When Fenty Beauty arrived in 2017, one of its most talked-about features was something shoppers could see on the shelf: 40 foundation shades. For customers who had spent years mixing products or leaving a shop without finding a close match, the range addressed a familiar problem. Rihanna had entered the cosmetics business in partnership with LVMH, the luxury group behind some of the world's best-known fashion and beauty names. The launch soon grew into a business of its own, separate from the singer's recording career. The ownership arrangement that helped bring it to market would come back into focus years later, when LVMH began exploring a sale of its half-share.
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