Beyoncé and Rihanna are the latest investors in the French fashion brand, Destree. The brand only has women as investors.
Destree, a French ready-to-wear and accessories brand, has convinced many well-renowned women to invest in the company.
Beyoncé, Rihanna, and four others have all invested in the brand, says co-founder of the Paris-headquartered brand, Géraldine Guyot.
Other investors are designer Gabriela Hearst and a partner in Sequoia Capital China, Angelica Cheung.
Selena Gomez and Beyoncé have both been a part of the company’s clientele. However, Beyoncé was the first big-named celebrity to flaunt the “graphic and structured” brand.
The “Be Alive” singer wore Destree’s ‘Alvar’ bag during New York Fashion Week, about a year after Guyot sent a few pieces to her stylist.
Guyot and brand co-founder Laetitia Lumbroso are planning to distribute the funding across efforts in order to double the size of the team. They also are planning to open the brand’s first freestanding stores and expand into the international market, including China, Japan, the Middle East and the U.S. They also plan to put more effort into their social media platforms.
The idea of having women exclusively be investors was a very intentional move, said Guyot.
“We were not only looking for money because money is easy to find. What’s hard to find is people with different expertise,” she told WWD. She added that the co-founders are targeting investors with backgrounds in sustainability, fashion tech, entrepreneurship, communications, beauty, and entertainment.
Beyonce’s First Oscar Nomination
In other Beyoncé news, Queen Bey snagged her first-ever Oscar nomination in the Best Original Song category for “Be Alive”, which she wrote with singer, songwriter, and producer Darius Scott. The song is featured in the movie King Richard, starring Will Smith.
Last year, Beyoncé broke the record by being the first singer to have the most Grammy wins ever – male or female – with a total of 28.