Hi, and welcome back to Line Sheet. Hope you’re reading this in a climatisé environment. I’m pretty sure every editor survived the first peak of the Paris heat wave, if only because Dior switched from a mid-afternoon to a 9 a.m. slot. In this issue you’ll find my report from Jonathan Anderson’s hôtel particulier, as well as intel on Balenciaga’s new C.M.O. Malique Morris is also back with an update on some major H.R. moves at Skims. By the way: I’ll have much more tomorrow on Emmanuel Gintzburger’s exit at Versace.

For the main event, Rachel “Rachel@puck.news” Strugatz looks into the business of Fenty Beauty, Rihanna’s downright revolutionary makeup line that was developed within LVMH but is now in the process of being sold by the group. Fenty Beauty was truly successful and changed the way other brands create and sell foundation. So why is LVMH letting it go? Rachel has all the details, of course. Justice for Rihanna!

Also mentioned in this issue: Jens Grede, Haider Ackermann, Jay Brown, Selena Gomez, Olivier Rousteing, Paula Galperin, Mikayla Nogueira, Alexa Chung, the Seine, Larry Marcus, Rosie Huntington-Whiteley, Susan Stroub, Drieke Leenknegt, Emilia Pérez, Marisa Abela, Jay-Z, Ludivine Pont, Michael Bloomberg, MarcyPen Capital Partners, Pierpaolo Piccioli, Julien Dossena, Salma Hayek Pinault, Emilia Wickstead, Hailey Bieber, and more.

Four Things You Should Know…

Character building at Dior: I think we’ve established that Jonathan Anderson has a tough job. He wants Dior to have depth—“not just merchandise”—but he also wants it to be desirable… to everyone. “When you break it [down], it can be for my dad… and for me,” is how he explained it. I’d paraphrase that to elaborate that Dior has long been a bit intentionally camp. Anderson is the opposite, and he’s attempting to offer something for everyone without losing himself, or obscuring his talent, in the process. And now we are watching him work it out in real time.

Photo: Kristy Sparow/Getty Images

His latest menswear collection, shown in a hôtel particulier, where you could see the clothes up close with more intimacy, was a “compounding” of the first two collections. And indeed, this mix of ideas he’s previously presented—rave culture juxtaposed with Etonian ideals—created a more complex, layered, and appealing version of his “fantasy character.” I certainly thought his concept felt more fully formed this time around. And there were gorgeous clothes here—looser, elongated jackets inspired by an old Marc Bolan piece; silk made to look like shearling—and good shoes (suede laces embroidered with daisies, cowboy boots).

After the show, Anderson mentioned that he’s been thinking about the return of rave culture, out in the London suburbs and beyond. “I can see it on the Seine at 7 o’clock in the morning,” he said. More than anything, the collection looked modern. “The idea of fashion as a totemic look in men’s… I don’t know,” Anderson said backstage. He’s right to keep piling on the ideas for now.

Balenciaga’s C-suite addition: Balenciaga has hired Drieke Leenknegt, a 20-year Nike veteran and former Vans exec, as its C.M.O. The Kering-owned brand definitely needed one. They had yet to replace Ludivine Pont, who left last year to run Santa Maria Novella. One of designer Pierpaolo Piccioli’s greatest challenges during his tenure has been communicating his vision for the brand, and Leenknegt should theoretically be able to help with that.

This hire aligns with the objective that Kering has for Balenciaga: Keep it youthful, keep the men coming, keep it casual. My caveat: Nike executives from its golden age have often had trouble succeeding in roles outside the Portland Borg, and with turnarounds in particular. I look forward to hearing about her plan—after she starts on June 25. More soon, I’m sure.
Julien Dossena says au revoir to Rabanne: As previously reported, the designer confirmed today that he is leaving the Puig-owned label after 13 years. It’s expected that his replacement is Olivier Rousteing, who is reportedly already working on a new collection. Dossena makes great clothes and it would be great to see him at a more commercial brand with wider distribution. Not all Puig’s brands operate this way, but Rabanne is really about the fragrance. And a designer like Rousteing, whose greatest asset may be his social media reach, will theoretically drive sales by creating eye-catching runway looks that not many people would otherwise buy or wear. That said, perhaps Puig will use this inflection point to reevaluate the label and restructure. Best of luck to both designers.

