Jay-Z’s MarcyPen Nears Deal for LVMH’s Fenty Beauty Stake: Report

Rihanna’s Fenty Beauty may soon have a new co-owner. MarcyPen Capital Partners, the investment firm co-founded by Jay-Z, is nearing a deal to buy LVMH’s 50% stake in the cosmetics brand, according to a report from Puck that was picked up on Tuesday by TheGrio and Happi. An agreement could be signed within three to four weeks, both outlets reported.

Financial terms have not been disclosed, and MarcyPen declined to comment on the reported talks, TheGrio said. If the deal goes through as described, LVMH would exit the business while Rihanna keeps her own half of the company, according to TheGrio.

The sale process has been underway for about a year. Reuters reported in October 2025 that LVMH had begun exploring a sale of its stake with investment bank Evercore, with sources valuing Fenty Beauty at between $1 billion and $2 billion and putting its 2024 net sales at about $450 million, according to TheGrio and Beauty Independent. In June, Beauty Independent reported that MarcyPen had emerged as a leading contender and was weighing several financing options, including talks with outside investors.

Rihanna launched Fenty Beauty in 2017 through Kendo Brands, LVMH’s beauty incubator. Its debut lineup of 40 foundation shades forced a reckoning in an industry that had long overlooked deeper skin tones, with competitors expanding their own ranges afterward, TheGrio noted. Beauty Independent reported that the brand has since moved into skin care, fragrance and hair care, and that most of its products are priced between about $20 and $40, in a prestige makeup market that now includes rivals such as Rhode, Rare Beauty and Haus Labs.

The two stars’ business ties go back years. Happi reported that MarcyPen already owns a stake in Rihanna’s lingerie brand Savage X Fenty, and Beauty Independent said its predecessor, Marcy Venture Partners, took part in funding rounds for the lingerie company in 2019 and 2022. Jay-Z’s Roc Nation also represents Rihanna, according to Happi.

MarcyPen was formed in 2024 through the merger of Marcy Venture Partners and Pendulum Opportunities and manages roughly $1.1 billion in assets, Beauty Independent reported. Its founders include Jay-Z, Roc Nation co-founder Jay Brown, D’Rita Robinson and Robbie Robinson, and its portfolio includes makeup brand Merit Beauty, the outlet said.

A change in ownership could also affect how the brand reaches shoppers. LVMH owns Sephora, which helped Fenty Beauty scale quickly, and TheGrio noted that it is not yet clear how an investment firm as co-owner would change the brand’s retail presence. Beauty Independent reported that Kendo has been trimming its portfolio, having previously sold KVD Beauty to Windsong Global, and that LVMH was also reportedly exploring options for Make Up For Ever and Fresh. For more fashion and beauty news, visit our Lifestyle page.

Verification: The reported talks, timing and lack of comment come from TheGrio (Bolarinwa Oladeji, Oct. 6) and Happi (Lianna Albrizio, Oct. 6), both citing Puck. Background on the sale process, valuation and MarcyPen comes from Beauty Independent (Rachel Brown). No deal has been announced by LVMH, MarcyPen or Rihanna.