In the words of the pop icon herself, “that Rihanna reign just won’t let up!”
Right along with the news of Savage X Fenty’s debut brick-and-mortar store in Las Vegas, it has been announced that there is more to come for the successful lingerie brand. Forbes reports that the company had a new funding round of $125 million led by Neuberger Berman.
Series C Funding Round
Neuberger Berman was joined by previous investors L Catterton, Avenir, Sunley House Capital, and Jay-Z’s Marcy Venture Partners.
This recent investment brings Savage X Fenty’s total venture capital funding to date to $310 million, according to Forbes.
The announcement rings in another feat for the intimate apparel brand, which has been on a roll over the past few years. In February 2021, it raised $115 million in a Series B funding round, which resulted in it becoming a billion-dollar lingerie brand.
Elevating The Brand
In addition, as previously reported by AfroTech, Savage X Fenty stores are in the works, too.
Set for the end of 2022 — according to Savage X Fenty co-presidents Christiane Pendarvis and Natalie Guzman — the new funding will go toward that plan for retail domination.
The stores are set to hit Culver City in Los Angeles, the Galleria Mall in Houston, the King of Prussia Mall outside Philadelphia, and Pentagon City’s Fashion Centre in Arlington, Virginia, respectively.
“We’ll start with a limited amount of stores,” Pendarvis shared. “It will represent a small percentage of our business. This is about making sure we’re getting the right formula and assortment mix in stores. This is an extremely curious test-and-learn year for us then you’ll see us ramp up next year.”
The Series C round will also be utilized to expand overseas and launch new product lines.