RIHANNA’S SAVAGE X FENTY LINGERIE BRAND IS NOW WORTH $1 BILLION
It’s time to Pour It Up and celebrate with the star singer Rihanna. The fashionista’s Savage x Fenty lingerie brand is now worth $1 billion. The good news came just days after Rihanna announced that she and LVMH Moët Hennessy Louis Vuitton agreed to pause her Fenty ready-to-wear label for her to focus on the Savage line.
The ‘Umbrella’ singer made history in May 2019 when she sealed the deal with LVMH. The New York Times reported that she became “the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH maison,”
Savage x Fenty saw revenue skyrocketed by more than 200% last year and “increased its active VIP member base by more than 150%,” according to a statement from the company. The company has raised $185 million to date, including the most recent $115 million Series B investment. While the new funds are expected to pay for its retail expansion and a possible athletic wear line, Rihanna’s estimated stake in the company is now around $85 million. Early investors included Jay-Z’s Marcy Venture Partners and Avenir, which both invested in this latest round.
“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,” Rihanna and LVMH said in a joint statement to WWD.
Jon Owsley, co-managing partner of L Catterton’s Growth Fund, said “We believe the opportunities ahead for Savage X Fenty are enormous, and we look forward to leveraging our extensive experience in scaling digitally-native consumer brands and partnering with Rihanna, Christiane, Natalie, and the entire Savage X Fenty team to help the Company realize its full potential.”
The billion-dollar milestone for Rihanna’s Savage X Fenty line comes as a testament to consumers’ growing demand for more inclusive marketing. There’s no question that every business venture that Rihanna has taken on has been undeniably successful, and the best is yet to come for the fashion mogul.
