Rihanna’s Fenty Beauty could soon have a new ownership structure, with JAY-Z’s investment firm MarcyPen Capital Partners reportedly nearing a deal to acquire LVMH’s 50% stake in the cosmetics company.
According to Puck, MarcyPen is close to reaching an agreement with the French luxury group after LVMH began exploring a sale of its stake nearly a year ago. A source familiar with the situation reportedly told the outlet that the transaction could be signed within the next three to four weeks.
If the deal is completed on that timeline, it would represent the biggest change to Fenty Beauty’s ownership since the brand was launched in 2017.
LVMH has owned half of Fenty Beauty since its creation, while Rihanna has held the remaining 50%. Under the reported arrangement, LVMH would exit the company and MarcyPen would take its place, leaving Rihanna and the investment firm with equal ownership.
The financial details of the potential transaction have not been disclosed. Neither MarcyPen nor Roc Nation executive Jay Brown responded to Puck’s request for comment, meaning the reported negotiations have not yet been publicly confirmed by the parties involved.
The company's valuation is also unclear. Fenty Beauty was previously reported to have reached a valuation of more than $2 billion, although more recent estimates have placed the company's value closer to $1 billion. Neither figure has been confirmed as the valuation being used in the reported transaction.
That uncertainty makes the eventual purchase price difficult to determine. The amount MarcyPen would pay for LVMH’s stake will depend on the terms agreed by both sides, including how the company is valued at the time of the transaction.
MarcyPen itself is relatively new compared with Fenty Beauty. The investment firm was formed in 2024 following the merger of Marcy Venture Partners, the investment firm co-founded by JAY-Z, and Pendulum Opportunities, an investment vehicle operated by D’Rita and Robbie Robinson.
However, the relationship between JAY-Z’s investment interests and Rihanna’s businesses goes back several years before the merger.
Marcy Venture Partners participated in funding rounds for Savage X Fenty, Rihanna’s lingerie company, in both 2019 and 2022. That previous connection means the reported Fenty Beauty deal would not be the first financial relationship between JAY-Z's investment network and one of Rihanna's businesses.
Jay Brown also has connections to both sides of the reported transaction. Brown is an executive at Roc Nation and a co-founder of MarcyPen, while XXL has also credited him as a co-founder of both Fenty Beauty and Savage X Fenty.
His involvement gives the potential deal another layer of familiarity between the people and businesses connected to the transaction. It also means MarcyPen's reported interest in Fenty Beauty comes from an investment group with existing ties to Rihanna's broader business empire.
Fenty Beauty began in 2017 through Kendo Brands, the beauty incubator operated by LVMH. The company entered the market with a foundation range offering 40 shades, an unusually broad selection at the time that quickly became one of the defining features of the brand.
The launch attracted significant attention because Fenty Beauty positioned inclusivity as a central part of its product strategy rather than treating a wider range of skin tones as a limited extension of an existing cosmetics line.
Its approach went on to influence the wider beauty industry. Competing brands expanded their foundation shade ranges and increasingly emphasized representation in product development and marketing, helping make broader shade availability a more common expectation among consumers.
Rihanna's involvement was also central to the brand's identity. Rather than functioning simply as a celebrity name attached to a cosmetics company, Fenty Beauty was built around her influence, image and understanding of the beauty market.
The company subsequently expanded beyond its original foundation offering into products covering complexion, color cosmetics, skincare and other beauty categories. Its connection to Rihanna has remained one of its most recognizable commercial assets.
LVMH's involvement also gave Fenty Beauty access to the infrastructure of one of the world's largest luxury groups. Kendo helped establish the brand within LVMH's broader beauty operations, while the group provided experience and resources in areas such as product development, distribution and retail.
A sale of LVMH's stake would therefore change more than just the names on the ownership documents. It would mark the end of a partnership that has been part of Fenty Beauty's structure since its launch.
At the same time, the reported transaction would bring the company closer to an investment group with an existing relationship with Rihanna's businesses. MarcyPen could potentially use its investment expertise and network to support the next stage of Fenty Beauty's growth.
For Rihanna, retaining her 50% ownership while replacing LVMH with MarcyPen would also allow her to remain an equal partner in the company rather than giving up control of her stake.
The deal could also strengthen the connection between Rihanna's entertainment profile and the investment network associated with JAY-Z. Both artists have built business portfolios that extend well beyond music, with investments and companies spanning fashion, beauty, entertainment and consumer brands.
Still, the transaction is not yet finalized. The reported three-to-four-week timeline remains subject to negotiations, and neither LVMH, MarcyPen nor Rihanna has publicly confirmed that a deal has been completed.
If the agreement is signed as reported, however, Fenty Beauty could enter a new chapter with Rihanna and MarcyPen holding equal ownership of one of the most recognizable celebrity-founded beauty brands of the past decade.
The change would also bring an end to LVMH's nearly decade-long ownership of the company and potentially reshape the direction of Fenty Beauty as it moves into its next phase of growth.
