Mega-superstar Rihanna has climbed the top ranks of music, beauty, and fashion in less than a decade. Now she’s officially the owner of a billion-dollar lingerie brand.
According to Forbes, her highly-successful Savage x Fenty brand has just hit another major milestone after raising its $115 million Series B funding round – bringing it to a $1 billion valuation.
LVMH-backed private equity firm L Catterton reportedly had a hand in helping the brand secure this investment round for its upcoming retail and athletic wear expansion.
According to a statement from Savage x Fenty, the brand saw revenue growth of over 200% last year and “increased its active VIP member base by more than 150%.” Prior to this latest funding round, Rihanna’s estimated stake in the company was worth $85 million.
According to Forbes, Rihanna's ‘Savage X Fenty’ has reached $1 billion valuation in lingerie equity. It is expected to become the global lingerie market leader by 2025. pic.twitter.com/sl0CHVNmYn
— Pop Base (@PopBase) February 16, 2021
“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.
Despite recently announcing the pausing of her luxury fashion brand, Fenty, Rihanna still managed to come out on top as a business woman running her umbrella of popular brands under the Fenty name.
Now the serial entrepreneur is setting her sights on expanding the lingerie brand as she continues to break barriers across the fashion and cosmetics industries.