Malique Morris

Skims exits: In March 2025, after months of speculation, Skims C.E.O. Jens Grede told staffers that the company was in no rush to I.P.O. Apparently, some of the brand’s senior executives, many of whom have likely vested their shares, aren’t waiting around to ring the bell at the NYSE. I’m told that Paula Galperin, co–general manager of NikeSkims, just announced her plans to leave the company for a C.E.O. position at another startup. Galperin follows Susan Stroub, the brand’s senior vice president of planning, who I’m told left earlier this month for a position at Vuori.

Reached Wednesday, a Skims spokesperson confirmed the departures. “We want to recognize Paula and Susan, whose dedication and contributions have been instrumental in shaping what Skims is today,” the rep said in part, adding that the brand also hired key executives in recent months, including Dawn Vitale as chief merchandising officer and Kim Seymour as chief people officer. The exits come as Skims enters a new phase of corporate life. The brand has opened 21 stores in the last year, launched its much-awaited NikeSkims line last September, and in November raised $225 million at a $5 billion valuation with the goal of hitting $1 billion in annual revenue. The departures hint at various realities of this life stage—some internal hiccups on the Nike deal, but also the dawn of new expectations for employer and employees alike. I’ll have more on this soon.

And now, here’s Rachel on what ails Fenty Beauty…

Fenty & The Beast

The once white-hot, Rihanna-fronted beauty brand has cooled significantly, and co-owner LVMH is shopping its stake. As the rules of celebrity beauty lines keep changing, and the competition mounts, where does Fenty’s future lie?

Rachel Strugatz

Last fall, reports emerged that LVMH was looking to offload its stake in Rihanna’s once-groundbreaking business, Fenty Beauty. Many were shocked, given the seismic success the brand had achieved. In the decade since it launched, in 2017, Fenty revolutionized consumer expectations with its wide-ranging and inclusive approach to foundations. After Fenty, it was a cancelable offense to not offer diverse shade ranges from the get-go.

Meanwhile, Rihanna’s deal also redefined the market and capital structure for mega-celebrity beauty brands. Spawned as a 50-50 joint venture with LVMH, Fenty hit approximately €500 million in sales in its first full year and quickly became the hero product of the luxury group’s beauty portfolio, even anchoring its incubation arm, Kendo. Fenty allegedly reached $100 million in sales within 100 days at LVMH-owned Sephora, its exclusive retailer for over four years—a milestone that even hit brands typically take years to achieve.

But, alas, nothing lasts forever, and this wave of sale rumors reaffirmed various insiders’ impressions that the brand had been quietly declining for years. “There was a lot of pressure to hit certain sales numbers that were ‘promised’ to Rihanna, and when those weren’t met, came the pressure to expand distribution beyond Sephora. LVMH did not want to expand to other retailers, so there was misalignment––and ultimately, they went to Ulta too early,” said a person familiar with Sephora’s business.

Fenty eventually expanded into Ulta Beauty in 2022, right as a post-Covid makeup boom was occurring at Sephora. Many Sephora clients were moving toward “tints” like Ilia’s, which I’m told has been the retailer’s top complexion product for years. The fuller coverage foundations that Fenty offered were left in the dust. Formerly a top-three brand at Sephora, Fenty has tumbled down the rankings. North American sales at the retailer were “down double digits” last year, according to a person close to Sephora. “When Fenty went into skin, hair, and more––the same love with Sephora just wasn’t there, even when these categories were exclusives,” the person familiar with Sephora’s business explained.

Another person with knowledge of Fenty’s business provided some grim details: Sales at Sephora are down around 30 percent year to date, and Fenty is now the 10th bestselling makeup line, trailing behind Lady Gaga’s Haus Labs. According to a different person close to Sephora, the retailer has simply prioritized other brands. “Look at the top 10 brands, but also look at the last biggest launches and where they invested mindshare: Glossier, Hailey Bieber, Marc Jacobs, and, soon, Mikayla Nogueira’s Point of View,” this person said. To be sure, Fenty has been a little bit a victim of its own success. “It’s a huge global brand that is in the top 10 at both Sephora and Ulta––which is rare,” said a person familiar with Fenty’s business, adding that the brand is on track to do around $500 million in revenue in 2027. (Fenty and Sephora both declined to comment for this story.)

