Luxury goods giant LVMH LVMH.PA is exploring a sale of its 50% stake in Fenty Beauty, which it co-owns with Grammy Award-winning singer and entrepreneur Rihanna, according to four people familiar with the matter.

The company is working with investment bank Evercore on the sale, three of the people said. All four asked not to be identified because the process is confidential.

In 2017, Rihanna, whose full name is Robyn Rihanna Fenty, launched Fenty Beauty with the help of Kendo Brands, LVMH's in-house beauty incubator. She and LVMH each own half of the company, sources said.

LVMH and Evercore declined to comment. Fenty Beauty and representatives for Rihanna did not immediately return requests for comment.