Rihanna’s lingerie brand Savage X Fenty is now worth $1billion (£719m), it has been reported.
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 Fenty Skin.
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.