Business for Rihanna’s Savage X Fenty has been booming as of late.
In January, AfroTech previously shared that the lingerie brand raised $125 million in a Series C funding round — bringing its total venture capital funding to $310 million. The round included participation from Neuberger Berman, L Catterton, Avenir, Sunley House Capital, and Jay-Z’s Marcy Venture Partners. According to Savage X Fenty co-presidents Christiane Pendarvis and Natalie Guzman, the new funding is for “retail domination.”
The brand’s evolution continues as Rihanna is reportedly looking to take it public.
According to Bloomberg, the business maven has been “working with advisers on an initial public offering” that could possibly take Savage X Fenty to a valuation of $3 billion or more. The banks that her company is said to be working with is Goldman Sachs Group Inc. and Morgan Stanley, according to the outlet’s sources.
The listing could go into effect this year, but nothing has been publicly confirmed yet by Rihanna.
Savage X Fenty's Rise
In a quick timespan, Savage X Fenty has grown immensely from once an online brand to now having its grand retail opening in January.
AfroTech previously reported that its next brick-and-mortar stores are set to open in the end of 2022 in Los Angeles, Houston, Philadelphia, and Washington D.C, joining the debut Las Vegas location.
“We wanted to be able to connect with our customers in real life and give them something they have never seen before,” Rihanna shared in a statement. “Creating the space took a lot of imagination, married with things I’ve always wanted to change about my own experiences as a customer, from mannequins to the Fit Xperience, to customer service. We are so happy with the outcome and now I can’t wait for people to see it.”
Savage X Fenty also recently unveiled its augmented reality (AR) technology that helps customers get the best fit for their intimate apparel.