Jay-Z’s MarcyPen Nears Deal to Buy LVMH’s Half of Fenty Beauty

Jay-Z’s MarcyPen Capital Partners is nearing a deal to acquire LVMH’s 50 percent stake in Fenty Beauty, according to reporting from multiple sources on October 6, 2026. An agreement could be signed within the next three to four weeks, though no party has confirmed the transaction. The move would mark the first major ownership shift for the beauty brand since its 2017 launch as a joint venture between Rihanna and LVMH’s Kendo Brands incubator, and would represent the removal of a major luxury conglomerate from a brand that has operated for nine years.

LVMH began exploring a sale of its stake in October 2025, enlisting investment bank Evercore to manage the process. MarcyPen, which manages approximately $1.1 billion in assets and was formed in 2024 through a merger of Jay-Z’s Marcy Venture Partners and Pendulum Opportunities, emerged as the leading bidder by mid-2026. The acquisition would represent MarcyPen’s largest transaction to date and would consolidate Fenty Beauty ownership between Rihanna and a venture capital firm that has previously invested in Rihanna’s Savage X Fenty.

A brand that reshaped industry standards

Fenty Beauty launched on September 8, 2017, with a mission to provide an inclusive range for all skin tones. The brand’s flagship Pro Filt’R foundation launched with 40 shades, a radical departure from competitors that typically offered far fewer options. The impact was immediate: within the first month, the brand generated $72 million in earned media value and 132 million YouTube views. In the United Kingdom, Fenty Beauty became Harvey Nichols’s biggest beauty launch ever, surpassing MAC Cosmetics.

The brand’s success drove industry-wide change. By 2018, Fenty Beauty had generated approximately $570 million in revenue, with LVMH executive Bernard Arnault reporting the operation achieved nearly 500 million euros in sales by year-end 2018. That success prompted competitors including KKW Beauty, Tarte, and Benefit to expand their own shade ranges, though industry observers noted those expansions often failed to match Fenty’s inclusive approach.

Fenty Beauty is now valued at $2.8 billion, with Rihanna holding 50 percent ownership. The brand generated approximately $450 million in net sales during 2024.

Fenty Beauty by the numbers
Fenty Beauty generated approximately $450 million in net sales in 2024 and is valued at $2.8 billion. The brand launched on September 8, 2017, with 40 foundation shades and generated $72 million in earned media value within its first month.

LVMH’s shift away from celebrity beauty

The sale of LVMH’s stake in Fenty Beauty comes as the conglomerate reassesses its beauty portfolio.

Ownership and valuation implications

Fenty Beauty has been valued at $2.8 billion, which would put LVMH’s 50 percent stake at about $1.4 billion. Earlier reports valued the company at $1 billion to $2 billion, which would put LVMH’s stake at $500 million to $1 billion instead. MarcyPen is reportedly exploring outside financing options to support the acquisition.

If completed, Rihanna would retain her original 50 percent ownership stake while MarcyPen assumes LVMH’s half. This consolidation among Black principals represents a significant shift from the current structure, where ownership has been split between a Black founder and a European luxury conglomerate since the brand’s inception.

MarcyPen’s prior experience with Rihanna’s ventures positioned it well for this transaction. Marcy Venture Partners invested in Rihanna’s Savage X Fenty intimates line in 2019 and again in 2022, establishing a track record with the founder.

Fenty Beauty’s Pro Filt’R foundation launched with 40 shades, a radical departure from competitors that typically offered far fewer options, and prompted industry-wide expansion of shade ranges.

Retail distribution and next steps

Fenty Beauty currently operates across multiple retail channels, including Ulta Beauty locations, Sephora stores, and Target, alongside its direct-to-consumer website. The brand expanded to Ulta Beauty in March 2022, after years of Sephora-exclusive distribution in North America. The brand has also expanded internationally, including to eight African countries in 2022 and mainland China in 2024, and Fenty Beauty says it is now available in 17 countries.

How the ownership shift would affect Fenty Beauty’s retail presence is unclear. LVMH’s relationships, including through its own Sephora stores, helped the brand scale quickly, and reporting has not yet addressed how a shift to investment-firm ownership might affect that arrangement. However, control over the brand’s product development, marketing, and expansion decisions would shift from a Paris-based luxury conglomerate to a U.S.-based investment firm focused on Black entrepreneurs and founders.

An agreement could be finalized within three to four weeks as of October 6, 2026, though no formal announcement has been made by LVMH, Rihanna’s team, or MarcyPen itself. Until a deal closes, the current 50-50 ownership structure remains unchanged.

Related coverage: How AXIS-Y’s founder kept control while raising $130 million; What Sephora, Ulta and Target buyers require before a brand gets shelf space.

Photo: Paul VanDerWerf from Brunswick, Maine, USA · CC BY 2.0 · via Wikimedia Commons