Jay-Z's MarcyPen emerges as frontrunner to buy LVMH's $1 billion stake in Fenty Beauty

MarcyPen Capital Partners, the investment firm backed by Jay-Z, has emerged as the leading contender to acquire luxury conglomerate LVMH's 50 percent stake in Fenty Beauty, the cosmetics brand Rihanna launched with the French group in 2017 and built into one of the most commercially significant beauty businesses of the past decade, according to sources familiar with the matter cited by Beauty Independent.

MarcyPen declined to comment. LVMH did not respond to requests for comment.

A deal would give MarcyPen co-ownership of Fenty Beauty alongside Rihanna, who controls the remaining 50 percent stake. The transaction would build on an existing investment relationship between Jay-Z's firm and the Barbadian billionaire's business ventures. Marcy Venture Partners, MarcyPen's predecessor, participated in funding rounds for Savage X Fenty, Rihanna's lingerie brand, in both 2019 and 2022.

LVMH tapped investment bank Evercore in October 2025 to explore a sale of its Fenty Beauty stake. Reuters reported at the time that Fenty Beauty generated net sales of approximately $450 million in 2024 and could be valued at between $1 billion and $2 billion, a significant decline from the $2.8 billion valuation Forbes attributed to the brand in 2021. The reduction reflects a more competitive prestige makeup landscape and the challenges of sustaining premium growth after an exceptional founding run.

Even at the lower end of the $1 billion to $2 billion range, an acquisition of LVMH's half-stake would represent the largest single transaction in MarcyPen's history. The firm manages approximately $1.1 billion in assets. Sources say MarcyPen has been pursuing multiple financing options for the potential acquisition, including discussions with outside investors to support the deal structure.

MarcyPen was formed in 2024 through the merger of Marcy Venture Partners and Pendulum Opportunities, the investment arm of Pendulum Holdings. Marcy Venture Partners historically focused on growth-stage investments with check sizes of $5 million to $15 million and minority stakes. The firm has been moving upmarket since the merger. Earlier this year, MarcyPen participated in Quince's $500 million Series E financing, signalling a shift toward larger capital deployments.

The firm was founded by Jay-Z, entertainment executive Jay Brown, serial entrepreneur D'Rita Robinson and Robbie Robinson, who previously served as a financial adviser to President Barack Obama. MarcyPen describes itself as an investment platform providing strategic capital to growth-stage consumer businesses that create, move and lead culture. Its portfolio includes makeup brand Merit Beauty and period care and skincare brand Rael.

One source described MarcyPen's long-term ambition as building toward a position comparable to TSG Consumer, the consumer-focused private equity firm with $14 billion in assets under management and investments spanning Summer Fridays, Phlur, Dude Wipes and Radiance Holdings.

Separately, MarcyPen is working with South Korean investment firm Hanwha Asset Management to raise a $500 million fund focused on South Korean lifestyle companies. In December 2025, the two firms announced the creation of MarcyPen Asia to invest in growth-stage consumer businesses in South Korea and the wider Asian region, a move that gives the Jay-Z-backed firm a presence in one of the world's most influential consumer culture markets.

Fenty Beauty launched at Sephora in September 2017 with 40 shades of its Pro Filt'R Soft Matte Longwear Foundation, a product that set a new commercial and cultural standard for shade diversity in makeup. The brand subsequently expanded into skincare in 2020, fragrance in 2021, haircare in 2024 and body care in 2025. Its bestselling products include the Pro Filt'R foundation, the Gloss Bomb Universal Lip Luminizer, the Eaze Drop Blurring Skin Tint and the Match Stix Contour Skinstick, most priced between $20 and $40.

Rihanna, born Robyn Rihanna Fenty in Barbados in 1988, became a billionaire in 2021 primarily on the strength of Fenty Beauty's valuation. Her net worth is currently estimated at approximately $1.4 billion by Forbes, making her the wealthiest female musician in the world. The majority of that wealth derives from her business ventures rather than her music catalog.

Jay-Z's net worth is estimated at approximately $2.5 billion. A successful acquisition of LVMH's Fenty Beauty stake would give him an ownership position alongside Rihanna in one of the defining beauty brands of the streaming era and extend his portfolio into consumer beauty at a scale his firm has not previously attempted.

LVMH's Kendo Brands incubator, which co-created Fenty Beauty with Rihanna, has been reducing its portfolio. Last year it sold KVD Beauty to private equity firm Windsong Global. Sources say it is also evaluating strategic alternatives for Lip Lab, its lipstick customization business operating 18 stores.