January 28, 2023

Beyoncé and Rihanna spend money on an all-female-funded model

Who run the world? On the subject of working the Parisian equipment and ready-to-wear agency Destree, the reply is girls, not ladies. The model boasts a bevy of latest buyers, together with celebrity singer-entrepreneurs Beyoncé and Rihanna.

Whereas every artist has her personal style ventures, they’re additionally a part of a landmark fundraising effort that additionally has attracted investments from Reese Witherspoon, Gisele Bündchen, Jessica Alba, Glossier founder Emily Weiss and Gabriela Hearst, amongst others, studies Women’s Wear Daily (WWD).

The six-year-old Destree was cofounded by French entrepreneur Géraldine Guyot, “who has parlayed her ardour for contemporary and up to date artwork into distinctive hats, purses, jewellery and now attire,” in response to WWD. The model’s collection A funding will permit Destree to considerably develop its workforce, open its first brick-and-mortar areas, break into new markets, and “supercharge e-commerce operations and digital-native advertising and marketing.”

Beyoncé (left) and Rihanna at Rihanna’s third Annual Diamond Ball on September 14, 2017 in New York Metropolis.
Photograph: Kevin Mazur/Getty Photos for Clara Lionel Basis

“Up to now we’ve grown organically, reinvesting our personal earnings since Day One,” defined Guyot in an interview with WWD. “Our essential progress avenue is market share acquire, which can come by growing our bodily and digital presence.”

Whereas the particular quantities Beyoncé, Rihanna and others have invested stays undisclosed, the all-female funding of this spherical is reportedly a primary within the style trade and a deliberate effort on the a part of Guyot and Destree cofounder Laetitia Lumbroso, who will retain majority management of the model. WWD studies the woman-centric fundraising strategy was a draw for the label’s new buyers, “a various group with information and expertise throughout sustainability, fashion-tech, entrepreneurship, communications, magnificence and leisure.”

“On this crowded and aggressive house, Destree has had a really promising begin by already establishing a robust DNA, which regularly determines future progress,” Angelica Cheung, former editor-in-chief of Vogue China, advised WWD. Cheung is a enterprise companion at Sequoia Capital China, which led this spherical of investments. “We’re excited to be a part of their journey whereas leveraging our international and native assets to assist them understand their ambitions.”

The model has already benefitted from the last word celeb endorsement. WWD studies Beyoncé was one of many first main celebrities to hold a Destree bag, sporting the model’s “Alvar” bag to a New York Style Week occasion. Whereas the model additionally affords jewellery, hats, and ready-to-wear, luggage stay Destree’s largest product class.

“I’ve all the time been fascinated by the relentless effectivity of equipment,” Guyot advised WWD. “Your outfit could be quite simple, however equipment all the time give it character.”

Coincidentally, Guyot not too long ago wed the son of Bernard Arnault, the chairman and CEO of LVMH, which is a companion in Rihanna’s extremely profitable Fenty Magnificence as properly her currently-shuttered luxurious style line, Fenty Maison. LVMH can also be linked to Beyoncé, because it acquired Tiffany & Co. in early 2021, the identical 12 months the star and husband Jay-Z appeared within the jeweler’s headline-making “About Love” campaigns. LVMH can also be a companion in Jay’s Armand de Brignac cognac model, however this enterprise is all about impartial girls (pun supposed).

“We’re grateful for and honored by our female-only funding spherical,” mentioned Guyot. “So a lot of our position fashions are taking part.”

Maiysha Kai is Way of life Editor of theGrio, protecting all issues Black and exquisite. Her work is knowledgeable by twenty years’ expertise in style and leisure, a love of nice books and aesthetics, and the indomitable brilliance of Black tradition. She can also be a Grammy-nominated singer-songwriter and editor of the YA anthology Physique (Phrases of Change collection).