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MarcyPen Capital Partners, the investment firm co-founded by billionaire rapper Jay-Z, is close to a deal to buy LVMH's 50% stake in Rihanna's Fenty Beauty, according to a report by Puck News.
A source close to the talks told Puck the transaction could be signed within the next three to four weeks. Terms were not disclosed. MarcyPen did not respond to Puck's request for comment.
A deal would make Jay-Z's firm Rihanna's partner in the business that turned her into a billionaire. Rihanna launched Fenty Beauty in 2017 with Kendo Brands, the beauty incubator owned by LVMH, the French luxury group controlled by Bernard Arnault. She owns the other half of the company.
LVMH hired investment bank Evercore in October 2025 to explore a sale of its stake, Reuters reported at the time. Beauty Independent reported in June that MarcyPen had emerged as the leading bidder and was talking to outside investors about how to finance a purchase.
Fenty Beauty made about $450 million in net sales in 2024, according to trade publications, which have put its value at $1 billion to $2 billion. Even at the low end of that range, LVMH's half would be the largest deal MarcyPen has done.
MarcyPen was formed in 2024 through the merger of Marcy Venture Partners and Pendulum Opportunities, the investment arm of Pendulum Holdings. The combined firm manages about $1.1 billion. Jay-Z, whose real name is Shawn Carter, started Marcy Venture Partners in 2018 with Roc Nation co-founder Jay Brown and venture capitalist Larry Marcus. He co-founded MarcyPen with D'Rita Robinson and Robbie Robinson, a former financial adviser to Barack Obama.
The firm already has ties to Rihanna's businesses. Marcy Venture Partners invested in Savage X Fenty, her lingerie brand, in funding rounds in 2019 and 2022.
Rihanna became a billionaire largely through her Fenty Beauty stake, according to Forbes. Jay-Z became the first hip-hop artist to be named a billionaire by Forbes in 2019, on the strength of his holdings in music, alcohol brands, art, real estate and investments.
The sale would come as LVMH reviews parts of its beauty portfolio.
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