Rihanna’s Savage x Fenty Lingerie brand is now worth a whopping $1 Billion.
The brand which the Canadian pop star lunched in 2018 is now worth $1 billion. She also ventures into Fenty Clothing line, make-up range of Fenty Beauty and skincare line for Fenty Skin.
According to Forbes, the Lingerie company secured recently a $115 million Series B funding which officially put the company’s value at $1 billion. The funding was led by private equity firm L Catterton, in which Moët Hennessy Louis Vuitton has a stake (LVMH).
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.
Meanwhile, the company’s estimated stake before the funding mentioned above was $85 million.
In reference to a joint statement by WWD, LVMH and Rihanna, “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.”
However, it was gathered that Rihanna’s Fenty Fashion label had been shut down by the LVMH less than two years after she partnered with the luxury goods group.
LVMH revealed in a statement that Fenty line was “put on hold” in anticipation of a better financial climate.