Rihanna‘s lingerie brand Savage x Fenty is reportedly now worth $1 billion.
According to Forbes, the fashion brand raised $115 million in a Series B funding round, which valued it at $1 billion. The funding was led by private equity firm L Catterton, in which LVMH has a stake.
Proceeds from the funding will be used to for upcoming retail expansion and to funnel it into a line of athletic wear.
“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.
Savage X Fenty was launched by Rihanna in collaboration with TechStyle Fashion Group in 2018. The Fenty beauty line generated $558 million in its first full year in operation.
Meanwhile, last week, luxury apparel giant LVMH announced that it has indefinitely suspended Rihanna’s clothing line, Fenty Fashion House, “pending better conditions.”
LVMH, which owns high-end fashion brands like Louis Vuitton and Dior, had launched Rihanna’s Fenty Fashion House around two years ago, which made the 32-year-old singer the first Black woman to head a luxury house with LVMH.
(Photo: EJ Hersom)
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