Rihanna’s lingerie brand Savage X Fenty is now worth $1billion
The pop star launched the line in 2018. It is one of several businesses started by the
singer, including her Fenty clothing line, makeup range Fenty Beauty and skincare line
A round of Series B funding was recently completed for Savage X Fenty, raising
$115million (£82.7m). The money will support the company’s growth and further
expansion into retail.
One of the investors to put money into the brand during the funding round was
L Catterton, a private equity firm that fashion house LVMH has a stake in.
In a joint statement given to WWD, LVMH and Rihanna said: “Following the completion
of the fundraising round where L Catterton took a stake in Savage X Fenty, LVMH and
Rihanna reaffirmed their ambition to concentrate on the growth and the long-term
development of Fenty ecosystem focusing on cosmetics, skincare, and lingerie.”
In 2019, Savage X Fenty was said to have seen revenue growth of over 200 percent, while
its VIP memberships have grown by over 150 percent. Before the latest funding round,
Rihanna held an $80million (£58m) stake in the company.
Other investors in the lingerie brand include Jay-Z’s Marcy Venture Partners, Avenir
Growth Capital, TriplePoint Ventures, and Sunley House Capital.
Last week (February 10), it was confirmed that Rihanna’s Fenty fashion label had been
shut down by LVMH less than two years after she partnered with the luxury goods group.
In a statement, LVMH said the Fenty line had been “put on hold” in anticipation of a
better financial climate.