Looks the the b!tch, does indeed, have Rihanna’s money. The pop superstar’s Savage x Fenty lingerie line is now valued at a billion dollars!
In just three years RiRi has taken Savage x Fenty from highly anticipated to off-the-charts successful. The Bajan beauty launched her body-inclusive lingerie line in 2018 — she also has Fenty Beauty and Fenty Skin in her profitable business portfolio.
But, what sets Savage a part is the recent round of Series B funding that raised an additional $115 million for the brand, increasing it’s value to billion dollar status after it had increased over 200% in 2019. According to insiders, the money will support the company’s growth and further expansion into retail.
This news comes on the heels of the recent announcement that Rihanna’s Fenty fashion label, a ground-breaking partnership with luxury goods group LVMH, had been shut down less than two years after launching. The line is said to be “on hold” in anticipation of a better financial climate.
However, one of the investors to put money into the Savage during this most recent 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.”
Kudos Bad Gal RiRi!