of a deal between Rihanna and LVMH first emerged in January, and now, new findings from French accounting firm Ledouble show that the venture – entitled Project Loud France after the popstar’s fifth album Loud – is firmly in motion.
Transactions filed show that Rihanna has invested €29,988,000 worth of in-kind contributions to the business and Project Loud France, the majority shareholder controlled by LVMH, has pledged over €30 million into the brand. A document on the recent cash flow (€29,960,000 was deposited on December 20 2018, in addition to the initial equity of €40,000 which dates back to June 29 2017) was signed by Antoine Arnault on behalf of a company called LV Group, according to Business of Fashion.
Rihanna is a 49.99 per cent shareholder in Project Loud France via her company Denim UK Holdings.
Project Loud France
Project Loud France’s purpose is the “conception, fabrication, distribution, commerce, importation and exportation” of products across a range of categories including menswear, womenswear, childrenswear, footwear, eyewear, leather goods, sportswear, “goods linked to lifestyle”, high-tech products, office supplies, home decor and garden products, the new reports find.
Jean-Baptiste Voisin, LVMH’s chief strategy officer, takes the role of president at the new business, which has central premises on 24-32 Rue Jean Goujon – the same address as the LVMH Fashion Group. Any speculation about whether the deal was a product of the rumour mill has thus been put paid to. However, the breadth of the category selection does not throw up any concrete evidence as to what the product offering will look like, or, indeed, when it will come to light.