There’s no stopping Riri!!
Coming on the heels of the news of the Pop star’s Fenty fashion label being shut down by #LVMH less than two years after their Collabo, the singer and designer is dusting off and coming with a bang!
Rihanna’s super successful lingerie brand Savage X Fenty, which launched in 2018 alongside many other business ventures including Fenty clothing, Fenty makeup and skin care has reached a one billion dollar mark!
Forbes reports the lingerie company recently secured $115 in Series B funding, which served as a major booster to hit the $1billion milestone. The funding was led by private equity firm L Catteron in which LVMH Moët Hennessy Louis Vuitton has a stake.
“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,” LVMH and Rihanna added in a statement to WWD.
In 2019, Savage X Fenty was said to have seen revenue growth of over 200 percent, 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.
According to CultureBanx, Savage x Fenty is in a position to be the global lingerie market leader by 2025. Rihanna’s brand which has proved to be a hit is big on diversity and inclusion in sizing which has furthered endeared the brand to online customers.
Rihanna’s Savage X Fenty celebrates fearlessness, confidence and inclusivity.