Claim: Fenty Beauty was developed through LVMH's Kendo division, and Kendo Holdings, Inc, manufactures cosmetics as white-label products for sale to Sephora, a French multinational retailer of personal care and beauty products.
Evidence: Kendo Holdings, Inc, is an "incubator" company that manufactures cosmetics as white-label products for sale through cosmetics retailer Sephora, another LVMH subsidiary, as well as other outlets.