Wednesday, February 17, 2021

Rihanna's Savage x Fenty lingerie brand is now worth $1bn

Rihanna can take a bow, pour it up and celebrate however she'd like since her Savage x Fenty lingerie brand is now worth $1 billion.

Forbes reported that a round of Series B funding raised $115 million for the company's upcoming expansion into retail, led by private equity firm L Catterton, in which LVMH Mo√ęt Hennessy Louis Vuitton has a stake. Savage x Fenty saw revenue growth of more than 200% last year and "increased its active VIP member base by more than 150%," according to a statement from the company. Prior to the latest funding round, Rihanna's estimated stake in the company was $85 million.

"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.

LVMH confirmed last week that it was putting RiRi's Fenty fashion line "on hold" nearly two years after the world’s largest luxury group announced their collaboration. 

The "Phresh Out the Runway" singer became the first Black woman to head a luxury house with LVMH.

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