Rihanna is passing the baton for one of her successful companies.
Vogue Business reports that the superstar, businesswoman, and soon-to-be mother of two has stepped down as the CEO of Savage X Fenty. The lingerie brand has appointed Hillary Super to fill into the top position.
“It’s been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years,” Rihanna shared in a statement. “This is just the beginning for us, and we’re going to continue to expand in ways that always connect with the consumer.”
“I’m so grateful and excited to welcome Hillary Super as our new CEO – she is a strong leader and is focused on taking the business to an even higher level,” she continued.
The outlet details that the change will be made effective on June 26. However, Rihanna will still be in leadership as executive chair.
Super’s appointment comes as Savage X Fenty aims to expand beyond e-commerce. Prior to her new role, she was the CEO of Anthropologie Group.
“I’m thrilled to join the Savage X Fenty family,” Super said. “The brand is a major powerhouse in the lingerie and apparel industry, and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring.”
Back in March 2022, there was speculation that Rihanna was “working with advisers” from Goldman Sachs Group Inc. and Morgan Stanley “on an initial public offering” that could possibly take Savage X Fenty to a valuation of $3 billion or more, as previously shared by AfroTech.
In 2021, Savage X Fenty hit the milestone of a $1 billion valuation after raising its $115 million Series B funding round. It was reported, at the time, that LVMH-backed private equity firm L Catterton helped the lingerie brand secure the investment round.
