MarcyPen Capital Partners, an investment firm backed by Jay-Z, has emerged as a leading contender to acquire luxury goods conglomerate Louis Vuitton Moët Hennessy’s 50% stake in Fenty Beauty, according to several sources familiar with the matter.
Rihanna, who launched Fenty Beauty with LVMH incubator Kendo Brands in 2017, controls the remaining 50% stake in the brand. A deal would give MarcyPen ownership alongside the singer and entrepreneur and build on its existing relationship with her business ventures. Marcy Venture Partners, MarcyPen’s predecessor, participated in funding rounds for Savage X Fenty in 2019 and 2022.
MarcyPen declined to comment, and LVMH didn’t respond to a request for comment by press time. In October, Reuters reported that LVMH had tapped investment bank Evercore to explore a sale of its Fenty Beauty stake. Reuters also reported that Fenty Beauty generated net sales of around $450 million in 2024 and could be valued at between $1 billion and $2 billion, below the $2.8 billion estimate Forbes gave the brand in 2021.
Even if the final valuation lands below the $1 billion to $2 billion range, an acquisition of LVMH’s Fenty Beauty stake would represent a significant transaction for MarcyPen, which 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. However, earlier this year, MarcyPen participated in Quince’s $500 million Series E financing.
Sources say MarcyPen has been pursuing multiple financing options for a potential acquisition, including discussions with outside investors. One source likened MarcyPen’s long-term objective to TSG Consumer, the consumer-focused private equity firm with $14 billion in assets under management and investments such as Summer Fridays, Phlur, Dude Wipes and Radiance Holdings. MarcyPen manages approximately $1.1 billion in assets.
MarcyPen’s broader ambitions are evident in another initiative. The firm 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, Hanwha Asset Management and MarcyPen announced the creation of MarcyPen Asia to invest in growth-stage consumer businesses in South Korea and the wider Asian region.
Founded by Jay-Z, Jay Brown, D’Rita Robinson and Robbie Robinson, MarcyPen describes itself as an investment platform that provides strategic capital to growth-stage consumer businesses that “create, move and lead culture.” Brown is the co-founder of entertainment company Roc Nation, D’Rita Robinson is a serial entrepreneur, and Robbie Robinson previously served as a financial advisor to President Barack Obama. MarcyPen’s portfolio contains makeup brand Merit Beauty and period care and skincare brand Rael.
Fenty Beauty launched at Sephora with 40 shades of its Pro Filt’R Soft Matte Longwear Foundation, setting a new standard for shade diversity in makeup. In 2020, the brand expanded into skincare before introducing fragrance the following year. It entered haircare in 2024 with products designed for a variety of hair types and textures and released an exclusive body care collection at Ulta Beauty in 2025 tied to its arrival at the beauty specialty chain.
Fenty Beauty’s bestselling products include Pro Filt’R Soft Matte Longwear Foundation, Gloss Bomb Universal Lip Luminizer, Eaze Drop Blurring Skin Tint and Match Stix Contour Skinstick. Most of its products are priced between about $20 and $40. While Fenty Beauty remains a major prestige makeup brand, the competitive landscape has become increasingly crowded with the rise of brands such as Rhode, Rare Beauty, Makeup by Mario, Patrick Ta and Haus Labs.
A sale of Fenty Beauty would continue the winnowing of Kendo’s portfolio. Last year, the incubator sold KVD Beauty to private equity firm Windsong Global. According to sources, it’s evaluating strategic alternatives for Lip Lip, too. The lipstick customization business operates 18 stores.