And yet Fenty remains a pretty attractive asset for the right new owner. According to recent reports, one potential buyer for LVMH’s 50 percent stake may be MarcyPen Capital Partners, the investment fund whose co-founders include Jay-Z, Jay Brown, and Larry Marcus in 2018. Murmurs of this outcome have been swirling for some time, and there’s a general assumption that LVMH would be thoughtful—i.e., not greedy—about the price. “The valuation would not make Rihanna a billionaire on paper anymore,” a person with knowledge of the situation said while also conceding that she could get there again once new partners take the line in a mass-market direction. (MarcyPen did not respond to a request for comment.)

Complexion Questions

For what it’s worth, so much of what made Fenty so appealing in 2017––its focus on diversity and inclusion, the vast complexion ranges––are now table stakes for any new brand that comes to market. When Fenty debuted, its only competitors for extensive shade ranges were industry giants: the MAC Cosmetics, Estée Lauders, and Lancômes. Complexion is the absolute most expensive makeup category, and the investment required to get foundation right is sizable. Most startups don’t have the backing and product-development resources that Fenty enjoyed as an arm of LVMH.

The competition is also much deeper, largely owing to Rihanna’s deceptively effortless success. An influx of celebrity brands has launched since 2017, and the likes of Rare, Haus Labs, and Rhode have definitely stolen some of Fenty’s luster. Rihanna’s personal priorities also seem to have shifted, and breathlessly promoting Fenty doesn’t seem to be one of them. (She did, for what it’s worth, travel to India to promote the brand in April.) That may be okay when you’re already as phenomenally wealthy and world famous, but it’s a business problem in a world where Hailey Bieber’s very existence seems dedicated to scaling Rhode. “Rihanna is not pulling a Hailey—she’s not promoting it daily or even weekly, and the category needs someone 24/7,” a person with knowledge of LVMH’s business reminded me. Indeed, Rhode’s Sephora debut last September was the retailer’s most successful ever, smashing records previously held by Fenty and later Selena Gomez’s Rare Beauty. (At the time, a source said that Rhode “blew Fenty out of the water.”)

In retrospect, Fenty had every tool to win: a clear point of view, one of the strongest celebrity founders ever involved in a beauty venture, the financial and operational support of the world’s largest luxury conglomerate and its exclusive-obsessed retail wing, and an au courant marketing narrative. And Fenty always felt more evergreen than other brands—there was consistently good product and a substantial lineup, and it didn’t feel too trend-driven. Perhaps a new partner and move to mass can deliver on all that promise to a wider audience.

What We’re Reading…

The Independents is adding Phantasm Group, the film production company and talent agency that co-produced Emilia Pérez with Saint Laurent, to its stable. I’m sure we’ll see more luxury brands producing Oscar bait. [Inbox]

Line Sheet’s favorite haircare brand, Rōz, secured a minority investment from L Catterton. [BoF]

Michael Bloomberg and Salma Hayek Pinault co-hosted the Serpentine’s annual Summer Party–cum–fundraiser–cum–another reason for pretty people to wear pretty things. Alexa Chung wore a deconstructed gothic skirt-suit by Dilara; “It”-girl Marisa Abela was sensual in an earth-toned Emilia Wickstead dress; and Rosie Huntington-Whiteley made the perfect choice of a white floor-length Tom Ford by Haider Ackermann. [Inbox]

StockX, the sneaker resale giant known for offering only deadstock (brand-new pre-owned goods), is launching a new marketplace for used goods as the secondhand wars intensify. [Inbox]

Equator, the artsy indie mag about serious geopolitics, held its launch party in the Imperial Ballroom in Chinatown, an exacting location for the chic, radical downtown crowd the magazine is likely going after. [NY Times]

Coach parent company Tapestry dropped its lawsuit against Quince a week after the online retailer won against Ugg-owner Deckers. The dupes are here to stay! [The Fashion Law]

Until tomorrow,
Lauren

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Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the mega-auctions and galleries, elite buyers and sellers, and the power players who run this opaque world.

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